Shariah BeES extends closing of NFO period

Shariah BeES extends closing of NFO period

NFO will close on 5 March 2009

Benchmark Mutual Fund has extended the closing date of New Fund Offer (NFO) period of Shariah Benchmark Exchange Traded Scheme (Shariah BeES), an open-ended exchange listed index scheme up to 5 March 2009 instead of 25 February 2009. The new fund offer was opened for subscription on 04 February 2009.

Franklin India Prima Plus Declares Dividend

Franklin India Prima Plus Fund has declared 25% dividend. Record date is 25th February 2009.

Taurus launches Taurus Ethical Fund

Introducing a newer concept in Indian mutual fund industry, Taurus mutual fund today launched its 'Taurus Ethical Fund', India’s first equity oriented Shariah compliant mutual fund, wherein investment will be made only in a universe of 152 companies in compliance with Shariah norms.

The new fund offering for the open-ended diversified equity fund opens on February 19 and will close on March 20.

At least 80 per cent of the fund corpus will be invested in equity and equity related instruments and up to 20 per in money market instruments. There will be an entry load of 2.25 per cent while exit load stands at 1 per cent upto six month and beyond that 0.50 per cent and after one year it is nil. However, there is no entry load for systematic investment option of the scheme. The minimum investment is Rs.5000

Reliance announces change in SIP registration process for new investors

Reliance Mutual Fund has announced the change in the Systematic Investment Plan (SIP) registration process for the new investors, with effect from 11 February 2009.

It has been decided to introduce an additional feature to the new investors of Reliance Mutual Fund wherein investors can start an SIP directly without any initial investment. In this option the investors can submit the application for SIP on any working day but the subsequent installment date of SIP shall be 2nd/ 10th / 18th /28th with a minimum gap of at least 21 working days between the submission of application form and the 1st SIP as may be specified by RCAM from time to time. The subsequent installments should have a gap of atleast a month or a quarter depending upon the frequency chosen. If the date of the installments is a non-working day for the scheme, then the units shall be allotment on the next working day.

The said feature shall be made available in all the schemes where SIP facility is available as per the offer document / scheme information document / addendum of Reliance Mutual Fund.

All the other terms and conditions mentioned is remain unchanged.

ING Announces merger of units of two schemes

ING Mutual Fund has announced the merger of ING OptiMix Active Short Term Fund (AST) with ING OptiMix Active Debt Multi Manager FOF Scheme (AD), with effect from 07 March 2009.

After the merger, as there are no plans under the merged scheme, both the retail and institutional plan of merging scheme AST is proposed to be merged into the merged scheme. Dividend option of the merging scheme (AST) is proposed to be merged into the dividend option of the merged scheme (AD). Growth option of the merging scheme is proposed to be merged into the growth option of the merged scheme. And investment objective and asset allocation pattern of AD will remain the same.

The investors of ING OptiMix Active Debt Multi Manager FOF Scheme may exercise an exit option without any exit load from 6 February 2009 to 7 March 2009. If the investors do not exercise the exit option, it would be deemed that they have consented to the proposed change. All the unit holders of AST as at the end of 7 March 2009 will automatically become the unit holders of AD, with the units allotted in the later scheme at the prevailing NAV of the relevant option on that date.

The sales of the unit of AST will stand suspended with effect from 8 March 2009.

ICICI Pru MF declares dividend

ICICI Pru MF declares 12% dividend under ICICI Pru FMCG Fund and 6% dividend under ICICI Pru Dynamic Fund. The record date for the same is 13-February-2009.

Lotus India Mutual Fund is now Religare Mutual Fund

Religare Mutual Fund earlier known as Lotus India Mutual Fund has announced, changes in the Statement of Additional Information (“SAI”) of the Mutual Fund, the Offer Document(s), the Scheme Information Documents (“SIDs”) and Key Information Memorandums (“KIMs”) of the Schemes of the Mutual Fund, with effect from February 5, 2009.

The name, Lotus India Mutual Fund (“LIMF”), will be replaced with Religare Mutual Fund (“Religare MF”), wherever it appears in the SAI of the Mutual Fund, Offer Document(s), SIDs and KIMs of the Scheme(s) of the Mutual Fund.

The name, Lotus India Trustee Company Pvt. Ltd. (“LITC”) (“the Trustee”), will be replaced with Religare Trustee Company Pvt. Ltd. (“Religare TC”), wherever it appears in the SAI of the Mutual Fund, Offer Document(s), SIDs and KIMs of the Scheme(s) of the Mutual Fund. Accordingly, all references to the expressions, Trustee(s) and Trustee Company in the SAI of the Mutual Fund, Offer Document(s), SIDs & KIMs shall be deemed to refer to Religare Trustee Company Pvt. Ltd., unless the context requires otherwise.

The name of Scheme(s) of the Mutual Fund shall be renamed by replacing the word “Lotus India” with the word “Religare”. The change in name will not change basic characteristics and fundamental attributes of the Scheme(s), including the investment objectives of the respective Scheme(s).

Indian funds' average assets up 9.5 pct in Jan09

The average monthly assets managed by domestic mutual funds rose 9.5 percent in January to 4.6 trillion rupees from 4.2 trillion in December, data from
the Association of Mutual Funds in India showed on 03rd Feb.


- Source: Association of Mutual Funds in India