Insurance Regulatory And Development Authority To Plans - 30 Aug 08

Mumbai: Mutual Funds will have to get a licence from the Insurance Regulatory and Development Authority to sell unit- linked insurance plans and comply with solvency requirements, said IRDA. The comment from insurance regulator comes in the wake of the mutual fund industry's demand to sell equity products bunched with insurance. Mutual Funds are welcome to sell unit linked insurance products (ULIPs) after guarantee full compliance to the regulation of the Insurance Regulatory Development Authority. Mutual funds will need to obtain a licence and meet the solvency requirements of the IRDA.

At present, the capital requirement norms for insurance companies are much higher than those needed by a mutual fund. Also, insurance companies are regulated by IRDA whereas mutual funds are regulated by SEBI. Insurance companies have been firmly against mutual funds selling such bundled insurance products. The Life Insurance Council, the self-regulatory body representing insurance companies, has been in dialogue with the IRDA about the issue. Insurers say that they have to comply with several guidelines such as rural and social sector requirements, which mutual funds don't have to. Besides, ULIPs can be sold only by licensed intermediaries like insurance agents who have to undergo 50 hours of training.

Birla Sun Life Mutual Fund has unveiled Birla Sun Life Equity- 30 Aug

Birla Sun Life Mutual Fund has unveiled Birla Sun Life Equity Linked FMP Series C and D on 20 August 2008. The new issues will be closed for subscription on 10 September 2008. The NFO price for the fund is Rs 10 per unit. Both the schemes are close-ended structured debt scheme. The scheme seeks to invest in short and medium term debt instruments with fixed and/or floating payouts linked to equity indices. The scheme may also undertake to invest in derivative contracts. These instruments will normally mature in line with the time profile of the Scheme. The Series C will mature at the end of 21 months and Series D at 36 months from the date of allotment. The scheme will have retail and institutional plans. Each plan under the scheme will further have dividend and growth options. Further, dividend option shall have payout and reinvestment facility.

ICICI Mutual Fund Announced Minimum Application Amount - 30 Aug 08

ICICI Mutual Fund has announced the minimum application amount for fresh subscriptions during specified transaction period of ICICI Prudential Interval Fund IV-Quarterly Interval Plan A. Accordingly, the minimum application amount for fresh purchases during the specified transaction period under institutional option of the above mentioned scheme would be Rs 25 lakh and in multiples of Re 1 thereafter. This will be effective from 28 August 2008

DSP ML MF Garners Rs.350 Crore Through Its 3 Months FMP -29 Aug 08

DSP Merrill Lynch Mutual Fund has raised Rs 350 crore via DSP Merrill Lynch Fixed Maturity Plan -3 Months- Series 12 during its new fund offer period i.e. from 20 August to 26 August 2008. It is a close-ended income schemes with maturity profile of 3 months. The primary investment objective of 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 scheme has two plans i.e. regular and institutional plan. Both plans will provide growth and dividend option. The scheme will invest entire corpus in debt instruments and money market instruments. The performance of the scheme will be benchmarked against CRISIL Liquid Fund Index. The fund manager for the scheme is Mr. Dhawal Dalal.

DBS Chola MF Extends NFO Of 13 Months FMP -29 Aug 08

DBS Chola Mutual Fund (MF) extended the closing date of New Fund Offer period of DBS Chola Fixed Maturity Plan Series 11(13 Months). As per the announcement the closing date of NFO has been extended to 4 September 2008. Earlier the scheme was to close on 28 August 2008. The new fund launched for fresh subscription on 21 August 2008. DBS Chola Fixed Maturity Plan Series 11 is a close-ended income scheme. The maturity of the fund is 13 months i.e. maturity date of the scheme is 28 September 2009. The NFO price for the fund is Rs 10 per unit. The investment objective of the schemes to generate regular returns and capital appreciation by investing in debt including securitised debt, government and money market securities normally maturing in line with the time profile of the respective plans.

Canara Robeco MF Launches Quarterly Interval Plan - 29 Aug 08

Canara Robeco mutual fund commenced Canara Robeco Interval Scheme-Series 2 (Quarterly Plan 2) on 1 September 2008. The issue will be closed for subscription on 9 September 2008. It is an open-ended interval scheme. The duration of the scheme is 3 months from the date of allotment. The investment objective of the scheme is to generate returns and growth of capital by investing in Central and state government securities and other fixed income / debt securities normally maturing within the maturity of the interval plan to insulate the portfolio from interest rate volatility.

Birla Sun Life MF Declares Dividends - Aug 23 , 2008

Birla Sun Life Mutual Fund has declared dividend under its two schemes-Birla Sun Life Fixed Term Plan-Series AA and Birla Sun Life Interval Income Fund -Quarterly Plan-Series I. The fund house has fixed 26 August as the record date for the distribution of 100% distributable surplus as dividend under retail and institutional plan dividend sub option for both the schemes. The unit NAV as on 20 August 2008 of Birla Sun Life Fixed Term Plan-Series AA retail plan was Rs 10.3500 and of institutional plan was Rs 10.3926. Similarly, the unit NAV as on 20 August 2008 of Birla Sun Life Interval Income Fund -Quarterly Plan-Series I retail plan was Rs 10.2006 and of institutional plan was Rs 10.2006.

UTI MF Launches Short Term FMP - Aug 23 , 2008

UTI Mutual fund has unveiled UTI Short Term Fixed Maturity Plan -Series I-VI (91days) on 22 August 2008. The new fund offer period will remain open for fresh subscription till 26 August 2008. The new offer price of units is Rs 10 per unit. This is a close-ended income scheme with plan tenure of 91 days with an investment objective to generate regular returns by investing in portfolio of fixed income securities normally maturing in line with the maturity period of the plan.

