Reliance Mutual Fund floats Fixed Horizon Fund-XVIII-Series 10

Reliance Mutual Fund new issue closes on 26th April

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVIII-Series 10, a close ended income scheme. The tenor of the scheme is 92 days from the date of allotment.

The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central, state government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. The scheme offers two options viz. growth and dividend payout option.

The scheme will allocate up to 85% of assets in money market instruments with low to medium risk profile. On the flipside it would allocate 15% to 100% of assets in government securities issued by central &/or state government & other fixed income/debt securities but not limited to corporate bonds with low to medium risk profile.

The new issue opens for subscription on 21st April and closes on 26th April.

The minimum investment amount is Rs5,000. The exit load charge will be nil for the scheme. CRISIL Short Term Bond Fund Index is the benchmark index for the scheme. The fund manager of the scheme will be Amit Tripathi.

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ICICI Prudential Mutual Fund unveils monthly income plan

ICICI Prudential Mutual Fund new issue closes on 27th April

ICICI Prudential Mutual Fund has launched ICICI Prudential MIP 5, an open-ended income scheme.

The scheme seeks to generate regular income through investments in fixed income securities so as to make regular dividend distribution to unit holders seeking the dividend option. The secondary objective of the scheme is to generate long-term capital appreciation by investing a portion of the scheme's assets in equity and equity related instruments.

The new issue closes on 27th April. CRISIL MIP Blended Index is the benchmark index. Chaitanya Pande (debt portion) and Mrinal Singh (equity portion) are the fund managers.

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2G case: Attorney General, law secretary, to appear before PAC on Friday

The PAC, chaired by senior Bharatiya Janata Party (BJP) leader Murli Manohar Joshi, is likely to quiz Mr Vahanvati about the legal opinions he may have given to the telecom ministry when he was Solicitor General in UPA-I

New Delhi: Attorney General of India Goolam Vahanvati, Central Bureau of Investigation (CBI) director AP Singh and law secretary DR Meena are expected to appear before the Parliament's Public Accounts Committee (PAC) on Friday to give evidence in the probe into the second generation (2G) spectrum allocation scam, reports PTI.

The PAC, chaired by senior Bharatiya Janata Party (BJP) leader Murli Manohar Joshi, is likely to quiz Mr Vahanvati about the legal opinions he may have given to the telecom ministry when he was Solicitor General in UPA-I.

The Attorney General has been made a witness by India's premier investigating agency Central Bureau of Investigating (CBI) in its charge-sheet filed before the special court in the 2G scam.

The CBI director has been asked to appear before the PAC for the second time. Mr Singh had appeared before the PAC on 15th February and told the panel that it was wrong to say that the 2G spectrum allocation had caused zero loss to the national exchequer.

Mr Singh also had a one-to-one meeting with MR Joshi last month. The CBI is investigating the 2G spectrum case and has already filed a charge-sheet.

The committee has also called Cabinet secretary KM Chandrasekhar and principal secretary in the PMO TKA Nair to depose before it on 16th April.

The 15th and 16th April sessions will be the last hearings by the outgoing PAC.

The PAC headed by Mr Joshi is already in the process of filing its report on the 2G spectrum case and is likely to complete it before its term ends on 30th April.

The new PAC, in which Mr Joshi will continue to be the chairperson, will take charge on 1st May and is set to carry on the probe into the anomalies in 2G spectrum allocation.

Mr Chandrasekhar and Mr Nair have been asked to appear as the PAC is likely to scrutinise the role of the Prime Minister's Office (PMO) in the controversial allocation of 2G spectrum in 2008.

The two senior bureaucrats are likely to be asked questions on the communications between the finance ministry, the Department of Telecom and the PMO on the allocation of 2G spectrum.

Sources said the two top officials could also be asked questions based on the prime minister's recent statement that the finance ministry and telecom ministry had concurred on the issue, after which he did not press the matter further.

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