L&T Finance completes acquisition of Fidelity’s Indian MF business
L&T Finance Ltd, a subsidiary of L&T Finance Holdings Ltd, has completed the acquisition of Fidelity’s mutual fund business in India.
This is among one of the largest M&A transactions in the Indian mutual fund industry and provides L&T with the necessary size, scale and momentum to move to the next level. On completion of this transaction, the all new L&T Mutual Fund has over Rs. 128 billion in managed assets and an investor base of close to 9.5 lakh investors from more than 200 cities and towns… Read more
Reliance MF eyes considerable presence in ETF space
Exchange traded funds (ETFs), other than those of gold, are now fast catching the fancy of retail investors. Reliance Mutual Fund is planning to grab a considerable presence in the ETF space. In just two months, the fund house has filed three draft offer documents for new ETFs.
Reliance has filed offer document for R*Shares CNX 100 Fund—an open ended index ETF—with SEBI (Securities and Exchange Board of India). The investment objective of the scheme is to provide investment returns that, before expenses, closely correspond to the total returns of the securities as represented by the CNX 100 Index, subject to tracking errors. The scheme will be benchmarked against CNX 100 Index.
Last month, the fund house filed its draft offer document to launch two ETFs—R*Shares Consumption Fund and R*Shares Dividend Opportunity Fund. R*Shares Consumption Fund will be benchmarked against CNX Consumption Index, while R*Shares Dividend Opportunities Fund will track CNX Dividend Opportunities Index… Read more
New KYC is essential for making fresh investments
From December 1, 2012, certain additional information needs to be submitted as well as an ‘in person verification’ (IPV) needs to be completed for further investments in any mutual fund (other than the one in which the investors have already invested).
With the November 30 deadline, retail investors should complete their KYC (know your customer) guidelines with their respective asset management companies (AMCs). The documents required include your PAN card, father’s name, nationality, marital status, IPV and even net worth.
Complying with the new KYC is essential because it will allow investors to invest their money in all SEBI (Securities and Exchange Board of India)-regulated financial instruments such as stocks, mutual funds, depository participants, portfolio managers, collective income schemes and venture capital funds… Read more
OBC’s subordinated lower Tier II bonds subscribed to Rs. 10.25 bn
With reference to the earlier announcements dated November 15, 2012 and November 20, 2012, Oriental Bank of Commerce, has now informed BSE that Bank’s issue of Subordinated Lower Tier II Bonds of Rs. 1 million each for cash at par aggregating Rs. 10 billion with an option to retain oversubscription of up to Rs. 2 billion, was open from November 21, 2012 to November 27, 2012 and was subscribed to the extent of Rs. 10.25 billion.
CDC aims to invest Rs. 55 billion in India in 5 yrs
Global development financial institution CDC is planning to allocate more capital for debt-based funding as it restructures its investment strategy in India, according to media reports.
CDC is planning to invest Rs. 55 billion in India over the next five years. The investment will be a mix of direct debt and equity-linked instruments, the reports added… Read more
IDBI Mutual Fund frames strategy to promote debt schemes
In order to attract retail participation, IDBI Asset Management Company Ltd is framing new policy around its debt mutual fund schemes.
Market regulator SEBI had asked the mutual fund industry to go beyond the top 15 cities in the country while allowing the industry to charge an additional 30 basis points of expenses ratio for doing that, besides increasing the retail investor portion in IPOs… Read more
PFRDA to popularise NPS in private sector
Considering that New Pension Scheme (NPS) has not been a successful venture in the private sector, the Pension Fund Regulatory Development Authority (PFRDA) has introduced a registration process for pension fund managers (PFMs), increased the fees of PFMs from 0.0009% to a fixed ceiling at 0.25% along with other significant steps to ensure that pension sector in the private sector takes off, chairperson of the PFRDA said at an ASSOCHAM event held in New Delhi on Tuesday.
“NPS which started off as a government pension scheme has not been popular in the private sector as there are certain changes that have to be brought about when extending a compulsory product on a voluntary basis,” PFRDA chief, Yogesh Agarwal said… Read more
Asset allocation benefits
A multi manager helps you invest in funds across asset classes from various fund houses and helps you construct a portfolio of schemes … Read more
How to optimise asset allocation?
Many models & techniques can be used to arrive at making tactical adjustment in clients’ asset allocation decisions… Read more
Fund Managers’ Speak
Political resistance to reforms is big risk factor for Indian economy & asset markets
There is little optimism at the start of winter session of the Parliament. There is strong resistance to financial reforms cleared by the Government which was expected to sail through smoothly, Moses Harding says… Read more
RBI, FM to launch inflation-indexed bonds: Reports
The Reserve Bank of India (RBI) is in talks with the Finance Ministry to launch inflation-indexed bonds in order to reduce physical demand for gold, RBI Deputy Governor HR Khan said.
Mr Khan was speaking at FICCI-organised Asian Financial Cooperation Conference in Pune on November 25, 2012. Both the RBI and the government have been taking steps to reduce gold demand. In FY 2011-12, India imported 969 ton gold, which contributed to record current account deficit of 4.2%... Read more
RBI to simplify KYC norms
The Reserve Bank of India (RBI) will soon introduce guidelines to simplify KYC (know your customer) norms and to make Aadhaar the proof for address and identification. “In the next few days, we will come up with guidelines on simplification of KYC norms and use of Aadhaar both as an address proof and identification proof,” said RBI Deputy Governor Harun R Khan
Mr Khan was speaking at Payment Systems & Financial Inclusion: Recent Trends, Challenges & Emerging Issues—Bancon 2012 on 25 November in Pune… Read more
Swiss Re to invest $500 mn in infrastructure debt
Swiss Re on Wednesday announced that it will engage in long-term financing of infrastructure businesses and assets. For this purpose it has committed an initial $500 million for investments in senior secured debt of infrastructure businesses and assets located primarily in northern Europe.
