ICICI Prudential Mutual Fund new issue closes on 5th April
ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 54-1 Year Plan B, a close-ended scheme.
The investment objective of the plan is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments which mature on or before the date of maturity of the plan. The tenor of the plan is one year.
The new issue closes on 5th April. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.
EPFO turned down the proposal to give three month extension to its other existing fund managers-ICICI Pru, HSBC and Reliance Capital-as their term was to expire on 31st March, and in an interim arrangement decided that SBI would manage the funds for a further three-month period
New Delhi: Retirement fund body Employees Provident Fund Organisation (EPFO) today said its corpus of about Rs3.5 lakh crore will now be managed only by one of the existing fund manger, State Bank of India (SBI), for a three month period ending 30th June as an interim arrangement, reports PTI.
In its trustees meet here, the body turned down the proposal to give three month extension to its other existing fund managers-ICICI Pru, HSBC and Reliance Capital.
These three private players were earlier managing bulk of the fund-close to Rs3 lakh crore-of the total corpus.
"The EPFO's apex decision making body Central Board of Trustees has decided that SBI alone will manage the entire retirement fund for the interim period of three months beginning 1st April," labour minister Mallikarjun Kharge said.
The term of the four fund mangers was to expire on 31st March. The EPFO had planned to appoint new fund managers for next three financial years beginning 1st April.
The CBT headed by the Union labour minister came to this interim arrangement as EPFO is yet to complete the process of appointing new fund managers.
EPFO had started the process last year after it engaged credit rating agency CRISIL for appointing and later monitoring the performance of new fund managers.
As many as 11 asset management companies (AMCs) have evinced interest to manage EPFO's huge corpus which receives incremental deposits of about Rs30,000 crore each year.
Besides existing AMCs managing the EPFO corpus, seven new firms including Kotak Securities, Securities Trading Corporation of India, UTI Securities and ICICI Securities have expressed interest to manage the retirement fund.
In order to avoid any controversy amidst the recent outbreak of scams, EPFO had sent its tender document to Central Vigilance Commission (CVC) for vetting.
EPFO had engaged private fund mangers for the first time in July 2008. Prior to that SBI alone used to manage the fund.
FIMI secretary general RK Sharma stated that the ban on exports of iron ore by the Karnataka government last July has taken a toll on the industry. Exports during the April2010-February 2011 period declined by 17.98% to 85.43 MT
New Delhi: Continuing its declining trend for the eighth consecutive month, India's iron ore exports in February went down by 18.60% to 10.13 million tonnes (MT), from 12.54 MT in February 2010, reports PTI.
The outbound shipment of the vital steel-making raw material during the April2010-February 2011 period also declined by 17.98% to 85.43 MT, mainly on account of a ban on exports imposed by Karnataka government.
According to the data compiled by industry body Federation of Indian Mineral Industries (FIMI), the country's shipment declined by 18.60% in February against the same period last year.
"The industry has been suffering due to the ban on exports imposed by Karnataka last July. Also, the hike in export duty on iron ore to 20% in the Budget has added salt to the exporters' injury and its impact will be felt in the export numbers for March," FIMI secretary general RK Sharma told PTI.
In the Budget, duty on fines was hiked four-fold to 20% while on lumps was upped to 20% from 15% earlier. The country had shipped 117.37 MT of iron ore during the last fiscal.
Also, on account of exports ban imposed by Karnataka, shipments declined by 17.98% to 85.43 MT during April-February this fiscal.
In July last year, the Karnataka government had slapped the ban in the midst of a controversy generated over illegal mining activities in the state. Karnataka is one of the largest iron ore exporters in the country.
India has been exporting iron ore to China, Japan, South Korea, Europe and other countries.