Mutual Funds

HSBC MF launches ‘Fixed Term Series 68’; NFO closes 13 October

HSBC MF launches ‘Fixed Term Series 68’; NFO closes 13 OctoberHSBC 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. 

Taurus MF successfully raises Rs 100 crore through FMP issue

Taurus MF successfully raises Rs 100 crore through FMP issueDespite 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. 

MFs look for ways to ride over the crunch

The liquidity crunch can increase due to high demand of cash for Dussera MFs look for ways to ride over the crunch 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. 

Mutual funds can sell plans with insurance

The Insurance Regulatory and Development Authority (Irda) asked the Life Insurance Mutual funds can sell plans with 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 MF launches ‘Fixed Income Interval Fund Series II ’; NFO closes October 6

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 to open 200 branches across the country by next fiscal

UTI Mutual Fund to open 200 branches across the country by next fiscalUTI 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.

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