Institutional investment in infrastructure businesses and assets is expected to rapidly grow in importance as traditional sources of financing in the European infrastructure market, lending by states, governments and banks, are increasingly scarce… Read more
UTI Fixed Income Interval Fund-Half Yearly Interval Plan-II announces dividend
UTI Mutual Fund has announced 5 December 2012 as the record date for declaration of dividend under the dividend option of UTI Fixed Income Interval Fund-Half Yearly Interval Plan II. The gross dividend will be 100% of distributable surplus as on record date on the face value of Rs. 10 per unit.
UTI Fixed Income Interval Fund-Annual Interval Plan IV announces dividend
UTI Mutual Fund has announced 4 December 2012 as the record date for declaration of dividend under the dividend option of UTI Fixed Income Interval Fund-Annual Interval Plan IV. The gross dividend will be 100% of distributable surplus as on record date on the face value of Rs. 10 per unit.
SBI MF to introduce daily dividend option under Magnum Income Fund
SBI Mutual Fund has announced that introduction of daily dividend option in the dividend option under SBI Magnum Income Fund-Floating Rate Plan-Long Term Plan from 3 December 2012.
ICICI Pru Multiple Yield Fund-Series 2-Plan A announces dividend
ICICI Prudential Mutual Fund has announced 4 December 2012 as the record for declaration of dividend under the dividend option of ICICI Prudential Multiple Yield Fund-Series 2-Plan A. The recommended rate of dividend on the face value of Rs. 10 per unit will be Rs. 0.6896 per unit as on the record date.
ICICI Pru Interval Fund II-Qly Interval Plan C announces dividend
ICICI Prudential Mutual Fund has announced 3 December 2012 as the record for declaration of dividend under the dividend options of ICICI Prudential Interval Fund II-Quarterly Interval Plan C. The recommended rate of dividend on the face value of Rs 10 per unit will be Rs. 0.1975 per unit under retail option and Rs. 0.2035 per unit under institutional option.
HDFC FMP 370D November 2011 (3) announces dividend
HDFC Mutual Fund has announced 3 December 2012 as the record date for declaration of dividend under normal and quarterly dividend options of HDFC FMP 370D November 2011 (3) a fixed maturity plan under HDFC Fixed Maturity Plans-Series XIX, a closed ended income scheme. The amount of dividend on the face value of Rs. 10 per unit will be distributable surplus, as reduced by applicable statutory levy.
L&T Mutual Fund announces dividend under L&T FMP VI-Plan A
L&T Mutual Fund has announced 3 December 2012 as the record date for declaration of dividend under the dividend payout option of L&T Fixed Maturity Plan VI-Plan A. The quantum of dividend on the face value of Rs. 10 per unit will be Rs. 0.775 per unit as on the record date. The scheme would mature on 3 December 2012 and accordingly, units shall be suspended from trading on the NSE where the scheme is listed.
Religare MF announces dividend under 2 schemes
Religare Mutual Fund has announced 3 December 2012 as the record date for declaration of dividend under the dividend options of Religare Fixed Maturity Plan-Series X-Plan A (13 Months) and Religare Fixed Maturity Plan-Series X-Plan F (371 Days)… Read more
Tata MF announces dividend under Tax Saving Fund
Tata Mutual Fund has announced 3 December 2012 as the record date for declaration of dividend on the face value of Rs. 10 per unit of Tata Tax Saving Fund. The quantum of dividend will be Rs. 1.50 per unit as on the record date.
Reliance Fixed Horizon Fund XXII Series 5 announces dividend
Reliance Mutual Fund has announced 3 December 2012 as the record date for declaration of dividend under the dividend option of Reliance Fixed Horizon Fund XXII Series 5. The quantum of dividend per unit will be entire distributable surplus available in the scheme as on the record date on the face value of Rs. 10 per unit.
IDFC Fixed Maturity Plan Yearly Series 56 announces dividend
IDFC Mutual Fund has announced 3 December 2012 as the record date for declaration of dividend under the dividend option and quarterly dividend option of IDFC Fixed Maturity Plan Yearly Series 56. The quantum of dividend on the face value of Rs 10 per unit will be entire distributable surplus as on record date.
Tata MF to revise load structure under schemes
Tata Mutual Fund has decided to revise the exit load structure of Tata Dynamic Bond Fund-Plan A and Tata Floating Rate Fund-Long Term Plan. The changes will be from 29 November 2012… Read more
ICICI Pru MF extends NFO period of Capital Protection Oriented Fund III
ICICI Prudential Mutual Fund has announced extension of New Fund Offer (NFO) period of ICICI Prudential Capital Protection Oriented Fund-III-Plan A-36 Months Plan and ICICI Prudential Capital Protection Oriented Fund III-Plan B-60 Months Plan. The NFO period of the schemes has been extended till 4 December 2012… Read more
HDFC MF announces maturity proceedings of HDFC FMP 370D November 2011 (3)
HDFC Mutual Fund has fixed 30 November 2012 as the record date for the purpose of determining the eligible unitholders/beneficial owners holding units (in demat form) of HDFC FMP 370D November 2011 (3)-HDFC Fixed Maturity Plans-Series XIX, a closed-ended income scheme, who would be entitled to the maturity/redemption proceeds on the maturity/final redemption date… Read more