The scheme offers investors growth and dividend options. The scheme will have investment up to 90% in debt including securitised debt and 10-100% in money market instruments. The plan may invest up to 100% of its debt portfolio in securitised debt. As the scheme is of close-ended nature, it is not applicable to entry load. The fund will ask 1% as an exit load for redemption before maturity.

Lotus India MF launches Lotus India Fixed Maturity Plans - August 23 , 2008

Lotus India mutual fund has launched Lotus India Fixed Maturity Plans-375 Days- Series XVI on 21 August 2008. The new issue will be closed on 2 September 2008. The NFO price for the fund is Rs 10 per unit. The minimum investment amount under regular plan is Rs 5,000 and in multiples of Re 1 thereafter and the investment amount under the institutional plan is Rs 5 lakh and in multiples of Re 1 thereafter.

This scheme is a close-ended debt scheme. The investment objective of the scheme is 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 scheme will be having regular and institutional options with growth and dividend reinvestment facility. The scheme will invest up to 85% money market instruments including reverse repo, up to 50% in government Securities issued by the Central Government or State Government. The scheme will also invest 15-100% in debt instruments such as bonds and debentures. It will have exposure up to 50% in securitised debt. The scheme will invest up to 50% of the net asset of the scheme in fixed income derivatives. The scheme does not intend to invest in foreign securitised debt.

There will no entry load charged for the scheme due to its close-ended structure. The scheme charges an exit load of 2%, if the investment is redeemed before the maturity date. There will be no exit load charged if the investment is redeemed on maturity. The scheme will be benchmarked over CRISIL Short Term Bond Fund Index. The Fund Manager of the Scheme is Umesh Sharma.

JP Morgan MF Files An Offer Document - Aug 20, 2008

JP Morgan Mutual Fund has filed offer document with Sebi to launch JPMorgan JF Greater China Equity Off-shore Fund. It is an open-ended fund of funds scheme. The face value of the new issue will be Rs 10 per unit. The primary investment objective of the schemes is to provide long term capital appreciation by investing in JPMorgan Funds - JF Greater China Equity Off-shore Fund, an equity fund which invests primarily in a diversified portfolio of companies incorporated or which have their registered office located in, or derive the predominant part of their economic activity from, a country in the Greater China region.

The scheme offers a growth option only and the minimum subscription amount under this option is Rs 10,000 and in multiples of Re 1 thereafter. The scheme will invest up to 80%-100% in units / shares of JPMorgan Funds - JF Greater China Equity Fund. It will invest up to 20% in money market instruments and/or units of liquid schemes. There will be an entry load of 2.25% for investment amount less than Rs. 5 crore. For investment amount greater or equal to Rs 5 crore, there will be no entry load. There will be an exit load of 1.00% for investments redeemed within 24 months from the date of allotment.

IDFC MF Extends NFO Period - Aug 20, 2008

IDFC mutual fund has extended the new fund-offering (NFO) period of IDFC Fixed Maturity Plan- Fifteen Months-Series 2 till 26 August 2008 instead of 21 August 2008. The new fund offer was opened for subscription on 7 August 2008. IDFC Fixed Maturity Plan- Fifteen Months-Series 2 is a close-ended income scheme. Date of maturity will be 23 November 2009. The investment objective of the scheme is to seek to generate income by investing in a portfolio of debt and money market instruments.

The scheme provides investment options of dividend and growth under Plan A and Plan B. The minimum investment amount under Plan A is Rs 5000 and in multiples of Re 1 thereafter. Plan B will have investment amount of Rs 1 lakh and in multiples of Re 1 thereafter. The scheme 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.

Deutsche MF Extends NFO Period - Aug 20, 2008

Deutsche mutual fund has extended the new fund-offering (NFO) period of DWS Fixed Term Fund - Series 55 to 26 August 2008 instead of 19 August 2008. The new fund offer was opened for subscription on 18 August 2008. DWS Fixed Term Fund - Series 55 is a 370 days close-ended debt scheme. The objective of the scheme is to generate income by investing fixed income securities / money market instruments usually maturing in line with the time profile of the fund.

The scheme offers regular and institutional plans. Both plans offer two options i.e. growth and dividend payout facility. The minimum investment amount under regular plan is Rs 5,000 and in multiples of Re 1 thereafter and Rs. 50 lakh and in multiples of Re 1 thereafter under institutional plan. The scheme will invest up to 100% in domestic debt instruments including government securities & medium money market instruments and securitized debt including cash and cash equivalents.

JM Financial MF Declares Dividend - Aug 19 , 2008

The JM Financial mutual fund has announced the declaration of dividend on the face value of Rs 10 per unit under dividend option of JM Interval Fund-Quarterly Plan 4 and JM Fixed Maturity Fund -Series IV- 15 Months-Plan 2. The dividend will be offered for both regular and institutional plans of the above-mentioned schemes. The AMC plans to distribute realized appreciation in the NAV of the plan / option till the record date as dividend. The record date for dividend will be 20 August 2008.

The NAV of the scheme under regular plan of JM Interval Fund-Quarterly Plan 4 was recorded at Rs 10.1062 and that of institutional plan was Rs 10.1086 as on 13 August 2008. JM Fixed Maturity Fund -Series IV- 15 Months-Plan 2 had NAV under regular plan at Rs 10.1069 and institutional plan was Rs 10.1077 as on 13 August 2008.

