Birla Sun Life Mutual Fund new issue closes on 24th March
Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CW, 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 368 days.
The new issue closes on 24th March. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta is the fund manager.
Pramerica Mutual Fund new issue closes on 28th March
Pramerica Mutual Fund has announced the launch of a close-ended income scheme, Pramerica Fixed Duration Fund-Series 2.
The new issue is open for subscription from 24th March till 28th March. The duration of the fund will be for 366 days from the date of allotment, including the date of allotment. The scheme seeks to provide reasonable returns, commensurate with a moderate level of risk, through investments in a portfolio of debt and money market instruments. The scheme has low credit risk and is tax-efficient.
Pramerica executive director and CIO-fixed income Mahendra Jajoo will manage the scheme. "FMPs can be an ideal product for all investors who wish to invest in a product with moderate risk for a fixed tenure and earn tax-efficient returns. In the mid-quarter Monetary Policy review conducted on 17th March, RBI hiked key rates by 25 bps."
"Bank CDs are currently trading at attractive yields and with the fresh round of rate hike, they are expected to stabilise around these attractive levels. Thus, this could be an opportune time to invest in a FMP," Mr Jajoo said.
ICICI Securities has launched ‘Life Time Prepaid Brokerage Plan’ for its ICICIdirect.com customers
ICICI Securities has launched 'Life Time Prepaid Brokerage Plan' for its ICICIdirect.com customers.
The first-of-its-kind prepaid brokerage scheme in India, Life Time Prepaid aims at helping customers in optimising their transaction costs and spreading their trading over a period of time to suit the market conditions. Four prepaid plans-Rs25,000, Rs50,000, Rs75,000 and Rs1 lakh are available to customers and each of these plans offer an upfront reduction in brokerage across all equity and derivative products along with life time validity.
"Large investors in the market need to optimize their transaction costs with flexibility to be in the market timing of their choice. With a pre-paid plan, upfront reduction in brokerage and a near lifetime validity, it will cater to the said set of customers. For the retail customers our current per trade pricing with zero upfront commitment is again the most optimum," said Vishal Gulechha, head - equity products, ICICI Securities Ltd.