UTI Mutual Fund, the country's oldest fund, has launched its unique 'UTI Wealth Builder Fund-Series II', an open ended equity oriented scheme in the Indian market.

UTI claims that UTI Wealth Builder Fund-Series II is the first of its kind in the mutual fund industry to offer asset allocation which combines traditional as well as non- traditional asset class i.e. Equity and Gold. 

HSBC Mutual Fund, one of the premier asset management companies in India has launched ‘Fixed Term Series 68’, a close-ended income fund in the Indian market. 

The face value of the fund is Rs 10 per unit and the new fund offer period (NFO) for subscription will be from 6 October to 13 October 2008. 

The benchmark index of the scheme is Crisil Liquid Fund Index, which will mature in 3 months from the date of allotment. 

Despite of tight liquidity conditions, Taurus Mutual Fund, one of the oldest mutual funds in the country has successfully collected over Rs 100 crore through its first one month Fixed Maturity Plan (FMP) issue.

The AMC claims that the issue managed to attract funds largely due to the relationship it has built with the investors. Taurus's FMP issue received good response between September 23 and 25. 

The liquidity crunch can increase due to high demand of cash for Dussera and the auction of government securities worth Rs 17,000-crore. The banks have already cut the lending and MFs are interested to access overnight funds from RBI like the other banks. 

Various funds houses also discussed the situation and met with the deputy governors of the Reserve Bank.

A CEO of a leading fund house said that fund houses should be allowed to raise money through repo transactions with banks and financial institutions. 

The Insurance Regulatory and Development Authority (Irda) asked the Life Insurance Council to revise its decision regarding group covers on mutual fund (MFs) products. The Life Insurance Council is a self-regulatory body of insurers to represent the insurance firms. The regulatory body described the decision as very injudicious and unfair. The Chairman of Association of Mutual Funds in India, A P Kurian termed the decision as unilateral and demanded its early revision. It is recalled that some life insurance companies have ended the system of bundling on a host of financial products.

UTI Mutual Fund¸ the country's oldest fund, has launched ‘UTI Fixed Income Interval Fund Series II Quarterly Interval Plan VII’ in the Indian market.