Standard Chartered MF launches FMP
Standard Chartered Mutual Fund launched Standard Chartered Fixed Maturity Plans Quarterly Series 27. The scheme is close-ended income scheme. The duration of the scheme will be 3 months from the date of allotment. Date of maturity will be 9 June 2008. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments normally in line with the duration of the scheme. The fund will invest up to 100% in debt and money market instruments, with low to medium risk profile. The investment in securitised debt will be up to 50% of net asset of the scheme.
Sundaram BNP Paribas MF files an offer document
Sundaram BNP Paribas Mutual Fund filed an offer document to launch Sundaram BNP Paribas Fixed Term Plan 90 days Series 7. The objective of the scheme is to achieve income with minimum volatility by investing in a portfolio of fixed-income securities. The fund will invest up to 100% in money market instruments. It will have a 0-100% investment in short term and medium term debt instruments and securitised debt. Investments in securitised debts can be up to 100% of the net assets.
Max New York Life targets Rs 1 lakh cr biz
Visakhapatnam: Max New York Life Insurance is targeting for Rs 1 lakh crore business by the end of December 2008. The total sum assured as of December 2007 stood at Rs 62,000 crore. To increase its business, they are expanding its network by adding new insurance advisers and opening new branches across the country. Max New York has 233 branches in the country and mulls to take this number to 570 by 2011 while it is looking at increasing the insurance advisers to about 55,000 from 30,000. The company launched its lifeline health Insurance plans in Visakhapatnam.
Standard Chartered MF launches FMP
Standard Chartered Mutual Fund launched Standard Chartered Fixed Maturity Plans Yearly Series 19. The scheme is close-ended income scheme. The scheme will have two plans -Plan A and Plan B. The duration of the scheme will be from the date of allotment to 2 April 2009. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments normally in line with the duration of the scheme. The fund will invest up to 100% in debt and money market instruments, with low to medium risk profile. The investment in securitised debt will be up to 50% of net asset of the scheme.
Lotus India MF files an offer document
Lotus India Mutual Fund filed an offer document to launch Lotus India FMP - 3 Months - Series XXIX to XXXII. These are close-ended debt schemes. They will have maturity of 90 days from the date of allotment of the scheme. The objective of the scheme is to seek to seek to generate income by investing in a portfolio of debt and money market instruments normally maturing in line with the duration of the scheme. The fund will invest 0%-85% in money market instruments including reverse repo. The investment in government securities issued by the central government and/or state government(s) will be 0%-50%. The fund will invest 15%-100% debt instruments such as bonds and debentures. The investment in securitised debt will be up to 50%. The investment in fixed income derivatives will be up to 50% of the net assets of the scheme.
Fidelity MF declares dividend for equity schemes
Fidelity Mutual Fund has announced 13 March 2008 as the record date for declaration of dividend under dividend option of Fidelity Equity Fund and Fidelity Tax Advantage Fund. Fidelity Mutual Fund has announced a dividend of 25% i.e. Rs 2.50 per unit on the face value of Rs 10 in its Fidelity Equity Fund, an open-ended growth scheme. The investment objective of the scheme is to generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities.
The AMC have also announced a dividend 15% i.e. Rs 1.50 per unit on the face value of Rs 10 in its Fidelity Tax Advantage Fund, an open ended equity linked saving schemes with an objective to generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities.
ING MF launches ING Long Term FMP- 1
ING Mutual Fund launched ING Long Term FMP- 1. ING Long Term FMP- 1 is a close-ended bond scheme offering an investment plan of 393 days maturity. The scheme shall mature on 7 April 2009. The scheme will be investing in a portfolio of government securities or highly rated corporate bonds maturing close to the maturity of the scheme so as to generate returns comparable with alternative fixed-income instruments of similar maturity. The scheme will invest in debt securities with maturity coinciding closely with the maturity of the scheme, so as to minimise the impact of price fluctuation of such securities on the value of the security at maturity.
DSP Merrill Lynch MF launches two FMP Series
DSP Merrill Lynch Mutual Fund launched two FMP Series called DSP Merrill Lynch Fixed Maturity Plan 13 Months Series 1 and DSP Merrill Lynch Fixed Maturity Plan 3 Months Series 6. The primary investment objective of both the schemes is to seek capital appreciation by investing in a portfolio of debt and money market securities. It is envisaged that the portfolio of each scheme will display a maturity profile that is generally in line with the term of the scheme. The schemes may also use fixed income derivatives for hedging and portfolio balancing. Both funds will invest can invest up to 100% in debt instruments and up to 100% in money market. These schemes may invest up to a maximum of 100% of the scheme's net assets in domestic securitised debt.
