Deutsche MF launches DWS Fixed Term Fund-Series 74; HDFC Mutual Fund launches new fixed term fund; Benchmark MF to transact Liquid BeES through online mutual fund facility; Principal MF discontinues online subscription plan under Principal Cash Management Fund-Liquid Option; Pramerica MF files offer document SEBI to launch Pramerica Dynamic Monthly Income Fund
Deutsche MF launches DWS Fixed Term Fund-Series 74
Deutsche Mutual Fund has launched a new fund called DWS Fixed Term Fund-Series 74. The fund is a close ended debt scheme and has tenure of 370 days. The new fund offer (NFO) price for the scheme is Rs10 per unit. The new issue will open for subscription from 27 August 2010 and close on 2 September 2010. The investment objective of the fund 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 fund has two options—growth and dividend (payout) option. The minimum subscription amount is Rs5,000 and in multiples of Re1 thereafter. The fund seeks to collect a minimum subscription amount of Rs1 crore under the scheme during the NFO period. The entry and exit load charge for the scheme will be nil.
HDFC Mutual Fund launches new fixed term fund
HDFC Mutual Fund has launched a new fixed term fund called HDFC FMP 35D August 2010 (2), under HDFC Fixed Maturity Plans-Series XIV. The fund is a close ended income scheme. The face value of the new issue will be Rs10 per unit. The new issue will open and close for subscription on 26 August 2010. The investment objective of the plan is to generate regular income through investments in debt/money market instruments and government securities maturing on or before the maturity date of the plan. The scheme shall offer two options—growth and dividend option. Dividend option offers only payout facility. The duration of the scheme will be 35 days. The minimum subscription amount is Rs5,000 and in multiples of Rs10 thereafter. The fund seeks to collect a minimum target amount of Rs1 crore under the scheme during the NFO period. Entry and exit load charge will be nil for the scheme.
Benchmark MF to transact Liquid BeES through online mutual fund facility
Benchmark Mutual Fund has announced that units of Liquid Benchmark Exchange Traded Scheme (Liquid BeES) will be offered for subscription or redemption on the facility provided by National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) from 1 September 2010. This facility will be available for both existing unit holders and new investors. Through this facility, investors can subscribe Liquid BeES units with a minimum amount of Re1 and in multiples thereof. They can also redeem Liquid BeES units with a minimum of 0.001 units and in multiples thereof. Liquid BeES invest in short-term government securities and money market instruments of short and medium maturities.
Principal MF discontinues online subscription plan under Principal Cash Management Fund-Liquid Option
Principal Mutual Fund has discontinued its online subscription plan under Principal Cash Management Fund-Liquid Option from 24 August 2010.
Pramerica MF files offer document SEBI to launch Pramerica Dynamic Monthly Income Fund
Pramerica Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch Pramerica Dynamic Monthly Income Fund. The scheme is an open ended income scheme. The new fund offer (NFO) price for the scheme will be Rs10 per unit. The objective of scheme is to generate regular returns by making investment in debt and money market instruments and to generate capital appreciation by investing in equity and equity related instruments. The scheme shall offer two options—growth and dividend option. The scheme would allocate 70% to 95% of assets in fixed income securities. It would further allocate 5% to 30% of assets in equity and equity related instruments. The scheme will charge an exit load of 1% if the units are redeemed within 365 days of allotment. The minimum subscription amount will be Rs5,000 and in multiples of Re1 thereafter. The minimum target amount of Rs1 crore is expected to be raised during the NFO period.
New Delhi: An environmental health researcher has sought intervention of the National Human Rights Commission (NHRC), alleging that drafters of the Nuclear Liability Bill have ignored recommendations of the International Labour Organisation (ILO) on radiation protection, reports PTI.
"India has ratified Radiation Protection Convention, 1960 of the International Labour Organisation (ILO) but its provisions have not been complied with. It is yet to ratify ILO's Occupational Cancer Convention, 1974 which is concerning Prevention and Control of Occupational Hazards caused by Carcinogenic Substances.
"Drafters of the Nuclear Liability Bill appear to have ignored their recommendations," convenor and founder of Toxics Watch Alliance Gopal Krishna charged in his petition submitted to the commission yesterday.
ILO's Radiation Protection Convention with regard to maximum permissible doses of ionising radiations which may be received from external or internal sources and the maximum permissible amounts of radioactive substances has been ignored, he claimed.
In his petition to NHRC, Mr Krishna also submitted that the Parliamentary Standing Committee on Science & Technology, Environment & Forests in its 25-page report on the Bill, which was tabled in Parliament on 18th August, was of the opinion that Government must have sought the opinion of ministries which are even "distantly" related to any provision of the legislation.
"When the committee inquired from the secretaries of ministries/departments of government of India who appeared before the committee as to whether the draft nuclear liability Bill was referred to them for their views/comments, some of them viz the ministries of health & family welfare, agriculture, labour & employment, food & public distribution, etc, replied in the negative," he quoted the committee as saying in the report.
He pleaded the commission to take cognisance of the submissions of "these secretaries" and direct the concerned authorities to internalise their suggestions in the text of the Bill to protect the human rights of Indian citizens and safeguard intergenerational equity.
Mr Krishna requested the Commission to start proceedings to ascertain from the authorities concerned both at Centre and the state as to how would they respond in the event of a nuclear disaster, number of existing factories and industries in the country where radioactive material is used and whether they maintain an inventory of such products.
New Delhi: The mines ministry today said it is finalising plans to make it mandatory for companies to share 26% of profit from their mining projects with the displaced, even as the industry is opposed to the move, reports PTI.
"Some industries had opposed the scheme ... But we are working on the proposal, we want to ensure that the companies seek this social licence for all future mining leases," mines secretary S Vijay Kumar told reporters here.
The proposed compensation scheme in the new mining bill is being "fine tuned" by the ministry and then, it will be sent to the panel of ministers for approval.
"The dates of the new Group of Ministers' (GoM) meeting is not out yet ... But the proposal of 26% profit sharing has been approved by the GoM in its last meeting on 30th July," a senior mines ministry official added.
Mines minister B K Handique had earlier said that his ministry is hopeful of introducing the new mining bill in the current session of Parliament, so that it is finally cleared in the winter session of the House.
However, some sections of the industry are opposed to the proposal of 26% profit sharing with persons losing their land to projects.
Industry bodies like the Federation of India Chambers of Commerce and Industry (FICCI), Federation of Indian Mineral Industries (FIMI), had also opposed the mines ministry's earlier proposal of 26% equity sharing with the displaced, saying it is complex and unviable.
As per the proposed compensation scheme, 26% share in profit (from mining) and one per cent symbolic share will be given to those who lose their land to mining projects.
The ministry has also proposed to create a District Mineral Foundation to monitor the flow of funds from companies to the trust, which would disburse funds for development of local areas after compensating the displaced.
Besides, in case of a mine being non-functional or in losses, the ministry has proposed that the firms compensate the people affected by land acquisition, by paying them amount equal to the royalty given to state governments.
The royalty paid by mining companies to state governments runs into crores of rupees.
The new Bill seeks to expedite grant of mineral concessions in an expeditious and transparent manner, besides attracting investments in the sector. Investments worth lakhs of crores of rupees have got delayed because of land owners' resistance to sell.