IDFC MF files an offer document for IDFC FMP - Half Yearly Series - Aug 19 , 2008

IDFC Mutual Fund has filed an offer document for IDFC Fixed Maturity Plan - Half Yearly Series. The new fund offer (NFO) price for the scheme is Rs.10 per unit. The close-ended income scheme comprising of two plans viz. Plan 7 to 8. It offers dividend and growth option. The investment objective of the scheme is to seek to generate income by investing in a portfolio of debt and money market instruments. The minimum investment under the retail plan is Rs 5000 and in multiples of Re 1 thereafter. The minimum target amount for each Plan under IDFC FMP Half Yearly scheme is Rs.1 crore.

The scheme will invest its 0-100% in debt and money market instruments. The scheme will invest up to 50% of its net asset value in securitised debt. The scheme will not charge entry load. For both plans, the scheme will charge 1.00% as an exit load if it is repurchased after the date of allotment and on before the expiry of 3 months. If repurchased after the date of allotment and on the first Wednesday of any calendar month, there will be 2.00% exit load. The benchmark index for the scheme would be Crisil Liquid Fund Index. Rajiv Anand will be the scheme's fund manager.

HSBC MF Declares Dividend - Aug 19 , 2008

HSBC Mutual Fund has announced 21 August 2008 as the record date for declaration of dividend under dividend option of HSBC Interval Fund- Plan I. The fund house has decided to distribute 100% of surplus available as on record date. The NAV for the scheme under regular plan was Rs. 10.1947 while that of institutional plan was Rs 10.1970 as on 13 August 2008.

HSBC Interval Fund- Plan I (HINF-I) is a debt oriented interval scheme, which seeks to generate reasonable returns by investing in a portfolio of fixed income instruments normally maturing in line with the time profile of plan. The scheme will charge 0.5% exit load if investment units redeemed before maturity.

Tata MF Declares Dividend For Tata Fixed Horizon Fund - Aug 18 , 2008

Tata Mutual Fund has announced the declaration of dividend under periodic dividend option for Tata Fixed Horizon Fund-Series 13-Scheme C. The record date is set as 20 August 2008. The AMC decided to distribute up to 100% of the returns subject to availability of distributable surplus available on the record date will be distributed as dividend.

The NAV for the scheme under regular investment plan was Rs.10.8827 as on 13 August 2008. Tata Fixed Horizon Fund-Series 13 -Scheme C was launched in August 2007. It is a close-ended debt scheme with an aim of generating returns and / or capital appreciation along with minimization of interest rate risk by investing predominantly in a portfolio of debt and money market instruments.

Principle Pnb MF Declares Dividend Under Pnb Money Manager Fund - Aug 18 , 2008

The Principle Pnb mutual fund has announced the declaration of dividend under dividend option of Principle Pnb Money Manager Fund. The record date for dividend will be 19 August 2008. The scheme has planned to offer dividend under both regular and institutional plans. The AMC offers dividend of Rs 0.0081 per unit under regular plan and Rs 0.0085 per unit for the institutional plan.

The NAV of the scheme under regular plan was at Rs 10.4731 and that of under institutional plan was at Rs 10.4745 as on 13 August 2008. Principal Money Manager Fund is an open ended liquid scheme with an investment objective of generating steady returns by investing in debt and money market securities.

Reliance MF Declares Dividend For Reliance Fixed Horizon Fund - Aug 18 , 2008

Reliance Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for Reliance Fixed Horizon Fund- VIII- Series 11 under both retail and institutional plan. The record date is set as 20 August 2008. The fund house has decided to distribute 100% of surplus available as on record date. The NAV for the Reliance Fixed Horizon Fund- VIII- Series 11 under retail plan was Rs. 10.2098 and that of for institutional plan was Rs 10.2120 as on 13 August 2008.

Reliance Fixed Horizon Fund- VIII- Series 11 is a close-ended income fund. 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.

Tata MF Declares Dividend - Aug 14 , 2008

Tata Mutual Fund has announced the declaration of dividend under periodic dividend option for Tata Fixed Horizon Fund-Series 13-Scheme B. The record date is set as 18 August 2008. The AMC decided to distribute up to 100% of the returns subject to availability of distributable surplus available on the record date will be distributed as dividend. The NAV for the scheme under regular investment plan was Rs.10.8901 as on 11 August 2008. Tata Fixed Horizon Fund-Series 13 -Scheme B was launched in August 2007. It is a close-ended debt scheme with an aim of generating returns and / or capital appreciation along with minimization of interest rate risk by investing predominantly in a portfolio of debt and money market instruments.

Mutual Funds In Selling Mode - Aug 14 , 2008

Mutual funds (MFs) sold shares worth a net Rs 266 crore on Tuesday, 12 August 2008, compared to their buying of Rs 454.80 crore on Monday, 11 August 2008. MFs' net outflow of Rs 266 crore on 12 August 2008 was a result of gross purchases Rs 617.40 crore and gross sales Rs 883.40 crore. The 30-share BSE Sensex fell 291.79 points or 1.88% to 15,212.13 on that day. MFs were net sellers of shares worth Rs 228.60 crore in this month, till 12 August 2008.

