Showing posts with label PAN. Show all posts
Showing posts with label PAN. Show all posts

Feb 23, 2008

Mutual Funds News 22 feb 2008

Mutual Funds News 22 feb 2008

ICICI MF declares dividend

ICICI Mutual Fund has announced 27 February 2008 as the record date for declaration of dividend under dividend option of ICICI Prudential Monthly Income Plan Quarterly and Half Yearly Frequencies and ICICI Prudential Gilt Fund- Treasury Plan-Quarterly Frequency.

The quantum of dividend is as follows:

Scheme name

Amount of dividend per unit (Rs)

Rate of dividend

NAV as on 20 February 2008 (Per unit)

Face value

ICICI Prudential Monthly Income Plan Quarterly Frequency

Re. 0.25

2.50%

Rs 12.1520

Rs 10

ICICI Prudential Monthly Income Plan Half Yearly Frequency

Re. 0.50

5%

Rs 12.1651

ICICI Prudential Gilt Fund- Treasury Plan-Quarterly Frequency

Re. 0.15

1.50%

Rs 10.8581

ICICI Prudential Monthly Income Plan Quarterly and Half Yearly Frequencies is an open-ended scheme. The investment objective of the scheme is to seek to generate regular income through investment in fixed income securities.

ICICI Prudential Gilt Fund- Treasury Plan-Quarterly Frequency is also an open-ended short-term gilt fund, with an investment objective of generating regular income through investment made in gilts.

Principal PNB MF declares dividend

The Principle PNB mutual fund has announced the declaration of dividend under dividend option of Principle Personal Tax Saver Fund. The record date for dividend will be 26 February 2008.

The quantum of dividend is 200% i.e. Rs. 20 per unit on the face value of Rs. 10. The NAV of the scheme was recorded at Rs 170.44 as on 20 February 2008.

Principle Personal Tax Saver Fund is an open-ended equity linked savings scheme, whose investment objective is to provide long-term growth of capital. It aims to achieve a return on assets in excess of the performance of BSE 100 Index.

Principal PNB MF unveils FMP Series

Principal PNB MF has announced the launch of Principal Pnb Fixed Maturity Plan 460 Days - Series IV and it is a close-ended scheme. The primary objective of the scheme is to build an income-oriented portfolio and provide returns along with regular liquidity to investors. The fund will invest up to 0%-100% in debt securities (including securitized debt) and money market instruments. It will have investment of 0-100% in government securities. Investment in securitised debt may be up to 100% of the net assets of the scheme.

Reliance MF files an offer document with SEBI

Reliance MF plans to launch Reliance Fixed Horizon Fund - IX and it is a close-ended income scheme. The scheme offers 12 Series with different maturity. The offers under Series 1 to 4 having 15 to 18 months duration, Series 5 to 8 having 18 months 1 day to 21 months and Series 9 to 12 with maturity period 21 months 1 day to 25 months.

The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/ debt securities normally maturing in line with the time profile of the series with the objective of limiting interest rate volatility. The scheme will invest 0-70% in money market instruments. The scheme will invest 30-100% in government securities issued by central and/or state government & other fixed income/ debt securities including but not limited to corporate bonds and securitised debt. Debt securities will also include securitized debt, which may go up to 100% of the portfolio. The average maturity of the securities will be in line with the maturity profile of the scheme.

JM Financial ML MF declares dividend

The JM Financial ML Financial mutual fund has announced the declaration of dividend under dividend option of the regular and institutional plan of JM ML Fixed Maturity Fund -Series VI- Quarterly Plan 5. The record date for dividend will be 25 February 2008. The AMC plans to distribute realized appreciation in the NAV of the plan / option from 27 December 2007 till the record date as dividend. The NAV of the scheme was recorded at Rs 10.1238 under regular plan and Rs 10.1314 under institutional plan as on 19 February 2008. JM ML Fixed Maturity Plan -Series VI- Quarterly Plan 5 is a close-ended income scheme, whose primary investment objective is to seek to generate regular returns through investment in fixed income securities normally maturing in line with the time profile of the respective plan.

Fund houses woo Aussies to put money in Indian market

Global funds are tapping the large Australian retail investor base to invest in the Indian stock market, which has grown 40%-plus annually in the last three years.

Two funds one from Kotak Mahindra Bank and another from Fidelity have already tapped Australian retail investors. Now, according to Rashmi Hansi Mehrotra, the principal business leader for investment consulting at Mercer, adviser to the worlds largest funds, a third fund will soon tap the Australian retail market for investing in the booming Indian equity markets.

