Money & Economy

UTI asset management company revises benchmark index

UTI Asset Management Company has revised the benchmark index of UTI Thematic Banking Sector Fund. From May 13 onwards,the fund will be benchmarked against CNX Bank Index as opposed to S&P CNX Banks Index. UTI Banking Sector Fund is an open-ended equity oriented scheme with an investment objective to generate capital appreciation through investments in the stocks of the companies or institutions engaged in the banking and financial services activities. It is managed by Anoop Bhaskar and Arun Khurana.

Birla Sun Life MF discontinues Discipline Advantage Plan

Birla Sun Life Mutual Fund has discontinued Discipline Advantage Plan (DAP) option under Birla Sun Life Ultra Short Term Fund,Birla Sun Life Savings Fund,Birla Sun Life Cash Plus,Birla Sun Life Dynamic Bond Fund,Birla Sun Life Income Plus and Birla Sun Life Income Fund from May 21. All other features and terms and conditions of the schemes shall remain unchanged.

SBI Mutual Fund launches PSU Fund

SBI Mutual Fund has launched SBI PSU fund,an open-ended equity scheme. The scheme,which is open for subscription from May 17 to June 14,will invest in a diversified basket of equity stocks of domestic Public Sector Undertakings and in debt and money market instruments issued by PSUs and others. The scheme plans to allocate 65 per cent to 100 per cent of assets in equity and equity-related instruments including derivatives with medium- to high-risk profile. It would further allocate up to 35 per cent of assets in debt and money market securities with low to medium risk profile. The minimum application amount for scheme is Rs 5,000. It will charge an exit load of 1 per cent,if the units under the scheme are redeemed within 3 year from the date of allotment. The scheme will be managed by R. Srinivasan and will be benchmarked against BSE PSU Index.

Fidelity MF announces payment of loyalty premium to investor

Fidelity Mutual Fund has announced a unique loyalty premium for investors who have invested in Fidelity Equity Fund since its inception. The AMC plans to give two free units,at current NAV,for every 500 units to all the eligible investors on May 18. Fidelity Mutual Fund is currently celebrating five years of its operations in India and hence have declared Loyalty Premium.

IDBI Asset Management Co launches Index Fund

IDBI Asset Management Company has launched IDBI Nifty Index Fund. The fund will allocate it assets in all the stocks comprising S&P CNX Nifty Index in the same weightage in which they are represented in the index. The fund will provide diversification to investors across 50 stocks in 22 sectors and will represent about 60 per cent of the National Stock Exchange’s (NSE) total market capitalisation. This is the 16th index fund to be launched in the MF industry that tracks the S&P Nifty Index. Before IDBI,IDFC had launched a similar fund — IDFC Nifty Fund,which is an open-ended index-linked equity fund. The minimum investment amount in this fund will be Rs 5,000 and the NFO is open for subscription from May 3 to May 31.

Baroda Pioneer MF launches Infra Fund

Baroda Pioneer Mutual Fund has launched Baroda Pioneer Infrastructure Fund,an open-ended equity fund. This is the first fund from the Baroda Pioneer MF family that will invest in infrastructure companies. Infrastructure companies include cement and cement products,construction,energy,industrial capital goods,industrial manufacturing,metals and a few others sectors. The fund has been benchmarked against CNX 100 and is available in both growth and dividend options. The minimum application amount is Rs 5,000. The fund will charge an exit load of one per cent,if units are redeemed within 365 days. It will not charge any exit load thereafter. The new fund offer (NFO) is open for subscription from May 3 and closes on May 31.

IDFC Asset Mgmt Co introduces new facilities in SIP

IDFC Asset Management Company has introduced the perpetual and differential facilities under all plans in which SIP (systematic investment plan) facility is available. Under differential SIP,investors have a choice of registering the SIP in such a manner that the first installment will be higher than the subsequent installments. In case of perpetual SIP,the company will continue to accept installment until December 31,2099.