Kotak Mahindra Mutual Fund launches ‘Kotak Gold Fund’

Kotak Mahindra new issue closes on 18th March

Kotak Mahindra Asset Management Company has launched its latest fund-of-fund named 'Kotak Gold Fund'. This open-ended fund will enable investors to take exposure to gold without having a demat account. In addition to this Kotak AMC will offer investors the option to invest Rs1.000 per month through the SIP route.

The Kotak Gold Fund closes on 18th March and its performance will be benchmarked against the prices of physical gold.

Sandesh Kirkire chief executive officer, Kotak Mahindra Asset Management Company said, "We see a lot of potential with Kotak Gold Fund primarily because of two significant factors. One by providing a platform to investors to invest in gold without a demat account and also create a discipline by systematically investing in Gold as an asset class." Mr Kirkire elaborated, ' In recent times, gold has shown a low correlation with other asset classes while at the same time its returns potential has been similar to equity assets performance. As a result allocation into gold improves portfolio diversification and can minimise the downside risk of the portfolio.'

The fund attracts the benefit of long term capital gains tax after one year of investment. This is in contrast to physical gold where you have to pay short term capital gains tax for a period upto three years. Also the returns of this fund do not attract any wealth tax, which is not the case with physical gold.

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Birla Sun Life Insurance presents ‘BSLI Foresight Plan’

BSLI Foresight Plan is a medium-term unit linked savings plan apt for a volatile market providing the perfect blend of guarantee, flexibility and liquidity options

Birla Sun Life Insurance, a subsidiary of Aditya Birla Nuvo, has launched BSLI Foresight Plan, a cutting-edge solution that provides customers the upside of market returns while completely shielding their investments from downside risks. This medium-term unit linked savings plan is apt for a volatile market providing the perfect blend of guarantee, flexibility and liquidity options.

Fabien Jeudy, chief actuarial officer, Birla Sun Life Insurance said, "Equity markets have a huge potential towards meeting customer's long-term wealth creation needs. However, many customers tend to stay away from this attractive opportunity due to the lack of knowledge on timing the market and the resultant fear of loosing their money. This behavior brings forth the need for a product offering that can eliminate this fear and give customers the confidence of not just optimizing investments when the markets are low but also locking the gains, when the markets are at a high."

He further adds "Keeping this unfelt customer need in mind, we have designed BSLI Foresight Plan, an innovative investment avenue that addresses this requirement. We are positive that this product will induce many more customers to take their first step towards participating in the equity markets, help them protect their investment downside and lock their gains."

BSLI Foresight Plan provides upside of market related returns while shielding investments from downside risks. The plan offers full freedom to switch from one fund to another-from amongst 10 investment funds under self-managed option. It also offers options-such as increase protection by choosing higher sum assured multiple, option to pay all five years premium in advance, tax benefits under Sections 80C and 10(10D) of the Income Tax Act,1961 and opportunity to invest in New Generation Foresight Fund.

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COMMENTS

S B Choudhary

6 years ago

Is there any guaranteed return on BSLI foresight plan even after 10 years.

bhupesh

6 years ago

Which is the nearest mathematical model this product follows?

Citibank reports maximum cases of card frauds

Finance minister says RBI is working out measures to deal with the problem that has been reported by some other banks also

New Delhi: Citibank has recorded the maximum number of frauds in debit and credit cards, and the use of fake cards amounting to Rs1.89 crore between around 2007-08 to December 2010.

"The largest number of such frauds belong to Citibank from 2007-08 to December 2010...The Reserve Bank of India's committee has suggested a number of steps including replacing the magnetic strip on cards by a chip. All these aspects are being looked into," finance minister Pranab Mukherjee told the Lok Sabha during Question Hour today, reports PTI.

While Citibank reported 92 cases, other banks that reported such card frauds are Syndicate Bank, Standard Chartered, Punjab National Bank and Canara Bank (one case each), in 2010, involving a total amount of less than Rs 23 lakh. Bank of India also reported one fraud case in 2007-08, but the amount involved was Rs1.92 crore.

The amounts involved are relatively small and may not be too much of a worry for Citibank, which has huge operations worldwide. In India, Citigroup has 42 branches. Its chief executive Indian-born Vikram Pandit is currently in the country to examine the possibilities for business expansion. It's the first trip he has made to India since taking charge in December 2007.

On the card frauds issue, the finance minister said that criminal investigations had started against people involved in these frauds. Compensation to the victims who lost money in these frauds is another aspect that is being looked into by the banks.

Mr Mukherjee said the Committee, headed by an executive director of the RBI, that is looking into this matter has made various suggestions and a decision would be taken on this soon. The RBI has also issued a series of instructions relating to Know Your Customer (KYC) to banks, so that identification could be authenticated, before issue of debit or credit card, the minister said.

The RBI has issued a master circular on "Credit Card Operations of Banks" recently, advising banks to set up internal control systems to combat frauds and to take pro-active fraud control and enforcement measures, the minister said.

The central bank has advised banks to ensure that credit card operations were run on "sound, prudent and profitable" lines, "Know Your Customer" requirements are fulfilled, the credit risk of customers assessed properly, the terms and conditions specified in clear and simple language, and bills despatched promptly.

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