IDFC MF Files Offer Document With Sebi - Aug 14 , 2008

IDFC Mutual Fund has filed an offer document for IDFC Quarterly Interval Fund - An Interval Income Scheme with three plans. It is an interval income scheme. The new fund offer (NFO) price for the scheme is Rs. 10 per unit. The interval income scheme comprising of three plans viz. Plan D, E and F. There will retail and institutional plans in each of three plans. It offers dividend and growth option. The investment objective of the scheme is to seek to generate returns from investments in debt and money market instruments. The minimum investment amount under the retail plan will be Rs. 5000 and that of under institutional plan will be Rs. 1 lakh. The minimum target amount for each Plan under IDFC quarterly interval income scheme is Rs.1 crore.

ABN Amro MF Launch ABN Amro FTP - Aug 13 , 2008

ABN Amro Mutual Fund has launched ABN Amro Fixed Term Plan -Series 13 -Plan B on 11 August 2008. The new issue will be closed for the subscription on 20 August 2008. The NFO price for the fund is Rs 10 per unit. It is a close-ended income scheme. Maturity date of the scheme would be 13 months from the date of allotment of units. 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 of the scheme.

AIG MF Launches Quarterly Interval Fund-Series - Aug 13 , 2008

AIG Mutual Fund launched AIG Quarterly Interval Fund-Series I. It is an interval income scheme. The primary objective of the scheme is to generate returns while endeavoring to manage interest rate volatility over the interval period through a portfolio of fixed income securities. The fund will invest up to 0%-100% in debt and money market securities. Debt securities may include securitized debts up to 75% of the net assets. The scheme may invest in derivatives up to 100% of the net assets of the scheme for the purpose of hedging and portfolio balancing purposes.

IDFC MF Launched IDFC Fixed Maturity Plans - Aug 13 , 2008

IDFC Mutual Fund launched IDFC Fixed Maturity Plans- Quarterly Series 38. The scheme is close-ended income scheme. The duration of the scheme is from the date of allotment to 11 November 2008 i.e. date of maturity. The investment objective of the scheme is to seek to generate income by investing in a portfolio of debt and money market instruments. 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.

Principal Pnb MF Set To Launch FMP 385 Days - Series XII - Aug 12 , 2008

Principal Pnb Mutual Fund set to launch Files offer document with Sebi to launch Principal Pnb FMP 385 Days - Series XII. A close-ended debt scheme offering fixed maturity plan. The investment objective of the scheme is to build an income-oriented portfolio and provide returns along with regular liquidity to investors. The scheme will have two-investment plans viz. regular plan and institutional plan with growth and dividend options under each plan. The regular plan and institutional plan will share a common portfolio. The fund will invest up to 0-100% in debt securities including securitized debt and medium money market instruments and government securities. Investment in securitised debt would be up to a maximum of 100% of the net assets of the scheme.

Birla Sun Life MF Declares Dividend - Aug 12 , 2008

Birla Sun Life Mutual Fund has declared dividend under the dividend option of the Birla Sun Life Interval Income Fund-Quarterly Plan- Series II. The fund house has fixed 14 August 2008 as the record date for the declaration of dividend for the scheme. The fund house has decided to distribute 100% of surplus available as on record date as dividend under the Birla Sun Life Interval Income Fund-Quarterly Plan- Series II.

The NAV of Birla Sun Life Interval Income Fund-Quarterly Plan- Series II under retail plan was Rs 10.0936 and that of under institutional plan was Rs 10.0936 as on 7 August 2008. Birla Sun Life Interval Income Fund-Quarterly Plan- Series II is an interval income scheme. The primary objective of the scheme is to generate regular income through investments in debt and money market instruments.

Franklin Templeton MF Launches Two Plans - Aug 12 , 2008

Franklin Templeton Mutual Fund has announced the launch of Plan B and Plan D under Franklin Templeton Fixed Tenure Fund-Series X (FTFTF-X), a closed ended income fund.

The Plans will be launched on 13 August 2008 and NFO will close on 18 September 2008. Date of allotment is fixed as 29 September 2008. However the tenures of the plans differ as Plan B will have a tenure of 3 years from the date of allotment and its date of maturity is 28 September 2011. Whereas the tenure of Plan D is 5 years from the date of allotment and its date of maturity is 30 September 2013.

The Plans offer choice of two options-Growth option and Dividend option (Payout facility only). Purchases in Plan B and D should be of minimum Rs 10,000.

Max NY Life Insurance Expanding Its Distribution Network - Aug 11, 2008

Ahmedabad: Max New York Life Insurance is looking at expanding its distribution network by opening more than 250 new offices every year for the next three to four years. Additionally it will increase the number of agent advisors from the current 46,800 to 3 lakh. The growth in agency distribution will be complemented by strong growth in partnership distribution.

The capital base of the company is likely to expand to Rs 3,600 crore from the current equity base of Rs 1,232 crore. The company has reported Rs 2,100 crore in collected premium for the January-July 2008 period, recording a growth of 81 per cent over the similar period last year. The company has a portfolio of 38 products and 8 riders for individuals and entered the health insurance segment with the launch of LifeLine Health Insurance Plans in February.

Franklin Templeton MF Commences Fixed Horizon Fund Plan E - Aug 11, 2008

Franklin Templeton mutual fund has commenced launch of Franklin Templeton Fixed Horizon Fund -IX -Plan E on 8 August 2008. The initial offering period will close for subscription on 20 August 2008. The tenure of the fund will be 18 months from the date of allotment. The date of maturity will be 22 February 2010. The NFO price is Rs 10 per unit. The investment objective of the scheme would be to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities with a maturity profile generally in line with the fund's duration.

