Mirae Asset MF collects Rs.1435 crore through two income plans
Mirae Asset Mutual Fund has collected Rs 1435 crore through its both Mirae Asset Liquid Fund and Mirae Asset Liquid Plus Fund during their initial offer period which closed to 3 March 2008.
Mirae Asset Liquid Fund, which is an open-ended liquid fund, which was opened 27 February and closed 3 March 2008. The primary investment objective of the scheme is to seek to seek to generate reasonable returns with low volatility and higher liquidity through a portfolio of debt and money market instruments.
Mirae Asset Liquid Plus Fund is an open-ended debt fund had its new fund offer period from 29 February and closed on 3 March 2008. The primary investment objective of the scheme is to seek to generate returns with low volatility and higher liquidity through a portfolio of debt and money market instruments.
Both the scheme will have regular, institutional and super institutional plans. The schemes offer growth, bonus and dividend option under each plan. Dividend option shall have the choice of dividend payout; dividend reinvestment and dividend transfer options.
Tata MF revises load structure
Tata mutual fund has announced the revision in the load structure for Tata Floating Rate Fund-Long Term option.
According to the revised load structure, the fund will charge an exit load 0.50% if the investment is redeemed before 3 months from the date of allotment. Before revision of the load structure, the scheme did not ask for any exit load.
The aforesaid changes will be effective from 7 March 2008.
Sebi reduces filing fees by 50-80%
Market regulator Securities and Exchange Board of India (Sebi) has reduced fees on filing of offer document for public issues, rights issues and mutual funds by 50-80%. The rationalisation of fee structure will be effective 1 April 2008.
Rationalisation of fees: Ad valorem fee for filing offer document by a mutual fund reduced from 0.03% to 0.005% subject to a maximum of Rs 50 lakh. Annual registration fee from custodians reduced from 0.001% to 0.0005%.
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