Latest Indian Mutual Fund News | 24-June-2011

Mutual Funds | admin | June 25, 2011 at 8:07 am

NEW FUND OFFER

1.Union KBC Tax Saver Scheme file offer document with SEBI.

Union KBC Mutual Fund files offer document with Securities and Exchange Board of India (Sebi) to launch Union KBC Tax Saver Scheme, an open ended Equity Linked Savings Scheme with lock in period of 3 Years. To achieve long-term capital appreciation by investing substantially in a portfolio consisting of equity and equity related securities.

News Source – NAV INDIA.

GENERAL

2.Birla Sun Life seeks Sebi nod to merge MF schemes.

Birla Sun Life Asset Management Company, investment manager of Birla Sun Life Mutual Fund, has sought approval from the Securities and Exchange Board of India (Sebi) to merge some of its MF schemes. "We have identified some of our existing schemes for consolidation on the basis of their underlying investment philosophy and objective match," said A Balasubramanian, chief executive of Birla Sun Life AMC, in an emailed response. "Any consolidation has to have the necessary permission from Sebi, for which we have applied."

News Source – BUSINESS STANDARD.

NEW FUND OFFER

1.SBI MF Files Offer Document with SEBI to Launch SBI Global Emerging Market Fund.

SBI Mutual Fund has filed offer document with Securities and Exchange Board of India (Sebi) to launch SBI Global Emerging Market Fund, an open ended fund of fund scheme. The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in Emerging Market equity funds like AMUNDI Funds Emerging Internal Demand. The Scheme may also invest a certain portion of its corpus in money market securities in India, in order to meet liquidity requirements from time to time.

News Source – NAV INDIA.

GENERAL

2.MFs use spare cash to hunt for mid-caps.

Mutual funds are beginning to bargain-hunt, as smaller stocks are tumbling to new lows. A number of mid-cap and small-cap schemes of MFs, which were sitting on huge cash positions in November 2010, when the Sensex touched an all-time high of 21,000, have begun to deploy this cash in the market. According to Value Research, a Delhi-based MF research agency, 19 of 21 schemes which took the right call at the peak of the market in November 2010, with 10 per cent or more cash in their portfolio, are now buying.

News Source – BUSINESS STANDARD.