Banks can’t extend advances against Gold ETFs or MFs: RBI
The Reserve Bank of India has disallowed banks to extend advances against units of gold Exchange Traded Funds (ETF) and gold Mutual Funds. The central bank said that ‘as these products are backed by bullion/primary gold, it is clarified that the restriction on grant of loan against “gold bullion” will also be applicable to grant of advance against units of gold ETFs and units of gold Mutual Funds.’
Tata MF appoints new CIO
Tata Mutual Fund appointed Ritesh Jain as the AMC’s Chief Investment Officer from May 27, 2013. Prior to joining Tata Mutual Fund, he was Head Investments - Canara Robeco MF and earlier, was the head of Fixed Income at Kotak MF.
Birla Sun Life MF changes benchmarks under some schemes
Birla Sun Life Mutual Fund has changed the benchmark under some of its debt schemes from May 27, 2013: Birla Sun Life Short Term Fund (changed from CRISIL Composite Bond Fund Index to CRISIL Short Term Bond Fund Index); Birla Sun Life Dynamic Bond Fund (changed from CRISIL Composite Bond Fund Index to CRISIL Short Term Bond Fund Index); Birla Sun Life Short Term Opportunities Fund (changed from CRISIL Liquid Fund Index to CRISIL AA Short Term Bond Fund Index); and Birla Sun Life Medium Term Plan (changed from CRISIL Short Term Bond Fund Index to CRISIL AA Short Term Bond Fund Index).
Changes in exit loads and dividends declared
UTI Mutual Fund has declared bonus units under the regular and direct plans of UTI Unit Linked Insurance Plan, UTI Children's Career (Balanced Plan) and UTI Retirement Benefit Pension Fund. Investors will receive 1 unit for every 10 units held with the record date set on May 30, 2013.
BOI AXA Mutual Fund will begin charging an exit load of 0.25% under BOI AXA Treasury Advantage Fund from June 1, 2013, if units are redeemed within 7 days from the date of allotment.
BNP Paribas Mutual Fund has declared a dividend of Re 0.08 per unit each under the regular plan of BNP Paribas Dividend Yield Fund and BNP Paribas Equity Fund. The record date has been set as May 31, 2013.
Edelweiss Mutual Fund declared dividend of Re 0.50 per unit each under the regular plan of Edelweiss Short Term Income Fund and Edelweiss Diversified Growth Equity Top 100 Fund. The record date has been set as May 30, 2013.