Deutsche MF unveils DWS Fixed Term Fund-Series 75; Kotak MF introduces Kotak FMP 6M Series 9; L&T Mutual Fund files offer document with SEBI to launch L&T Double Advantage Fund; Principal MF files offer document with SEBI to launch Principal Pnb Fixed Maturity Plan-91 Days-Series XXV; Taurus MF files offer document with SEBI to launch Taurus Monthly Interval Fund Series 1; Sharekhan launches Fortune Finder for stock market investors
Deutsche MF unveils DWS Fixed Term Fund-Series 75
Deutsche Mutual Fund has launched DWS Fixed Term Fund-Series 75, an open-ended income scheme. The objective of the scheme is to generate regular income by investing in debt and money market instruments maturing on or before the date of the maturity of the scheme. The scheme opened on 13th September and closes on 21st September. The exit load for the scheme is nil. The new fund offer (NFO) price is Rs10 per unit. The minimum investment amount is Rs5,000. The scheme offers growth and dividend (payout) option. The scheme will be benchmarked against Crisil Short Term Bond Index.
Kotak MF introduces Kotak FMP 6M Series 9
Kotak Mutual Fund has introduced Kotak FMP 6M Series 9, a close ended debt scheme. The duration of the scheme is six months from the date of allotment of units. The new fund offer (NFO) price for the scheme is Rs10 per unit. The new issue opened on 13th September and closes on 14th September. The investment objective of the scheme is to generate regular returns through investments in debt and money market instruments with a view to reduce the interest rate risk. The scheme offers growth and dividend option (payout). The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore. The exit load scheme is nil. The scheme will allocate 100% of assets in debt, money market instruments and government securities. The scheme's performance will benchmarked against CRISIL Short Term Bond Fund Index.
L&T Mutual Fund files offer document with SEBI to launch L&T Double Advantage Fund
L&T Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch L&T Double Advantage Fund, an open-ended balanced scheme. The investment objective of the scheme will be to provide medium to long term capital gains and/or income distribution while emphasising the importance of capital appreciation. The scheme will have two plans - Balanced and Opportunities plan. It will have two options - growth and dividend. The new fund offer (NFO) price will be Rs10 per unit. Both the plans propose to invest up to 75% in equity and equity related instruments and up to 35% in debt, money market instruments and government securities. For Balanced plan, an exit load of 1% will be applicable if the units are redeemed on or before one year from the date of allotment. While, for Opportunities plan, an exit load of 1.5% will be applicable if units are redeemed on or before 18 months from the date of allotment. For dividend option, the minimum amount of investment will be Rs10,000. While for growth, the minimum amount of investment will be Rs5,000. The minimum target amount is Rs1 crore.
Principal MF files offer document with SEBI to launch Principal Pnb Fixed Maturity Plan-91 Days-Series XXV
Principal Mutual Fund has filed an offer document with the SEBI to launch Principal Pnb Fixed Maturity Plan-91 Days-Series XXV, a close-ended debt scheme. The investment objective of the scheme is to build an income oriented portfolio and generate returns through investment in debt/money market instruments and government securities. The scheme will invest in debt/money market and government securities maturing on or before the date of the maturity of the scheme. It will have two options - growth and dividend. The new fund offer (NFO) price will be Rs10 per unit. The minimum investment amount will be Rs5,000. The minimum target amount is Rs35 crore. Exit load for the scheme will be nil. The benchmark index for the scheme would be CRISIL Liquid Fund Index.
Taurus MF files offer document with SEBI to launch Taurus Monthly Interval Fund Series 1
Taurus Mutual Fund has filed an offer document with the SEBI to launch Taurus Monthly Interval Fund-Series 1, an interval income scheme. The investment objective of the scheme is to generate returns through investments in debt and money market instruments. The scheme has two options - growth and dividend. Minimum investment amount is Rs10,000. The minimum target amount is Rs1 crore. Redemptions made on the specified transactions date at monthly intervals will not attract any exit load. However, there will be an exit load of 0.25% for redemptions on any day, other than the specified transaction date. The benchmark index for the scheme is Crisil Liquid Fund Index.
Sharekhan launches Fortune Finder for stock market investors
Sharekhan Ltd has launched Fortune Finder for the retail investors and traders. Fortune Finder will help to make decisions on when to buy, hold or sell any stock. It covers over 3,000 stocks for delivery recommendations and 500 stocks for day trading calls. Fortune Finder, a web and SMS based automated tool, will generate unambiguous buy/sell/hold/stay-out and long/short signals on stocks, across National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). This paid service, offered on Sharekhan's trading portal, is tailored for both, long-term investors and day-traders.
New Delhi: The National Stock Exchange (NSE) today launched a new facility to provide stock updates on mobile phones, which the country's leading bourse hopes will help it reach out to more customers, reports PTI.
"For the first time in India, getting market data on a mobile will no longer be the preserve of a privileged few.
From 14th September, the NSE will start providing market data to anyone who registers their mobile number on the NSE website," the exchange said in statement today.
Through this new facility, NSE data can be received by anyone with a mobile phone in the country, which has a subscriber base of nearly 600 million users, compared to just 9 million Internet connections.
The exchange plans to offer trading through mobiles in early October.
Market data can be accessed for all asset classes, including equities, derivatives, currency or exchange traded funds, and data will be streamed to mobile phones in real- time, the exchange said.
This facility can be accessed by anyone who has a mobile with a GPRS connection, which effectively covers nearly 99% of mobile users, including those who do not have high-end mobiles.
This also means that an individual in a rural or semi-urban area, or a Tier 2 or 3 city, can also look at market data and take a decision on whether it is wise to start trading or not.
Washington: Even as India continued to register one of the highest growth rates post-independence, rampant corruption resulted in an estimated illicit out flow of a whopping $125 billion between 2000 and 2008, reports PTI quoting a research and advocacy organisation.
The figures of $125 billion illicit outflow of money from India are part of a report to be released by the Washington-based Global Financial Integrity later this year.
"Much of the funds flowing out are generated at home within India and then sent illegally abroad. So the growth of corruption and India's underground economy contributes significantly to illicit financial flows from the country," said Karly Curcio, a junior economist at the Global Financial Integrity in a blog posted on its website.
"India's economic boom continues with an average growth rate of over 8% between 2004 and 2009 by GFI calculations," it said.
"As the money flows, however, the poor continue to stay poor. Corruption is rampant in India as it is in almost all developing countries. Both corrupt political and corporate officers manage to siphon off funds - intended to aid the people of India - off to political and private sector elite.
Recent efforts in India to challenge this corrupt affront on humanity have been met with severe violence," the blog said.
As India develops economically and builds better infrastructure, one would think that all Indian citizens would see an increased standard of living and that the income inequality levels would fall, he noted.
"However, the gini coefficient, which measures income inequality, has actually increased over the time period measured, 2000-2005, from 0.32 to 0.37 on a scale of 0 to 1, with 1 being the highest income inequality," the author said.
"We see in India - as in other currently developing countries - that as the economy grows, so do illicit flows.
This positive correlation exhibits the increased incentives to conduct illicit flows, mostly because more money is flowing within the system to steal away and constant greed is tapping into that pool," Mr Curcio said.
Noting that India Ranks 84 out of 180 countries in Transparency International's 2009 Corruption Perceptions Index, the author said as corruption continues to plague both the country and its ability to develop free and fair institutions to monitor and charge corrupt officials, the majority of India's economic growth will never make it to the people of India who desperately need it the most.