SEBI warns HSBC Mutual fund for contravening MF regulations

The Securities and Exchange Board of India (SEBI) on Monday warned leading mutual fund group HSBC for contravening MF regulations. The asset management company (AMC) had changed the name as well as the index of the HSBC Gilt Fund in 2009 and the investors were not informed of the sudden changes in the scheme, the regulator said. Also, investors were not informed of the change in duration after extension, SEBI added.

source: www.karvymfs.com

Birla Sun Life Mutual Fund announces dividend under Birla Sun Life Pure Value Fund

Birla Sun Life Mutual Fund has declared dividend under its scheme namely Birla Sun Life Pure Value Fund (close ended diversified equity scheme). The quantum of dividend decided for distribution under the scheme will be 10 per cent that is Rs. 1 per unit where face value of the scheme is Rs.10 per unit. The record date decided for distribution of dividend is 30th April, 2010

Source: www.karvymfs.com

Reliance MF Launches 371 Days Plan

Reliance Mutual Fund has launched a new fund named as Reliance Fixed Horizon Fund – XV – Series 4, a close ended income scheme. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue is open for subscription from 26 April and closes on 27 April 2010.

The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central, State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility.

The duration of the scheme is 371 days from the date of allotment.

The scheme offers two options viz. growth and dividend payout option.

The scheme will allocate up-to 70% of assets in money market instruments and it would allocate 30% to 100% of assets in Government Securities issued by Central & or State Government & other fixed income/ debt securities including but not limited to Corporate bonds and securitized debt with low to medium risk profile. Debt Securities will also include securitised debt, which may go up to 75% of the portfolio. Average maturity of the securities will be in line with the maturity profile of the scheme.

The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.

Entry and exit load charge will be nil for the scheme.

Benchmark Index for the scheme is CRISIL Short Term Bond Fund Index.

The fund manager of the scheme will be Amit Tripathi.

Source: http://www.apollosindhoori.cmlinks.com/MutualFund/MFSnapShot.aspx?opt=9&SecId=10&SubSecId=22,24

IDFC MF Declares Dividend For Small and Midcap Equity Fund

IDFC Mutual Fund has announced the declaration of dividend under dividend option of IDFC Small and Midcap Equity Fund (IDFC-SMEF). The record date for dividend has been fixed as 29 April 2010.

The quantum of dividend will be Rs. 1.60 per unit subject to availability of distributable surplus as on the record date. The scheme recorded NAV of Rs 15.6646 as on 22 April 2010.

IDFC Small and Midcap Equity Fund has the investment objective to generate capital appreciation from a diversified portfolio of equity and equity related instruments. The scheme will predominantly invest in small and midcap equity and equity related instruments. Small and Midcap equity and equity related instruments will be the stocks included in the CNX Midcap index or equity and equity related instruments of such companies which have a market capitalization lower than the highest components of CNX Midcap index.

Source: http://www.apollosindhoori.cmlinks.com/MutualFund/MFSnapShot.aspx?opt=9&SecId=10&SubSecId=22,24