SEBI mandates Monthly AAUM declaration
SEBI, in a circular released on April 2, 2014, has mandated fund houses to release Average Assets Under Management (AAUM) on a monthly basis. Fund Houses need to make disclosures on their websites and share the same with AMFI within 7 working days from end of the month.
New funds launched
Motilal Oswal Mutual Fund launched Motilal Oswal MOSt Focused Multicap 35 Fund, an open ended equity diversified scheme. The investment objective of the scheme is to achieve long term capital appreciation by primarily investing in a maximum of 35 equity and equity related instruments across sectors and market capitalization levels. The NFO period is from April 7 to April 17, 2014. Its performance will be benchmarked against CNX 500 index\ and will be managed by Taher Badshah (Equity) and Abhiroop Mukherjee (Debt).
Franklin Templeton Mutual Fund launched Franklin India Banking & PSU Debt Fund, an open - end income fund. The NFO period of the scheme is from April 2-April 16, 2014. Its performance will be benchmarked against CRISIL Composite Bond Fund Index and will be managed by Umesh Sharma and Sachin Padwal-Desai.
Changes in scheme structure, name and offering
Canara Robeco Mutual Fund will merge Canara Robeco Nifty Index Fund into Canara Robeco Large Cap+ Fund from April 30, 2014. Following the merger, the fundamental attributes of the latter scheme will remain the same. Existing unit holders of the former scheme, who do not approve of the merger, can exit the scheme anytime from April 1 to April 30, 2014 without paying any exit load.
ICICI Prudential MF will change the name of ICICI Prudential Discovery Fund to ICICI Prudential Value Discovery Fund from April 15, 2014.
IDBI Mutual Fund has changed the name of IDBI Tax Saving Fund to IDBI Equity Advantage Fund from April 1, 2014. The type of the scheme along with all other attributes remains unchanged.
Principal Mutual Fund has removed the Personal Accidental Death Insurance feature from Principal Tax Saver Fund and Principal Tax Savings Fund from April 1, 2014.
Fund manager changes
LIC Nomura Mutual Fund will change the fund manager of the following schemes from April 7, 2014: LIC Nomura MF Unit Linked Insurance Scheme: Nobutaka Kitajima and Sachin Relekar (Co-Fund Manager); LIC Nomura MF Balanced Fund and LIC Nomura MF Children's Fund: Nobutaka Kitajima and Ramnath Venkateswaran (Co-Fund Manager), and LIC Nomura MF Monthly Income Plan: Killol Pandya. This change is because Surendra Jalani, Fund Manager has ceased to be the Fund Manager and Key Personnel of LIC Nomura Mutual Fund AMC Ltd from the close of business hours on April 4, 2014.
Changes in exit load and dividend declared
ICICI Prudential Mutual Fund has revised the exit load under the following schemes from April 1, 2014. The new exit load along with the applicable period is given in parentheses: ICICI Prudential Short Term Plan (0.50% for redemption within 180 days); ICICI Prudential Income Plan (1.00% for redemption within 365 days), ICICI Prudential Banking and PSU Debt Fund (0.25% for redemption within 30 days) and ICICI Prudential Corporate Bond Fund (1.00% for redemption within 545 days).
Reliance Mutual Fund will begin charging an exit load of 1% under Reliance Floating Rate Fund- Short Term Plan from April 9, 2014, if units are redeemed within 3 months from allotment. Presently, there is no exit load.
SBI Mutual Fund has changed the exit load under the following schemes from April 3, 2014: SBI Blue Chip Fund-from Nil to 1% for redemptions within 1 year. SBI Magnum Multiplier Plus-from 1% for exit within 1 year to Nil. SBI Treasury Advantage Fund-from 0.5% for exit within 9 months to 0.5% for exit within 6 months.
IDBI Mutual Fund has begun charging an exit load of 1% under IDBI Nifty Index Fund and IDBI Nifty Junior Index Fund from April 1, 2014, if units are redeemed within 30 days of allotment. Earlier it used to charge 1% for redemption within 1 year. The revised exit load for SIP is also 1% for exit within 30 days of allotment against the previous 1% for exit within 1 year.
Tata Mutual Fund declared dividend under Tata Equity PE Fund Dividend Trigger Option B Plan A. The quantum of dividend is Rs 0.75 per unit with the record date set as April 9, 2014.
