Fidelity Fixed Maturity Plan-Series VI is a closed ended debt scheme
Fidelity Mutual Fund has filed an offer document with SEBI to launch Fidelity Fixed Maturity Plan-Series VI, a closed ended debt scheme. The fund has six plans-Plan A to F. The Investment objective of the scheme is to seek to generate reasonable returns and reduce interest rate volatility primarily through investment in money market and short to mid term debt instruments having maturity, on or before the date of maturity of a Plan. The plan shall invest up to 100% in debt and money market instruments. It may also invest in foreign securities up to 25% of its net assets.
Since tenure of the plans ranges from 3 months to 37 months, the benchmark will be decided at the time of launch of a Plan depending upon the tenure of a Plan.
The minimum investment amount is Rs5,000. The scheme will be managed by Shriram Ramanathan and Mahesh Chhabria (assistant fund manager).
L&T Short Term Debt Fund is an open-ended debt scheme
L&T Mutual Fund has filed an offer document with SEBI to launch L&T Short Term Debt Fund, an open-ended debt scheme.
The investment objective of the scheme is to generate returns for investors with a short-term investment horizon by investing in fixed income securities of shorter term maturity. The scheme will invest up to 60%-100% in debt and money market instrument with maturity up to 24 months. And also invest up to 40% debt instrument with maturity greater than 24 months. The scheme may invest in securitised debt up to 50% of the portfolio.
The scheme will charge an exit load of 1% if redeemed before one year and nil for the redemption after one year. The minimum investment amount is Rs5,000.
Crisil Short Term Bond Fund Index is the benchmark index. Bekxy Kuriakose will manage the fund.
Ahmedabad-based air traveller receives a misplaced bag from an unidentified person without verification of the lost baggage claim; airline refuses any compensation
When Bharat Joshi took a Kingfisher Airlines flight from Ahmedabad to Delhi, his baggage went missing at the airport. Mr Joshi managed to get his bag back the same day, but he was shocked when he realised that the bag was delivered by a person who was not from the airline.
What was equally startling was that the person, who handed over the baggage, was apparently from an outsourced agency. So, has Kingfisher Airlines outsourced the work of delivering lost/misplaced baggage that has been located?
Mr Joshi told Moneylife that "the bag was finally brought to Gurgaon by a chap walking on the road. He belongs to some agency outsourced for delivery, (which) does not even use a car or a taxi. He even handed over the bag on the roadside, without collecting the baggage claim, as my relatives were following him."
Describing how his bag was misplaced, Mr Joshi said that one out of the five bags he carried on the flight on 27th March went missing. When he reached Delhi, he collected four of his bags, but could not find the fifth one. After a quick search at the airport, the airline staff gave him a missing baggage report.
After going back and forth to the staff, he was informed that his bag was lying behind the check-in counter at Ahmedabad airport and was not put on the conveyor belt to the aircraft. He was informed that the bag would be put on a Jet Air flight, scheduled at 3 pm, it would reach Delhi at around 5 pm, and that it would be delivered at his residence at around 6.30pm.
Kingfisher Airlines officials also denied Mr Joshi any compensation for the mess-up. "I requested for interim compensation, but I was told that, if I had checked each bag individually it would have been allowed, but since the bags were checked in together as a group, no interim compensation (will be given) as per group policy," Mr Joshi said.
This raises another question whether no compensation will be given if one out of several bags is lost? And what would a traveller do if, unlike in the case of Mr Joshi, his baggage cannot be traced? The answer is, perhaps, best known to Vijay Mallya, the owner of the airline.
Meanwhile, in response to an email by Moneylife, Kingfisher Airlines said it wants to get the facts right before commenting on the specific case.