Money & Economy

IndiaFirst Life Insurance,a joint venture of Bank of Baroda,Andhra Bank and UK-based Legal & General,has been awarded the ISO 9001:2008...

Published: July 19, 2010 3:49 am

IndiaFirst Life Insurance gets ISO certification

IndiaFirst Life Insurance,a joint venture of Bank of Baroda,Andhra Bank and UK-based Legal & General,has been awarded the ISO 9001:2008 certification for its business processes. “The ISO certification is our first step towards ensuring that all our systems and processes are developed keeping our customers in mind. Through our QualityFirst initiative,which starts with ISO 9001:2008 certification and continues through Six Sigma compliance,we plan to work towards reducing wastage,improving customer delight,and enhancing employee confidence thereby adding to our overall brand equity,” said IndiaFirst Life Insurance CEO and managing director P Nandagopal.

UTI Mutual Fund’s Lifestyle Fund is now an open-ended scheme

UTI Mutual Fund has declared that its UTI India Lifestyle Fund,a close-ended scheme,will be converted to an open-ended one with effective from July 16. After the conversion to an open-ended scheme,the fund will charge an exit load of a per cent,if units are redeemed within a year from the date of allotment. UTI India Lifestyle Fund is an equity scheme that invests in companies that are expected to benefit from changing Indian demographics,lifestyles and rising consumption pattern. The scheme is benchmarked against CNX 500.

JP Morgan Mutual Fund revises load structure under its schemes

JP Morgan Mutual Fund has revised exit load under its schemes,JP Morgan India Equity Fund,Smaller Companies Fund,Alpha Fund and JF Greater China Off-shore Fund. As per the revision,all four schemes will charge an exit load of a per cent,if the investments redeemed before 12 months from the date of allotment of each instalment of SIP purchase. These change are applicable from July 13. The schemes are benchmarked against BSE200,CNX Midcap,Crisil Liquid Fund Index and MSCI Golden Dragon Index respectively.

SBI Mutual Fund converts infra fund into an open-ended scheme

SBI Mutual Fund has decided to convert its SBI Infrastructure Fund – Series 1,a close-ended scheme,into an open-ended one with effect from July 9. After the conversion to an open-ended scheme,the fund will charge an exit load of a per cent,if units are redeemed within a year from the date of allotment. SBI Infrastructure Fund – Series 1 is an equity scheme that invests in diversified equity stocks of companies directly or indirectly involved in the infrastructure growth in the Indian economy. It also invests part of the assets in debt and money market instruments.

ICICI Prudential MF revises exit load for few schemes

ICICI Prudential Mutual Fund has revised exit load in case of SIP,STP,SWP and Micro SIP of a few schemes. From July 16,the asset management company will charge an exit load of a per cent,if the units are redeemed before one year from the date of allotment. These schemes are: ICICI Prudential Infrastructure,Dynamic,Focused Bluechip Equity,Discovery,Power,Equity Opportunities,Emerging S.T.A.R,Indo Asia Equity,Service Industries,Banking and Financial Service,Technology,FMCG,Equity and Derivatives Wealth Optimiser,Balanced. In case of ICICI Prudential Child Care (Gift) and Child Care (Study),ICICI AMC has decided to levy an exit load of a per cent on units that are redeemed within three years from the date of allotment.

Taurus Mutual Fund revises exit load for Nifty Index Fund

Taurus Mutual Fund has revised the exit load for SIP under Taurus Nifty Index Fund,with effect from July 15. From now on,all units redeemed within 15 days from allotment will attract an exit load of a per cent. Earlier,the AMC used to charge an exit load of a per cent on units that were redeemed within a year from the date of allotment.

HDFC Standard Life to infuse Rs 350 cr,readying for IPO

HDFC Standard Life Insurance Company plans to infuse Rs 300-350 crore of capital and is preparing itself for an initial public offer (IPO). “We are looking at a capital infusion in the region of

Rs 300-350 crore compared to the Rs 170-crore in FY 10,” said HDFC Standard Life’s Chief Financial Officer Vibha Padalkar. The higher capital infusion is due to an expense over-run and increased back-ended charge products. “We are striving to be ready for an IPO as soon as we can and all efforts are being done internally such as having corporate governance guidelines,a very strong Board function and very strong reporting accountability.”

L&T gets insurance regulator’s nod for general insurance

Insurance Regulatory and Development Authority (IRDA) has allowed L&T General Insurance Company,promoted by the Larsen & Toubro group,to enter the general insurance business in the country. “L&T General Insurance Company has been registered as a General Insurer under Section 3 of the Insurance Act,1938,with the Authority,” said the IRDA in a statement. With this registration,the total number of general insurers registered in the country stands at 24.

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