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. 

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.

UTI Mutual Fund is all set to open around 200 branches across the country by March, next fiscal.

The company aims to further expand its distribution network from 97 UTI Financial centers to 200 centers covering around 422 districts.

According to the company, it will open new UTI Financial Centre in Anantnag, Baramulla, Doda, Jammu, Kathua, Kupwara, Kargil, Ladakh, Poonch, Pulwama, Rajouri, Srinagar and Udhampur, to focus on service sector in Jammu and Kashmir.

Private sector insurer Aviva Life Insurance has launched ‘IndiaBond’, a single premium, endowment plan with guaranteed maturity benefits to provide prosperity and peace of mind to its policyholders.

The plan offers a compounded return of 7% per annum on maturity, depending upon the policy term and the Single Premium amount.

Principal Mutual Fund has launched the ‘Principal Emerging Bluechip Fund’, in the Indian market.

The fund is an open ended equity scheme with primary objective to achieve long-term capital appreciation by investing in equity and equity related instruments of mid cap and small cap companies.

The fund is open for subscription from September 22, 2008 till October 10, 2008

For the purpose of maintaining liquidity or tap market opportunities the fund’s portfolio may also include large cap stocks. The Scheme will offer Growth Option and Dividend Option.