Reviewing India fund business: BNP Paribas

The Securities and Exchange Board of India has set a deadline for BNP Paribas to choose between its holdings in Fortis Mutual Fund and in Sundaram BNP Paribas Asset Management, or to merge the two, the ‘Economic Times’ reported on Thursday

BNP Paribas SA said it is reviewing operations in India following a newspaper report that the regulator asked the company to resolve how it will manage the stakes it owns in two mutual fund managers in the country.

The Securities and Exchange Board of India has set a deadline for BNP Paribas to choose between its holdings in Fortis Mutual Fund and in Sundaram BNP Paribas Asset Management, or to merge the two, the ‘Economic Times’ reported on Thursday.

Source: http://www.livemint.com/2010/03/04234721/Reviewing-India-fund-business.html

L&T Mutual Fund launches daily investment plan

L&T Mutual Fund said it has launched a scheme -Daily Investment Plan- which will offer investors an opportunity to transfer a fixed amount on a daily basis to eligible open ended equity schemes of the company.

"The plan offers investors the opportunity to transfer a fixed amount on a daily basis to the eligible open ended equity schemes of L&T Mutual Fund with effect from March 5," it said in a statement.

The daily investment in the equity schemes of the company enables investors to get benefits of the fluctuation in the equity markets, L&T Mutual Fund said.

The minimum investment amount in the fund offers growth option with minimum application amount of Rs 10,000. It would be open for subscription from tomorrow.

The plan "is an attractive option for the investors as it gives the freedom to put in as little as Rs 50 on a daily basis in an eligible equity scheme," L&T MF CEO Sanjay Sinha said.

"This facility is designed to help the investors in coping with the market volatility and take the advantage of rupee cost averaging," Sinha added.

Source: http://economictimes.indiatimes.com/personal-finance/mutual-funds/mf-news/LT-Mutual-Fund-launches-daily-investment-plan/articleshow/5644298.cms

Motilal Oswal AMC Files ETF Offer

Most mutual fund houses, after getting approval from the Securities and Exchange Board of India (SEBI), launch a plain-vanilla fund. However, Motilal Oswal Asset Management Company (AMC) has decided to start its journey with a different type of a fund.

The AMC has filed an offer document with the market regulator SEBI that it has named the MOSt Shares M50 – Motilal Oswal Exchange Traded Fund (ETF).

It is an open ended Index ETF.

The underlying index is the MOSt 50 Index. MOSt 50 is a customized Index whose constituents will be the same as that of constitu
ents of S&P CNX Nifty. However, the weightage would not be the same as S&P CNX Nifty, but would be based on their superior financial performance.

The new fund offer (NFO) unit price for the scheme will be Rs 10.

The fund would invest up to 100 per cent in the MOSt 50 Index while it would invest up to 10 per cent in debt and money market instruments.

The fund would be managed by Rajnish Rastogi who is a CFA Charter Holder from CFA Institute, USA, and both a B Tech (Electrical Engineering), as well as a M.Tech from IIT, Delhi. He also has 13 years of experience in the financial services industry.

The minimum application amount would be Rs 10,000.

No exit load would be applicable.


Source: http://new.valueresearchonline.com/story/h2_storyView.asp?str=101287