The Hindu Business Line : Update

Taiwan is the latest country to impose a cap on new mutual funds. The country has slapped a T$10-billion ($302 million) cap on all new funds, it was reported this week. This is said to be an attempt to stem rising offshore investing that has pressured the country's currency. The step follows a series of moves by the central bank to stabilise the Taiwanese dollar.

Franklin Mutual Fund has launched Franklin India High Growth Companies Fund (FIHGCF). The fund is an open-ended diversified equity fund that seeks to invest in Indian companies/sectors with high growth rates or potential. The fund will invest 70-100 per cent in equity and equity-linked instruments and 0-30 per cent in debt. A maximum of 35 per cent of the net assets can be invested in foreign securities.

During the NFO period and on reopening, the fund will charge an entry load of 2.25 per cent for investments less than Rs 5 crore. If an investment of less than Rs 5 crore is redeemed with six months of allotment, there is an exit load of 0.5 per cent. For investments above Rs 5 crore, there is an exit load of 1 per cent if redeemed within a year from allotment. The NFO is open from May 31 to June 29.

With effect from June 4, all new applications for select schemes made through the systematic investment Plan (SIP) and systematic transfer plan (STP) of ICICI Prudential Mutual will be charged an exit load at 0.25 per cent on the applicable NAV if the redemption/switch-out from the schemes is made within six months from the date of allotment of units.

The schemes are ICICI Prudential Dynamic, ICICI Prudential Discovery, ICICI Prudential Emerging S.T.A.R, ICICI Prudential Growth, ICICI Prudential Power, ICICI Prudential Services Industries and ICICI Prudential Infrastructure.

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