New schemes launched
ICICI Prudential Mutual Fund launched ICICI Prudential Value Fund – Series 5, a close ended equity scheme. The scheme will have tenure of 1217 days from the date of allotment of units. The NFO period is from August 22 till September 2, 2014. Its performance will be benchmarked against S&P BSE 500 Index and will be managed by Mrinal Singh, Atul Patel and Ashwin Jain (For Investments in ADR / GDR and other foreign securities).
ICICI Prudential Mutual Fund launched ICICI Prudential Multiple Yield Fund - Series 7 - Plan C, a close ended income fund. The tenure of the plan is 1825 days. The NFO period is from August 19 to September 2, 2014. Its performance will be benchmarked against CRISIL MIP Blended Index and will be managed by Rahul Goswami and Aditya Pagaria (both debt) and Vinay Sharma (equity). The investments under the ADRs/GDRs and other foreign securities will be managed by Ashwin Jain.
LIC Nomura Mutual Fund launched LIC Nomura MF Diversified Equity Fund – Series 1, a close ended equity scheme with the duration of 1100 days. The NFO period is from August 19 to September 2, 2014. Its performance will be benchmarked against S&P BSE 200 Index and will be managed by Nobutaka Kitajima and Ramnath Venkateswaran.
Changes in key personnel
Reliance Mutual Fund informed that Krishan Daga, Fund Manager - Equity Investments has been re-designated as Head - ETF of Reliance Capital Asset Management from August 13, 2014. Further, Hiren Chandaria, Fund Manager of R*Shares Gold ETF & Reliance Gold Savings Fund ceased to act as such from close August 14, 2014. Consequently, Krishan Daga has been designated as Fund Manager for R*Shares God ETF & Reliance Gold Savings Fund.
BOI AXA Mutual Fund appointed Piyush Baranwal (debt) jointly with David Pezarkar (equity) for managing BOI AXA Equity Debt Rebalancer Fund from August 21, 2014. Further, Alok Singh has ceased to be the fund manager of the scheme.
Peerless Mutual Fund informed that Malay Shah, Head - Fixed Income has resigned and ceases to be a key personnel of Peerless Fund Management Co. from the close of business hours on August 14, 2014. Manish M. Prajapati, Dealer - Fixed Income has been appointed as Fund Manager - Debt in the interim till the new Fund Manager - Debt takes charge and he shall act as Fund Manager for Peerless Liquid Fund, Peerless Short Term Fund, Peerless Ultra Short Term Fund, Peerless Flexible Income Fund and for Peerless Income Plus Fund, Peerless MF Child Plan and Peerless Equity Fund together with Vishal Jain from August 15, 2014.
Indiabulls Mutual Fund appointed Malay Shah as the Head-Fixed Income of the AMC. Malay will manage Indiabulls Income Fund, Indiabulls Gilt Fund, Indiabulls Ultra Short Term Fund, Indiabulls Short Term Fund and Indiabulls Liquid Fund, with from August 22, 2014. Puneet Srivastava has ceased to be the fund manager of the above mentioned schemes.
Changes in scheme features and offering
Kotak Mutual Fund will change the fundamental attributes of Kotak Equity Fund of Funds from September 20, 2014. Its name will be changed to Kotak Asset Allocator Fund and its new investment objective will be to generate long term capital appreciation by investing in specified open-ended equity and debt schemes of Kotak Mutual Fund. The equity allocation will be based on combination of trailing PE ratio of CNX Nifty, Yield Gap Analysis and Momentum of CNX Nifty. Its benchmark will be change to CRISIL Balanced Fund Index from CNX Nifty currently.
Kotak Mutual Fund will change certain features under Systematic Investment Plan (SIP) facility for Kotak Select Focus Fund from September 1, 2014. The SIP investment dates will be the 1st, 7th, 10th, 14th, 15th, 21st, 25th & 28th of the month/ quarter and the minimum subscription amount will be Rs 500 (subject to a minimum of 10 SIP installments of Rs 500 each).
DSP BlackRock Mutual Fund changed the name of dividend option under regular and direct plans to monthly dividend option of DSPBR Dynamic Asset Allocation Fund from August 18, 2014. It has also introduced quarterly dividend option under regular and direct plans of DSPBR Balanced Fund.
Changes in exit load
Reliance Mutual Fund has revised the exit load under 3 of its schemes from September 1, 2014. Under Reliance Arbitrage Advantage Fund, it has begun charging 0.25% if units are redeemed within 3 months (1% if redeemed within 1 month earlier). Under Reliance Monthly Income Plan, it has begun charging 1.5% if units are redeemed within 12 months and 1% if redeemed between 12 months and 24 months (1% if redeemed within 1 year earlier). And under Reliance Corporate Bond Fund, it has begun charging 1.5% if units are redeemed within 12 months; 1% if redeemed between 12 months and 24 months and 0.50% if redeemed between 24 months and 36 months.
L&T Mutual Fund will charge an exit load of 2% under L&T Income Opportunities Fund for redemption within 2 years of allotment; 1.5% for redemption between 1 year and 2 years and 1% for redemption between 2 years to 3 years. Currently, the scheme charges 2% for redemption within 1 year and 1% for redemption between 1 year and 2 years. Also, under L&T Monthly Income Plan, it will begin charging an exit load of 1% for redemption within 3 years of allotment. Currently it charges 1% for redemption within 1 year. Changes under both these schemes will be applicable from September 1, 2014.
BOI AXA Mutual Fund will begin charging an exit load of 1% under BOI AXA Equity Fund from August 25, 2014 for redemption within in 90 days of allotment. It currently charges 1% for redemption within 1 year.
Dividends declared
ICICI Prudential Mutual Fund declared dividend under ICICI Prudential Value Fund - Series 2. The quantum of dividend is Rs 0.85 per unit with the record date set as August 22, 2014.
L&T Mutual Fund has declared dividend under L&T Midcap Fund and L&T Indo Asia Fund. The quantum dividend is Rs 2.50 and Rs 1.50 per unit respectively with the record date set as August 27, 2014.
Franklin Templeton Mutual Fund declared dividend under Franklin India High Growth Companies Fund. The quantum of dividend is Rs 1.00 per unit with the record date set as August 22, 2014.
Canara Robeco Mutual Fund declared dividend under Canara Robeco Infrastructure Fund. The quantum of dividend is Rs 1.30 per unit with the record date set as August 22, 2014.
Kotak Mutual Fund declared dividend under Kotak Opportunities Fund. The quantum of dividend is Rs 1 per unit with the record date set as August 25, 2014.
IDFC Mutual Fund declared dividend under IDFC Equity Opportunity - Series 1. The quantum of dividend is Rs 3 per unit with the record date set as August 25, 2014.
JPMorgan Mutual Fund declared dividend under JPMorgan India Equity Fund. The quantum of dividend is Rs 0.90 per unit with the record date set as August 22, 2014.
Union KBC Mutual Fund declared dividend under the dividend option of Union KBC Equity Fund. The quantum of dividend is Rs 1 per unit with the record date set as August 25, 2014.