HSBC MF launches HSBC FT Series 44
HSBC Mutual Fund launched HSBC Fixed Term Series 44. It is a close-ended income scheme, which will be for fixed term of 13 months from the date of allotment. The investment objective of the scheme is to seek generation of returns by investing in a portfolio of fixed income instruments normally maturing in line with the time profile of the plan. The scheme may invest up to 100% in money market instruments (including CBLO and reverse repo) It may invest up to 100% in short term and medium term debt instruments and securitised debt. The investment in securitised debt will not exceed 50% of the net asset of the scheme. The net notional exposure to derivatives shall not be more than 50% of the net assets. Under normal circumstances, the scheme shall not have an exposure of more than 50% of its net assets in foreign securities.
HSBC MF extends NFO period of FTS 44
HSBC Mutual Fund has extended the new fund offering (NFO) period of HSBC Fixed Term Series 44 from 11 March to 12 March 2008. The issue was opened on 4 March 2008. HSBC Fixed Term Series 44 is close-ended income fund. The scheme seeks to generate regular income through investing in a portfolio of fixed income instruments normally maturing in line with the time profile of the plan.
ABN Amro MF launches ABN Amro FTP - Series 10 Plan F
Name of Fund: ABN Amro Fixed Term Plan - Series 10 Plan F
Scheme: It is a close-ended fixed term income scheme.
Objective: The Investment objective of the Scheme would be to achieve growth of capital through investments made in a basket of fixed income securities in line with the duration the Scheme.
Fund Opens: 10 March 2008
Fund Closes: 17 March 2008
Face Value: Rs 10 per unit.
Investment Options: The scheme has two plans-regular and institutional plans. The scheme offers growth, dividend option (Calendar Monthly, Calendar Quarterly, Calendar Half Yearly, Calendar Yearly, and Dividend on Maturity Option).
The Dividend Option offers Dividend Payout and Dividend Re-investment Facilities. Both the Options will be managed with a common portfolio.
Entry Load: The scheme will not charge any entry load.
Exit load: It may charge an exit load of 2% if investor redeems before the date of maturity.
Asset Allocation: The scheme invest 0-100% in money market instruments. It may have investment of 0-100% in debt instruments. Debt instruments may include securitised debt up to 60% of the net assets and exposure in debt derivatives up to maximum permissible under SEBI regulations i.e. 100%. The scheme shall limit its exposure to investment in Foreign Debt Securities up to a maximum of 10% of its net assets. The scheme will not invest in equity and equity related securities.
Minimum Investment Amount: The minimum investment amount under regular plan is Rs 25000 and in multiple of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 25,00,000 and in multiple of Re 1 thereafter. There is no upper limit.
Benchmark Index: Crisil Short Term Bond Fund Index.
Fund Manager: Mr. Alok Singh for investment in Indian securities and Mr. R. Sivakumar Dedicated Fund Manager- overseas investments.
JM Financial MF launches FMF Series X
Name of fund: JM Fixed Maturity Fund Series X Quarterly Plan 1
Scheme: The scheme is a close-ended income fund.
Objective: The investment objective of the fund is to generate regular returns through investments in fixed income securities normally maturing in line with the time profile of the respective plan.
Asset allocation:
Short term debt securities and money market instruments: 65-100%
Government securities: 0- 35%
Securitised debt: Up to 80% net assets of plan
Offer opens: 11 March 2008
Offer closes: 10 April 2008
Face value: Rs 10
Investment Options: Each series will have regular and institutional plan. The scheme offers investors growth option and dividend option under both the plans.
Entry load: Nil
Exit load: The fund would charge an exit load of 1.00% if the units are redeemed or switched out before maturity.
Minimum Investment Amount: The minimum investment amount under regular scheme is Rs 5, 000 and in multiple of Re 1 thereafter. The minimum investment amount under institutional scheme is Rs 5 lakh and in multiple of Re 1 thereafter.
ING MF changes the name of its schemes
ING mutual fund has decided to change the names of the below mentioned schemes. The changes will be effective from 15 March 2008. The details are as follow:
Present name New name
ING Select Stocks Fund - ING Core Equity Fund
ING A.T.M. (Against the Market) Fund- ING Contra Fund
ING Income Fund-Short Term Fund- ING Short Term Income Fund
UTI MF changes in the Auto Sector Fund
UTI Mutual Fund has announced that following changes to be made to the offer document/ abridged offer document of UTI-Auto Sector Fund with effect from 11 April 2008.
UTI Mutual Fund changes the name of UTI-Auto Sector Fund to UTI-Transportation and Logistic Fund. It changed the investment objective of the schemes as follows:
| Existing Investment Objective | Revised investment objective |
| Investment objective is capital appreciation through investment in stocks of the companies engaged in the automobile and auto ancillary industry.
| Investment objective is capital appreciation through investment in stocks of the companies engaged in transportation and logistic sector.
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