The Hindu Business Line : Fund update

ICICI Prudential Life announced the launch of R.I.C.H. fund to enable its policyholders invest in India’s high growth engines. R.I.C.H. fund will invest in sectors under Resources, Investments, Consumption, and Human Capital categories. Policyholders can invest in R.I.C.H. fund, through specific unit linked insurance plans, offered by the company.

Birla Sun Life Mutual Fund has revised the load structure of the Birla income Plus scheme.

With effect from March 10, the fund is charging an exit load of 0.75 per cent (0.60 earlier) for investments up to Rs 10 lakhs and units that are redeemed within six months.

ING Mutual Fund has announced changes in the name of its funds ING Select Stocks Fund, ING A.T.M Fund and ING Income Fund Short Term.

The changed names will be ING Core Equity Fund, ING Contra Fund and ING Short Term Income Fund respectively. The new names will take effect from March 15.

UTI Mutual Fund has announced changes in the investment objective, asset allocation pattern and the name of its open-ended equity UTI Auto Sector Fund.

With effect from March 11, the new name of the scheme will be UTI Transportation and Logistics Fund.

Accordingly the new investment objective of the scheme would be to provide capital appreciation though investment in stocks of the companies engaged in transportation and logistic business.

The new asset allocation methodology will be to have at least 80 per cent of the funds invested in equity and related instruments of companies principally engaged in providing transportation services.

It will also invest in companies engaged in the design, manufacture, distribution, or sale of transportation equipments and as well as companies in the logistics sector.

SEBI Chairman CB Bhave has asked mutual funds to step up regulation of distributors to avoid any complaints from investors about mis-selling of products to investors.

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