Kotak Mahindra collected $69 million last year through India Equity Fund, which rose by 45% in value $100 million as of December 2007.

The other fund that collected money from Australian retail investors is Fidelitys Fiducian India Fund. There is a big retail investor market waiting to be tapped.

Australia is the fourth largest retail market with 25 million people. The rule that 9% of salaries of Australian investors should be locked in superannuation schemes till 65 years forces them to invest in attractive markets like India.

Fidelitys Fiducian India Fund is a blended portfolio of stocks selected by two Indian fund managers, State Bank of India Funds Management and Sundaram BNP Paribas Asset Management. SBIFM focuses on large-cap stocks, while Sundaram focuses on mid-cap stocks.

Indian stock markets have all kinds of investors, including offshore hedge funds, endowment funds and pension funds.

Wall Street banks such as Citigroup, Merrill Lynch, Fidelity, Goldman Sachs, Morgan Stanley, among others, raise funds for India from their overseas clients. They are also managing funds of their Indian clients through the private banking business.

Birla Sun Life MF declares dividend

The Birla Sun Life mutual fund has announced the declaration of dividend under dividend option of Birla Sun Life Interval Income Fund- Quarterly Plan-Series I for its both retail and institutional plan. The AMC plans to distribute 100% of distributable surplus as on record date on the face value of Rs. 10. The record date for dividend is set as 26 February 2008.

The NAV of the scheme was recorded at Rs 10.2060 under retail plan and Rs 10.2085 under institutional plan as on 20 February 2008.

Birla Sun Life Interval Income Fund- Quarterly Plan-Series I is an interval income scheme with an objective to generate regular income through investments in debt and money market instruments. It may not charge an entry. The scheme may charge 0.50% an exit load for redemption before date of maturity.

ING MF declares dividend

ING India Mutual Fund has announced 27 February 2008 as the record date for declaration of dividend under dividend option of ING Fixed Maturity Fund-Series XXX. The AMC plans to distribute entire appreciation in the NAV of dividend option from the date of allotment to 27 February 2008 as dividend. The NAV under retail plan is Rs 10.1549 as on 20 February 2008.

ING Fixed Maturity Fund-Series XXX is a close-ended scheme offering an investment plan of 92 days maturity, 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.

Principal Pnb MF extends NFO period for FMP

Principal Pnb mutual fund has extended the new fund-offering (NFO) period of Principal Pnb Fixed Maturity Plan 460 Days - Series IV from 21 February 2008 to 4 March 2008.

Principal Pnb Fixed Maturity Plan 460 Days - Series IV is a close-ended scheme. The NFO price for the fund is Rs 10 per unit. The minimum investment amount under regular plan is Rs 1000 and any amount thereafter. Under institutional plan, the minimum investment amount is Rs 50 lakh and any amount thereafter.

The primary objective of the scheme is to build an income-oriented portfolio and provide returns along with regular liquidity to investors.

No entry load will be charged during the new fund offer of the scheme. The scheme may levy 1% an exit load on redemption of investment from the date allotment to 400 days. The scheme may not charge an exit load for redemption from 401st day to maturity.

Satyam Computer Services loses by 2.44%

Share prices of Satyam Computer Services went down by 2.44% to Rs. 447.00 reported at BSE at 10.54 a.m. on 22 February 2008 against previous day close of Rs 458.20.

Declining share prices may have negative impact on NAV of mutual fund schemes, which holds their stake in the company. Franklin India Taxshield 99 is likely to lose as it has the highest percentage hold of the stocks of the company compared to its peer groups who have invested in the stocks of the company. Franklin India Taxshield 99 has 14.17% of its total portfolio size invested in the stocks of the company as on 31 January 2008. The scheme holds 16280 units of the company in January 2008 compared to its peer groups who have invested in the stocks of the company.

Other schemes, which may affect includes Franklin Infotech Fund - (G) with 3.47 lakh units (10.66% of its portfolio), UTI-Software Fund (D) with holding of 2.00 lakh units (10.27%) as on 31 January 2008.

Mirae Asset MF appoints new CFO

Mirae Asset mutual fund has appointed Mr. Wan Youn Cho as the Chief Financial Officer with effect from 14 February 2008. Mr. Wan Youn Cho has 12 years of work experience in the field of financial services. He is responsible for the overall financial functions of the Company. Prior to this assignment, Mr Cho was Head of Trustee Division with Mirae Asset Securities Company. He has also been associated with organizations like Samsung Securities Company, Seoul and Boram Bank.