The scheme offers growth and dividend option. The dividend option further provides dividend payout facility. The scheme will charge an exit load of 3.00% up to completion of 6 months. The scheme will charge an exit load of 2.50% upon completion of 6 months but before completion 9 months, 2.00% upon completion of 9 months but before completion of 12 months, 1.50% upon completion of 12 months but before completion of 15 months. Upon completion of 15 months but before maturity, it may ask 1.00% an exit load. No exit load will be charged for the switch out/ redemption on maturity. The minimum investment amount is Rs 5000 and in multiples of Re 1 thereafter.

The scheme may invest up to 100% in debt securities and money market instrument .The exposure in securitised debts shall be up to 100%. The scheme makes exposure in derivatives up to a maximum of 50%. The scheme has identified Crisil Short Term Bond Fund Index as the benchmark. Pallab Roy and Vivek Ahuja will manage the scheme.

IDFC MF Changes Names Of Its Three Schemes - Aug 11 , 2008

IDFC Mutual Fund has changed names of its three schemes. Accordingly, IDFC Floating Rate Fund- Short Term Plan (IDFC-FRF-ST), IDFC Floating Rate Fund-Long Term Plan (IDFC-FRF-IP) and IDFC Liquidity Manager Plus Fund (IDFC-LMP) shall be renamed as IDFC Liquid Plus Fund-Treasury Plan (IDFC-LPE-TP) and IDFC Liquid Plus Fund-Investment Plan (IDFC-FRF-IP) respectively with effect from 13 September.

Also IDFC Liquidity Manager Plus Fund (IDFC-LMP) shall be renamed as IDFC Liquid Fund (IDFC-LF) with effect from 18 August 2008. The fund as per Sebi regulations has modified the plan under IDFC Floating Rate Fund-Short Term Plan (IDFC-FRF-ST). The plan shall be classified as an income plan (fund) instead of a liquid plan. The change in the classification of the plan shall be carried out at all relevant places in the combined offer document.

HDFC MF Launches FMP 90D - Aug 09 , 2008

HDFC Mutual Fund house has commenced initial offering period of HDFC Fixed Maturity Plan 90 Days August 2008 (2) under HDFC Fixed Maturity Plans-Series IX. The new offer period (NFO) will be opened for subscription on 13 August and closes on 18 August 2008. The face value of new issue is Rs 10 per unit.

HDFC FMP 90 Days August 2008 (2) is a close ended income scheme. The investment objective of the fund is to generate regular income through investments in debt, money market instruments, and government securities. HDFC Fixed Maturity Plan 90 Days August 2008 (2) offers wholesale plan and retail plan with growth and dividend option. Under retail plan, the minimum application amount will be Rs. 5,000 and in multiples of Re. 1 thereafter. Under wholesale plan, the minimum investment amount is Rs. 1 crore and in multiples of Re. 1 thereafter. The fund seeks to collect Rs 1 crore as targeted amount during NFO period. The scheme will invest 60%-100% in debt and money market instruments, with low to medium risk profile. The schemes will also invest 0%-40% in government securities with low risk profile. Investment in securitised debt will not exceed 75% of the net assets of the respective plans.

Under normal circumstances, the plans shall not have an exposure of more than 75% of its net assets in foreign debt securities subject to regulatory limits. HDFC Fixed Maturity Plan 90 Days August 2008 (2) will not levy entry load charged due to its close-ended structure. It may charge 0.75% an exit load if the units are redeemed or switched out before maturity.

Kotak MF Declared Dividend - Aug 09 , 2008

Kotak Mutual Fund has declared dividend under the dividend option of Kotak Quarterly Interval Plan Series 6. The fund house has fixed 13 August 2008 as the record date for the payment of dividend. The fund house has decided to distribute 100% of surplus available under dividend plan as on record date. The NAV of the scheme was recorded at Rs 10.196 as on 6 August 2008.

Pursuant to payment of dividend, the NAV would fall to the extent of dividend payout and statutory levy, if applicable. Kotak Quarterly Interval Plan Series 6 was launched in February 2008. It is an interval debt fund. The primary investment objective of the scheme is to seek to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.

AIG MF Files Offer Document With SEBI - Aug 09, 2008

AIG MF plans to launch AIG Long Term Tax Advantage Fund. It is an open-ended equity linked savings scheme. The investment objective of the scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related securities including equity derivatives.

Investment Option: The options available are growth and dividend option. The dividend option offers dividend payout and dividend reinvestment facilities. There will charge 2.25% an entry load for purchase amount less than Rs 5 crore. For purchase amount is Rs 5 crore and above, there will be no entry load. No exit load will be charged. As per ELSS notification, unit holders will not be able to redeem units under the scheme for a period of 3 years from the date of allotment. After the period of 3 years, units could be redeemed. The scheme will invest up to 80-100% in equity and equity related securities. It may invest 0-20% in money market instruments.

Franklin Templeton MF Declares Dividend - Aug 08 , 2008

Franklin Templeton Mutual Fund has announced 12 August 2008 as the record date for declaration of dividend in Templeton Quarterly Interval Plan-Plan A (TQIP-Plan A) on face value of Rs 10 per unit. The fund house has decided to distribute 100% of surplus available under its both retail and wholesale plans as on record date.

Templeton Quarterly Interval Plan-Plan A (TQIP-Plan A) is an interval income fund. The investment objective of the scheme is to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities. The scheme charges no exit or entry load on the scheme.

