Kotak, Reliance and DSP MF launch new schemes

Fund Times is a weekly report on developments in the Indian mutual fund industry
By Divyansh Awasthi |  19-09-14 | 
 
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Divyansh Awasthi is an Investment Analyst with Morningstar. He would like to hear from you, but cannot give financial advice.

New schemes launched

Kotak Mutual Fund launched Kotak Equity Savings Fund-an open-ended equity scheme designed to benefit from the combination of investments in cash - futures arbitrage in the equity segment, debt instruments and direct equity positions. The NFO period is from September 17 to October 1, 2014. Its performance will be benchmarked 75% of CRISIL Liquid Fund Index and 25% of CNX Nifty and will be managed by Deepak Gupta and Abhishek Bisen.

Reliance Mutual Fund launched R*Shares Sensex ETF, an open ended index exchange traded fund. The NFO period is from September 17 till September 19, 2014. Its performance will be benchmarked to S&P BSE Sensex Index and will be managed by Krishan Daga.

Reliance Mutual Fund launched Reliance Capital Builder Fund - Series C, a close ended equity oriented scheme with the duration of 3 years from the date of allotment. The NFO period is from September 17 to October 1, 2014. Ites performance will be benchmarked to S&P BSE 200 Index and will be managed by Sailesh Raj Bhan and Jahnvee Shah (overseas investments).

DSP BlackRock Mutual Fund launched DSP BlackRock Constant Maturity 10Y G-Sec Fund, an open-ended gilt scheme. The NFO period is from September 16 to September 23, 2014. The investment objective of the scheme is to seek to generate returns commensurate with risk from a portfolio of Government Securities with weighted average maturity of around 10 years. Its performance will be benchmarked to CRISIL 10 Year Gilt Index and will be managed by Marzban Irani.

Change in offering

Motilal Oswal Mutual Fund will change the fundamental attributes of Motilal Oswal MOSt Shares M50 ETF from October 21, 2014. According to the proposed change in investment objective, the scheme will seek investment return that will correspond to the performance of the CNX Nifty Index. The asset allocation pattern will be changed to minimum of 95% cent in securities constituting CNX Nifty Index and maximum of 5% in debt and money market instruments and cash at call. Currently, it invetss a minimum of 95% in securities constituting MOSt 50 Basket. The revised Benchmark of the scheme will be CNX Nifty Index, against the previous MOSt 50 Basket and CNX Nifty Index.

Deutsche Mutual Fund changed the names of underlying funds of the following schemes, with immediate effect. DWS Top Euroland Offshore Fund has been renamed as Deutsche Invest I Top Euroland Fund and DWS Global Agribusiness Offshore Fund renamed as Deutsche Invest I Global Agribusiness Fund.

Peerless Mutual Fund will change the face value of all the plans/options under Pearless Ultra Short Term Fund and Peerless Liquid Fund from the existing Rs 10 to Rs 1,000 per unit. Consequently, the new applicable NAV in the schemes will be effective as under: In the plans/options of Peerless Ultra Short Term Fund, for all transactions effected on or after September 22, 2014 and in the plans/options of Peerless Liquid Fund, for all transactions effected at the applicable NAV of September 21, 2014 (valid subscriptions accepted on September 22 and valid redemptions accepted on September 19) and all days thereafter. Post change of the face value of the schemes, the minimum amount for redemption / switch-out would be Rs 1,000 and in multiples of Re 1 thereafter or account balance whichever is lower in respect of each option.

ICICI Prudential Mutual Fund will introduce additional frequencies under dividend option of some schemes from September 22, 2014. Half-Yearly dividend frequency will be introduced under ICICI Prudential Balanced Fund and Quarterly frequency will be introduced under ICICI Prudential Balanced Advantage Fund.

ICICI Prudential Mutual Fund will change certain features under Systematic Investment Plan (SIP) facility for ICICI Prudential Target Returns Fund from September 22, 2014. The SIP investment dates will be 1st, 10th, 15th, or 25th of the respective months/quarters. Meanwhile, the minimum subscription amount for SIP facility for monthly frequency will be Rs 1,000 (plus in multiple of Rs 1) (minimum number of installments - 6); and for quarterly frequency will be Rs 5,000 (plus in multiple of Rs 1) (minimum number of installments - 4).

JM Financial Mutual Fund has introduced additional dividend options i.e. half yearly dividend option, direct - half yearly dividend option, annual dividend option and direct-annual dividend option under JM Balanced Fund from September 15, 2014.

Changes in exit load

Axis Mutual Fund has begun charging an exit load 0.25% under Axis Short Term Fund from September 17, 2014, if units are redeemed within 1 month of allotment. Further, it has begun charging an exit load of 1% under Axis Fixed Income Opportunities Fund, if the units are redeemed within 1 year and 0.50% if redeemed between 1 and 2 years.

Religare Invesco Mutual Fund has revised exit loads of the following schemes from September 18, 2014: Under Religare Invesco Arbitrage Fund, it has introduced a load of 0.50% if units are redeemed within 3 months. Religare Invesco Corporate Bond Opportunities Fund, it has begun charging a load of 2% if redeemed within 18 months and 1% if redeemed between 18-36 months. Under Religare Invesco Contra Fund, it has begun charging a load of 1% if redeemed within 2 years. And under Religare Invesco Global Equity Income Fund and Religare Invesco Pan European Equity Fund, it has begun charging a load of 1% if redeemed within 3 years.

BNP Paribas Mutual Fund has begun charging an exit load of 1% under BNP Paribas Monthly Income Plan from September 17, 2014, if units are redeemed within 6 months. Earlier, it used to charge 1% for redemptions within 1 year.

Edelweiss Mutual Fund has begun charging an exit of 0.50% under Edelweiss Short Term Income Fund from September 18, 2014, if units are redeemed / switched-out within 2 months from the date of allotment.

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