He has done Business administration from Seoul.

Feb 17, 2008

SEBI's Circular on KYC / PAN

How to get KYC Compliant verification Letter? – Here’s the Way

Check Your KYC/PAN compliant status online.

Investorline

Info-Center


The SEBI circular:

The SEBI (Securities & Exchange Board of India) who is the apex regulatory body for the capital markets, had issued a circular on 27th April 2007 and 25th June 2007 which specified the following guidelines / norms

  • Effective from 2 July 2007, it is now mandatory to submit Copy of PAN (attested) or Copy of Acknowledged Form 49A (PAN Application Form) for anyone who is participating in securities market. The PAN will now be recognized as the “sole identification for all transactions in securities market”, which includes mutual funds.
  • This will apply to all investors, irrespective of amount of investment, including NRIs, Joint Holders and Guardians (in case of minors). Further, it would be applicable for any type of fresh investment / additional investments (existing investors) in all schemes, including NFOs, through lump sum investments or SIP or MicroSIP.
  • Further, for investments above Rs.50,000, in absence of PAN, the acknowledgement of Form 49A (PAN Application form) is to be submitted with Form 60

KYC Norms:

  • The KYC or “Know Your Customer” norms is to be followed by all security market intermediaries, including mutual funds, under PMLA “Prevention of Money Laundering Act” as required by FIU. It is expected that the KYC verification will become mandatory for all securities participants / investors by September 2007.
  • The KYC simply means that your identification is properly verified and established. The KYC verification is a very simple process and requires submission of minimal documents (PAN compulsory) and is currently done through CDSL Ventures Ltd.

The FIU or ‘Financial Intelligence Unit’ is a department under the Ministry of Finance, India.


How to get KYC Compliant verification Letter – Here’s the Way?

Check Your KYC/Pan compliant Status online.

Why is this development?

The Finance Minister, in his announcement in the Budget for year 2007-08, had proposed to make PAN the sole identification number for all participants in the securities market to distinguish a particular kind of account. In light of this and in order to strengthen the Know Your Client (KYC) norms and identify every investor in the securities market with their respective PAN, it has been decided that PAN would be the sole identification number for all participants transacting in the securities market, irrespective of the amount of transaction. This is an important & welcome step towards protecting the interests of all the participants in securities and for promoting the development of, and to properly regulate the securities market.

The Impact:

  • The Securities Markets covers all investors, in all securities markets, which includes stocks, derivatives, mutual funds, debt products, commodities, etc. Thus, the guidelines are also applicable to all mutual fund investors.
  • No investments in mutual funds would be possible without Copy of PAN / Form 49A Acknowledgement. Failure to provide the same with Applications would lead to rejection of Application.
  • In case of existing investors, the folios where the same is missing would be blocked or freezed for additional investments till the submission of the above documents and its verification.
  • For investors not having a PAN, a Copy of Acknowledgement of submission of Form 49A will be needed for immediate transactions. Such investors, however, would be required to submit a verified copy of PAN on or before 31st Dec 2007. Failure to provide the PAN would freeze such folios and no future transactions would be possible.

· The presently operational SIPs would however remain unaffected and would continue uninterrupted

· Investors who obtain KYC “Know Your Customer” Certification letter would not be required to complete PAN verification procedure.

The above guidelines, though may sound complicated to some, there really is nothing to fear or avoid. In fact, it can be seen as a very good development for all as now all investments & investor in markets would now be properly identified. Further, though some paper work is needed to be done, it would largely be a one time process. We highly recommended that you completely comply with these guidelines, including the KYC verification, immediately once and for all. Once you have obtained KYC Verification, you would not be required to submit PAN copy repeatedly for making any investments. Further, you would be ready before the actual KYC norms become mandatory, in a few months time.

As your Financial Advisors, we wish to extend to you our full co-operation and support in managing & completing these procedures. Our endeavour is to manage your compliance with convenience. Hence, we would be actively helping you to completing various procedures of PAN application, PAN Attestation and Verification, KYC submission & Verification and also help you manage the submission of same with all the AMCs. All the necessary forms and details are readily available with us.

However, to make these tasks successful, we shall need your active co-operation in completing the procedures and providing the needed details / documents to us. We will be soon contacting you for further details and documents. If you have any query or would like know more, please feel free to contact us.

Investorline

Email- indiainsured@aol.com