AIG MF Launches AIG Fixed Maturity Plan - Aug 08 , 2008

AIG MF has unleashed a new scheme called AIG Fixed Maturity Plan-1 and it is a close-ended income scheme. The investment objective of the scheme is to generate returns while endeavoring to manage interest rate volatility over the maturity period through a portfolio of fixed income securities. Series available under the scheme: AIG Fixed Maturity Plan-1 Series I, II, III, IV, V, VI with duration of 12-18 months in each series. Presently there are two plans available under each series of the scheme i.e. Institutional Plan and Retail Plan. The options available under all the plans are Growth & Dividend option.

The dividend option offers only dividend payout facility. Under dividend option, dividend subject to distributable surplus shall be declared on maturity of the respective plan/ series from the date of allotment of units. Both the plans under each series will have a common portfolio. However, the returns under each plan are expected to vary having regard to the specified expense ratio under the relevant plan. Asset Allocation:

The fund will invest up to 0-100% in debt securities including securitized debt and medium money market instruments. Investment in securitised debt would be up to a maximum of 75% of the net assets of the scheme.

HDFC MF Declares Dividend - Aug 08 , 2008

HDFC Mutual Fund has announced 12 August 2008 as the record date for declaration of dividend under dividend option of HDFC FMP 90D May 2008, a fixed maturity plan under HDFC Fixed Maturity Plans-Series VIII, on face value of Rs 10 per unit. The Fund house has decided to offer dividend under both retail plan and wholesale plan.

The fund house has decided to distribute 100% of surplus available under its both retail and wholesale plans as on record date. The NAV for the scheme under was Rs. 10.19 per unit as on 5 August 2008.

HDFC Fixed Maturity Plans-Series VIII is a close-ended income scheme. The investment objective of the scheme is to seek to generate regular income through investments in debt/ money market instruments and government securities.

The scheme will charge 0.75% as an exit load if investments are redeemed/switched out before maturity/final redemption date.

UTI MF Declares Dividend Under Fixed Income Interval Fund - Aug 07 , 2008

UTI Mutual Fund has announced the dividend under dividend option of UTI Fixed Income Interval Fund-Monthly Interval Plan-Series II. The record date for the declaration of dividend is 12 August 2008. The quantum of dividend will be 100% of distributable surplus available on the record date on face value of Rs 10 per unit. The NAV for the scheme under both retail plan and institutional plan was at Rs 10.0556 per unit as on 4 August 2008.

UTI Fixed Income Interval Fund- Monthly Interval Plan-Series II was launched in November 2007. It is a debt oriented interval scheme with income-oriented portfolio consisting Gsecs and other fixed income and debt securities. The investment objective of the scheme is generating regular income by investment in debt/money market instruments and Govt Securities having suitable maturity.

Benchmark MF Declares Split Capital Fund - Aug 07 , 2008

Benchmark Mutual Fund has declared that Class A and Class B units of Benchmark Split Capital Fund-Balanced would be redeemed on 16 August 2008 on completion of maturity period of 3 years.

The AMC has also fixed 16 August 2008 as the record date for payment of redemption proceeds to unit holders. Benchmark Split Capital Fund-Balanced is a close ended balanced schemes launched in June 2005.

The investment objective of the scheme is to invest in equity and debt securities and pass on the collection proceeds to Class A and Class B Unit holders in accordance with the Priority of Distributions specified in the offer document. The Class A units would be provided a specific participation rate in the return of S&P CNX Nifty Index and will have priority over Class B units for distribution.

ING MF Declares Dividend Under FMF Series - Aug 07 , 2008

ING India Mutual Fund has announced 11 August 2008 as the record date for declaration of dividend for ING Fixed Maturity Fund - Series 41 on face value of Rs 10 per unit. The AMC plans to distribute entire appreciation in the NAV of dividend option from the date of allotment to 11 August 2008 as dividend.

The NAV under retail plan and institutional plan of ING Fixed Maturity Fund - Series 41 was Rs 10.1149 per unit and Rs 10.1150 per unit, respectively, as on 4 August 2008. ING Fixed Maturity Plan - Series 41 is a close -ended schemes offering an investment plan of 91 days maturity, investing in a portfolio of government securities or highly rated corporate bonds maturing close to 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 so as to minimize the impact of price fluctuation of such securities and the value at maturity.

Bharti AXA MF Launches Bharti AXA FMP Series 3M-I - Aug 06 , 2008

Bharti AXA mutual fund house announced launch of Bharti AXA Fixed Maturity Plan Series 3 Month-I on 5 August 2008. The initial offer period will close for subscription on 6 August 2008. It is a close-ended income scheme. The offer price during NFO is Rs 10 per unit. The scheme seeks to achieve capital appreciation by investing in a portfolio of debt and money market securities. It is envisaged that the portfolio of each plan in the scheme will display a maturity profile that is generally in line with the term thereof.

The scheme offers retail and institutional plans. Both plans have growth option and dividend reinvestment and payout option. The fund will invest 0%-100% in money market instruments and up to 100% in debt instruments including securitised debt. Investments in asset backed securities securitised debt will not exceed 40% of the net assets of the scheme as at the time of purchase. Investment in debt derivatives instruments will be up to 50% of the net assets of the Scheme for the purpose of hedging and portfolio balancing purposes. The scheme does not charge an entry load. The scheme will charge 0.5% an exit load for redemptions before maturity.

The minimum investment under retail plan is Rs 10000 and in multiples of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 10 lakh in multiples of Re 1 thereafter. The scheme seeks to collect Rs 1 crore as minimum targeted amount during NFO period.

