Birla Sun Life Mutual Fund floats 369 days fixed term plan

Birla Sun Life Mutual Fund new issue closes on 9th March

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CT, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 369 days from and including the date of allotment.
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The new issue closes on 9th March. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta is the fund manager.

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Shipping Corp to buy 110 vessels for Rs27,668 crore

The acquisition of 110 vessels would take SCI's total tonnage to about 7.21 million Gross tonnage (GT) by 2020.

New Delhi: Shipping Corporation of India (SCI) plans to acquire 110 vessels of 5.21 million gross tonnage (GT) at an estimated cost of Rs27,668 crore in next 10 years, the Parliament was told on Monday, reports PTI.

Among these vessels, the Shipping Corporation is likely to place orders for 26 vessels by 2011-12, Shipping Minister GK Vasan said in a written reply to Lok Sabha. He added that the acquisition of the vessels would take SCI's total tonnage to about 7.21 million Gross tonnage (GT) by 2020.

Gross tonnage is a unit less index related to a ship's overall internal volume and is calculated based on the moulded volume of all enclosed spaces of the ship.

The Shipping Minister further said that SCI has placed orders for 36 vessels so far against the target of acquiring 62 vessels in 11th Five Year Plan, which includes acquisition of one resale vessel. Of these, five vessels have been delivered while others are being built in different Indian, Chinese and South Korean shipyards, he said.

The Shipping Corporation currently has a fleet of 78 vessels of different types, having a total 3.19 million GT and total carrying capacity of 5.61 million dead weight tonnage (DWT). During the first nine months of the ongoing fiscal, the Navratna company carried a total cargo of 23.08 million tonne plus 1.27 lakh TEUs, Mr Vasan said.

DWT is a measure of how much weight a ship is carrying or can safely carry, while the twenty-foot equivalent unit (TEU) is an inexact unit of cargo capacity, used to describe the capacity of container ships and container terminals.

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HDFC MF's Milind Barve appointed as AMFI chairman

Mr Barve and Mr Sikka would hold office of chairman and vice-chairman, respectively, till the next Annual General Meeting of AMFI, which is expected to take place in September.

New Delhi: Mutual fund industry body Association of Mutual Funds in India (AMFI) has named HDFC Asset Management Co's managing director Milind Barve as its new chairman, a position which fell vacant after incumbent UK Sinha became chief of market regulator SEBI, reports PTI.

At the same time, the AMFI has named Sundeep Sikka, chief executive of Anil Ambani group's mutual fund arm Reliance Capital Asset Management Co, as its new vice-chairman.

Earlier in September 2010, AMFI had named UK Sinha, then chief of UTI Mutual Fund, as its chairman and Mr Barve as its vice-chairman.
However, the leadership team at AMFI had to undergo a change after Mr Sinha assumed charge as SEBI chairman on 18th February.

Mr Barve and Mr Sikka would hold office of chairman and vice-chairman, respectively, till the next Annual General Meeting of AMFI, which is expected to take place in September.

In addition to being an industry organisation, AMFI also serves as a self-regulatory body for the mutual fund firms. It interacts with the SEBI, which regulates the MF space, and represents to the government, RBI and other organisations on all matters relating to the mutual fund industry.

Its responsibilities include implementation of various regulatory requirements for the mutual fund companies, distributors and investors.

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COMMENTS

RNandakumar

6 years ago

Congrats to Mr.Barve. Let us hope that he would wring in nessary changes for the growth and development of mutual industry.

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