CCI approves Nippon Life’s stake in Reliance MF
Competition Commission of India approved the proposal of Japan’s Nippon Life to acquire 26% stake in Reliance Capital's mutual fund arm Reliance Capital Asset Management. The deal, which is valued at around Rs 1,450 crore, is the largest Foreign Direct Investment deal in any Indian asset management company till date.
Changes in scheme structure and offering
ICICI Prudential Mutual Fund withdrew the SIP Insure Facility under ICICI Pru Child Care Gift Plan from May 16, 2012.
L&T Mutual Fund introduced daily dividend reinvestment plan under L&T Ultra Short-term Fund from May 16, 2012. From then onwards, this scheme has monthly as well as semi-annual dividend (reinvestment and payout) option, cumulative and daily dividend reinvestment plan. Further, the revised in minimum application amount for first purchase under this scheme will be Rs 5,000 per application and in multiples of Re 1 thereafter. Earlier, the minimum amount used to be Rs 3,000 per application.
Principal Mutual Fund changed the name of Principal Near-term to Principal Debt Opportunities Fund from May 21, 2012.
Deutsche Mutual Fund reduced the minimum investment amount of DWS Ultra Short Term Fund- Premium Plus Plan from Rs 25,000 to Rs 10,000 and in multiples of Re 1 thereafter from May 21, 2012.
Change in exit load
Canara Robeco Mutual Fund revised the exit load charged under Canara Robeco Income and Canara Robeco Short-term, from May 14, 2012. Under Canara Robeco Income, the revised exit load will be 1% if units are redeemed/switched out within 12 months from the date of allotment. Under Canara Robeco Short-term (retail and institutional plan), the revised exit load will be 0.75% if units are redeemed/switched out within 6 months from the date of allotment.
Dividends declared
ICICI Prudential Mutual Fund declared dividend under the quarterly dividend option of ICICI Prudential MIP. The quantum of dividend will be Rs 0.1516 per unit with the record date set as May 22, 2012. It also declared dividend under the quarterly and half yearly dividend options of ICICI Prudential Gilt Treasury Plan. The quantum of dividend will be Rs 0.1469 and Rs 0.2748 per unit respectively with the record date set as May 23, 2012. It further declared dividend under the half yearly dividend option of ICICI Prudential Gilt Investment Plan. The quantum of dividend will be Rs 0.4746 per unit with the record date set as May 23, 2012.
Franklin Templeton Mutual Fund declared dividend under the dividend option of Franklin Templeton India Balanced Fund. The quantum of dividend will be Rs 2 per unit with the record date has set as May 18, 2012.
IDFC Mutual Fund declared dividend under the dividend option of the some of its schemes with the record date set as May 21, 2012. The dividend amount is mentioned in parentheses next to the name of the scheme: IDFC Asset Allocation FOF Aggressive Plan A (Rs 0.06), Moderate Plan A (Rs 0.04), Conservative Plan A (Rs 0.02); IDFC Arbitrage Plus Plan A & B (Rs 0.03) and IDFC Arbitrage Plan A (Rs 0.03).
Motilal Oswal Mutual Fund declared dividend under the dividend option of Motilal Oswal MOSt 10 Year Gilt Fund. The quantum of dividend will be Rs 0.1930 per unit with the record date set as May 17, 2012.