Canara Robeco MF Launches Quarterly Plan Under FMP Series 3 - Aug 06 , 2008

Canara Robeco mutual fund commenced Canara Robeco Fixed Maturity Plan - Series 3 -Quarterly Plan 4 on 6 August 2008. The issue will be closed for subscription on 7 August 2008. It is a close-ended debt scheme. The duration of the scheme is 3 months from the date of allotment. There will no entry load charged for the scheme. The scheme charges an exit load of 0.75%, if the investment is redeemed before maturity.

HDFC FMP 370 Days August 2008 (1) Set To Launch - Aug 06 , 2008

HDFC mutual fund house has commenced initial offering period of HDFC Fixed Maturity Plan 370 Days August 2008 (1) under HDFC Fixed Maturity Plans-Series IX. The new offer period (NFO) will be opened for subscription on 7 August and closes on 18 August 2008. The face value of new issue is Rs 10 per unit.

HDFC FMP 370 Days August 2008 (1) is a close ended income scheme. The investment objective of the fund is to generate regular income through investments in debt, money market instruments, and government securities. HDFC FMP 370 Days August 2008 (1) offers wholesale plan and retail plan with growth and dividend option. Under retail plan, the minimum application amount will be Rs. 5,000 and in multiples of Re. 1 thereafter. Under wholesale plan, the minimum investment amount is Rs. 1 crore and in multiples of Re. 1 thereafter. The fund seeks to collect Rs 1 crore as targeted amount during NFO period. The scheme will invest 60%-100% in debt and money market instruments, with low to medium risk profile. The schemes will also invest 0%-40% in government securities with low risk profile. Investment in securitised debt will not exceed 75% of the net assets of the respective plans.

Under normal circumstances, the plans shall not have an exposure of more than 75% of its net assets in foreign debt securities subject to regulatory limits. The schemes may enter into repos/reverse repos as may be permitted by the RBI. From time to time the respective Plans may hold cash. A part of the net assets may be invested in the Collaterilsed Borrowing & Lending Obligations (CBLO) or repo or in an alternative investment as may be provided by the RBI to meet the liquidity requirements.

MF Aums Shrink By 6.22% - Aug 05 , 2008

The industry registered AUMs of Rs 529340.49 crore in July 2008 as per the data released by the Association of Mutual Funds of India (AMFI). This data include AUMs of 33 mutual fund house excluding Taurus Mutual Fund. The AUMs plunged by 6.22% in July 2008 over June 2008- low AUMs are reflection of fallen equity markets. It was Rs 564453.63 in June 2008. The AUMs declined nearly 3.5% in July 2008 from January 2008 when the market had touched its highest mark of 21206.77.

Tata MF Launches New Fixed Horizon Fund - Aug 05 , 2008

Tata Mutual Fund has commenced Tata Fixed Horizon Fund Series 18- C on 31 August 2008. The New Fund Offer (NFO) period for subscription will close on 12 August 2008. The NFO face value of the new fund is Rs 10 per unit. The scheme is a close end debt scheme with tenure of 13 months from the date of allotment. The investment objective of the schemes is to generate income and / or capital appreciation by investing in wide range of debt and money market instruments.

The fund will invest can invest up to 100% in debt and money market instruments and securitised debt. No investments would be made in foreign securitised debt. The scheme may invest up to a maximum of 50% of the scheme's net assets in domestic securitised debt. The scheme net assets will have a maximum derivative net position of 50% of the net assets of the scheme. Each scheme has two plans regular plan and institutional plan and each plan has two options growth option and dividend option. Dividend option offers dividend payout or dividend re-investment facility. Dividend frequency will be offered under periodic and monthly basis. There will no entry load charged for the scheme due to its close-ended structure. The scheme charges an exit load of 1.00%, if the investment is redeemed before maturity. There will be no exit load charged if the redemption made on maturity date.

Birla Sun Life MF Declared Dividend - Aug 05 , 2008

Birla Sun Life Mutual Fund has declared dividend under the dividend option of the Birla Sun Life Fixed Term Plan - Series Y and Birla Sun Life Quarterly Interval Fund-Series 8. The fund house has fixed 7 August 2008 as the record date for the declaration of dividend for both the schemes. The fund house has decided to distribute 100% of surplus available as on record date as dividend under both the schemes. The NAV of Birla Sun Life Fixed Term Plan - Series Y under retail plan was Rs 10.8169 and that of under institutional plan was Rs 10.8596 as on 31 July 2008.

The NAV of Birla Sun Life Quarterly Interval Fund-Series 8 was Rs 10.2076 as on 31 July 2008. Birla Sun Life Fixed Term Plan - Series Y is a close -end income scheme. The primary objective of the scheme is to generate current income by investing in a portfolio of fixed income securities maturing normally in line with the duration of the scheme. Birla Sun Life Quarterly Interval Fund - Series 8 is an interval income scheme with an investment objective to generate regular income through investments in debt and money market instruments.

Tata MF Declares Dividend - Aug o4, 2008

Tata Mutual Fund has announced the declaration of dividend under periodic dividend option for Tata Fixed Income Portfolio Fund-Series B2. The record date is set as 7 August 2008. The AMC decided to distribute up to 100% of the returns generated between 29 May 2008 to 7 August 2008 will be distributed as dividend.

The NAV for the scheme under regular investment plan was Rs.10.1625 and that of under institutional plan was Rs 10.1628 as on 31 July 2008. Tata Fixed Income Portfolio Fund-Series B2 was launched in November 2007. It is an open-ended debt scheme with an aim of generating returns and / or capital appreciation along with minimization of interest rate risk by investing predominantly in a portfolio of debt and money market instruments.

