New funds launched
IDBI Mutual Fund launched IDBI India Top 100 Equity Fund with the investment objective ‘to provide investors with opportunities for long-term growth in capital through active management of a diversified basket of equity stocks, debt and money market instruments.’ The scheme will invest in equity stocks and equity related instruments of companies constituting the S&P CNX Nifty and the CNX Nifty Junior Indices comprising a total of 100 stocks. The NFO period is from April 25 till May 9, 2012. An exit load of 1% will be charged if units are redeemed/switched-out on or before 1 year from the date of allotment. The benchmark index for the scheme is CNX 100 and it will be managed by V. Balasubramanian.
DSP BlackRock Mutual Fund will launch DSP BlackRock Dual Advantage Fund - Series 3- 36M. The NFO period of the scheme will be from May 2, 2012 to May 15, 2012 and it will mature on May 19, 2015. Its performance will be benchmarked against CRISIL MIP Blended Index and will be managed by Dhawal Dalal and Apoorva Shah.
JP Morgan Mutual Fund will launch JP Morgan India Hybrid Fund Series 1 whose NFO period will be from May 7 till May 21, 2012. The tenure of the scheme will be 37 months from the date of allotment of units. The performance of the scheme will be benchmarked against a hybrid index consisting of 15% BSE 200 and 85% CRISIL Composite Bond Fund Index. The scheme will be managed by Namdev Chougule and Ravi Ratanpal for the fixed income portion and by Amit Gadgil and Karan Sikka for the equity portion.
Changes in scheme structure and features
SBI Mutual Fund has changed the name of all schemes with the prefix ‘Magnum’ from April 25, 2012; the names will begin with the prefix ‘SBI Magnum’ replacing only ‘Magnum’.
SBI Mutual Fund introduced daily and weekly systematic transfer plan in SBI Gold, SBI PSU, SBI Infrastructure Series I from Magnum InstaCash and Magnum InstaCash Liquid Floater Plan from April 25, 2012.
Edelweiss Mutual Fund has revised the minimum investment amount under Plan B and Plan C of Edelweiss Diversified Growth Equity Top 100 to Rs 5,000 from April 23, 2012 from Rs 1 lakh for Plan B and Rs 10 lakh for Plan C earlier.
Edelweiss Mutual Fund will change the face value of Edelweiss Liquid and Edelweiss Ultra Short-term Bond Fund from April 29 and April 30, 2012, respectively. The face value for both funds will be Rs 1,000 per unit instead of Rs 10 per unit.
Changes in exit loads
Reliance Mutual Fund will charge an exit load of 0.50% under Reliance Floating Rate Short Term Plan from May 2, 2012 if units are redeemed within 6 months from the date of allotment.
SBI Mutual Fund has begun charging an exit load of 0.75% under SBI Magnum Income Fund - Floating Rate Plan - Long Term Plan from April 23, 2012, if units are redeemed within 1 year from the date of allotment and nil thereafter.
Birla Sun Life Mutual Fund has begun charging an exit load structure of 1% under Birla Sun Life Top 100 Fund from April 25, 2012, if units are redeemed / switched-out within 1 year from the date of allotment and nil thereafter.
Kotak Mutual Fund will charge an exit load of 0.50% under Kotak Equity Arbitrage Scheme from May 1, 2012 if units are redeemed within 180 days from the date of allotment.
Edelweiss Mutual Fund has stopped charging any exit load under Edelweiss Equity Enhancer Fund from April 23, 2012. Earlier, it used to charge an exit load of 2% if unites were redeemed/switched out on or before 180 days and 1% if units were redeemed/switched out after 180 days but before 365 days.
Dividends declared
ICICI Prudential Mutual Fund declared a dividend of Rs 1 per unit under the dividend option of ICICI Prudential Top 100 Fund with the record date set as April 27, 2012. The fund house also declared dividends under the quarterly dividend option of Plan A, B and C of ICICI Prudential Corporate Bond Fund. The quantum of dividend will be Rs 0.1889 per unit for Plan A, Rs 0.1862 per unit for Plan B and Rs 0.1865 per unit for Plan C with the record date set as April 26, 2012.
Birla Sun Life Mutual Fund declared dividends under the dividend option of Birla Sun Life Frontline Equity Fund and Birla Sun Life MNC Fund. The quantum is Rs 1 and Rs 5 per unit respectively with the record date set as April 27, 2012.
IDFC Mutual Fund declared dividend under the dividend option of IDFC Sterling Equity Fund. The quantum of dividend will be Rs 1.4 per unit with the record date set as April 30, 2012.
Tata Mutual Fund declared a dividend of Rs 2 per unit under the dividend option Tata Ethical Fund with the record date set as April 26, 2012.
Edelweiss Mutual Fund declared dividend under the dividend option of Edelweiss Absolute Return Fund. The quantum of dividend will be Rs 0.18 per unit with the record date set as April 27, 2012.
Escorts Mutual Fund declared dividend under the dividend option of Escorts Short-term Debt, Escorts Income Bond, Escorts Income Plan and Escorts High Yield Equity Plan. The quantum of dividend will be Rs 0.11 per unit for Escorts Short-term Debt, Rs 0.10 for Escorts Income Bond, Rs 0.092 for Escorts Income Plan and Rs 0.40 for Escorts High Yield Equity Plan with the record date set as May 2, 2012.
SBI MF introduced two new facilities
(I) SBI Mutual Fund has introduced trigger facilities in all open ended schemes from April 25, 2012. Under these facilities, a stipulated amount would be transferred from one scheme to another in case trigger is activated subject to the following conditions:
The trigger option mandate will be registered on T+10 basis.
- The minimum investment amount under the trigger facility will be Rs 25,000 and in multiples of Re 1 thereafter.
- Combination of trigger facilities will not be allowed.
- Investors cannot change once they have enrolled. However, they can re-apply after cancelling the existing trigger.
The following are the trigger options:
NAV Appreciation/Depreciation Trigger
Investors can indicate NAV appreciation or depreciation in percentage terms for exit trigger. The minimum trigger will be 5% and in multiples of 1% thereafter.
Index Level Appreciation/Depreciation Trigger
Investors can indicate the Sensex level as the trigger to redeem/switch from one scheme to another. The Sensex level would to be indicated in multiples of 100 only.
Capital Appreciation/Depreciation
Investors can indicate the Capital Appreciation/Depreciation in monetary terms to activate the trigger. The minimum Capital Appreciation/Depreciation should be Rs 10,000 and in multiples of Rs 1,000 thereafter.
(II) SBI Mutual Fund has launched new facilities - Fixed-end Period SIP, Top-up SIP & Flex Systematic Transfer Plan from April 25, 2012. Following are the details:
Fixed-end Period SIP
Investors can choose to opt for an SIP for a fixed period of 3, 5, 10 and 15 years in addition to the existing end date and perpetual SIP options.
Top-up SIP
Investor can choose to increase the amount of SIP installment by a fixed amount at pre-defined intervals; the minimum SIP Top-up amount will be Rs 500 and in multiples of Rs 500 thereafter.
Flex Systematic Transfer Plan
Investor can transfer variable amounts from a source scheme to a target scheme at pre-defined intervals. Each time, the transfer amount will be different based on the Flex STP formula.