ICICI Mf Declares Dividend Under Quarterly Interval Plan- Aug 04 , 2008

ICICI Mutual Fund has announced 7 August 2008 as the record date for declaration of dividend under dividend option of ICICI Prudential Interval Fund II-Quarterly Interval Plan B. The fund house has decided to distribute 100% of surplus available as on record date. The NAV for retail dividend option of ICICI Prudential Interval Fund II-Quarterly Interval Plan B was Rs. 10.2238 as on 31 July 2008.

ICICI Prudential Interval Fund II-Quarterly Interval Plan B is a debt oriented Interval scheme. The investment objective of the scheme is to seek to generate optimal returns consistent with moderate levels of risk and liquidity by investing in a debt securities and money market securities.a

Kotak MF Has Launched Kotak FMP 12 Month Series 8 - Aug 04 , 2008

Kotak MF has launched Kotak Fixed Maturity Plan 12 Month Series 8 on 31 July 2008. The new issue will close for subscription on 20 August 2008. Kotak Fixed Maturity Plan 12 Month Series 8 is a close-ended debt scheme. It has maturity of 12 month after the date of allotment. The objective of the scheme would be to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The face value of the scheme is Rs 10 per unit.

The scheme offers regular and institutional plans with both growth option and dividend option. The minimum investment amount under regular plan is Rs 5,000 and in multiples of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 50 lakh and in multiples of Re 1 thereafter.

HSBC MF Files An Offer Document - Aug 02 , 2008

HSBC Mutual Fund filed an offer document to launch HSBC Fixed Term Series 66-74. It is a close-ended income scheme with 9 plans. The nine plans viz. HSBC Fixed Term Series 66 to 74 will be for fixed terms of 18 months (one Plan), 17 months (two Plans), 16 months (two Plans), 370 days (two Plans) and 3 months (two Plans) 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. HSBC Fixed Term Series 66 to 74 offers regular and institutional option with growth and dividend reinvestment sub options.

ICICI Prudential MF Files An Offer Document - Aug 02 , 2008

ICICI Prudential Mutual Fund filed an offer document to launch ICICI Prudential FMP - Series 48. It is a close-ended debt scheme. The scheme plans to launch 1 Month- Plan A to D, 1 Year Plan A to D, 3 Year- Plan A and B, 5 Year- Plan A and B.

The investment objective of the plan is to seek to generate regular returns by investing in a portfolio of fixed income securities/ debt instruments normally maturing in line with the time profile of the Plan. Presently, there are three options available under each plan of the scheme i.e. institutional option I, institutional option and retail option. Cumulative and dividend sub-options will be available under the scheme. Dividend payout is the only facility available under dividend sub-option.

Retail option shall be the default option; dividend payout shall be default option under 1 month plans. Cumulative option shall be the default sub-option under all other plans.

Kotak MF Declares Dividend Under Kotak FMP - Aug 02 , 2008

Kotak Mutual Fund has declared dividend under the dividend option of Kotak Fixed Maturity Plan 3M Series 30. The fund house has fixed 6 August 2008 as the record date for the payment of dividend. The fund house has decided to distribute 100% of surplus available under dividend plan as on record date.

The NAV of the scheme was recorded at Rs 10.2007 as on 30 July 2008. Pursuant to payment of dividend, the NAV would fall to the extent of dividend payout and statutory levy, if applicable. Kotak Fixed Maturity Plan 3M Series 30 is a close-ended debt scheme.

The primary investment objective of the scheme is to seek to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.

UTI M F Launched UTI Fixed Income Interval Fund - Aug 01 , 2008

UTI Mutual Fund launched UTI Fixed Income Interval Fund-Series II-Quarterly Interval Plan V. It is an interval scheme. The objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities normally maturing in line with the maturity period of the plan.

The scheme offers two plans viz. retail and institutional plan with growth and dividend options. The minimum application amount under retail plan will be Rs 10000 for dividend and for growth sub option and in multiples of Re 1 thereafter. For the institutional plan, the minimum investment amount is Rs 1 crore in multiples of Re 1 thereafter. Asset allocation:

The scheme will have investment up to 10-100% in money market instruments. It will invest 0-90% in government securities issued by Central and or State government and other fixed income / debt securities including but not limited to corporate bonds and securitised debt. Debt securities will also include securitised debt, which may go up to 100% of the portfolio.

ICICI Prudential MF Extends NFO Period - Aug 01 , 2008

ICICI Prudential Mutual Fund has extended the offer period for its ICICI Prudential FMP Series 46- One Year Plan C. Now the offer would close on 4 August 2008 instead of 1 August 2008. The new fund offer was opened for subscription on 30 July 2008. ICICI Prudential Fixed Maturity Plan - Series 46- One Year Plan C is a close-ended debt scheme. The scheme seeks to generate returns by investing in a portfolio of fixed income securities and debt instruments normally maturing in line with the time profile of the scheme. There are two options available for investment under the scheme viz. retail option and institutional options. The scheme will further offer growth and dividend option.

Mutual Funds Buying Shares - Aug 01 , 2008

Mutual funds (MFs) bought shares worth a net Rs 690.30 crore on Wednesday, 30 July 2008, compared to their selling of Rs 249.40 crore on Tuesday, 29 July 2008. MFs' net inflow of Rs 690.30 crore on 30 July 2008 was a result of gross purchases Rs 1147.70 crore and gross sales Rs 457.40 crore. The 30-share BSE Sensex jumped 495.67 points or 3.59% at 14,287.21 on that day. MFs were net buyers of shares worth Rs 1223.80 crore in this month, till 30 July 2008.