The Hindu Business Line : Fund Update

Dutch financial services major Aegon and Religare Enterprises have decided to call off their joint venture. The AMC has got approval for setting up the mutual fund business recently from SEBI. Religare Aegon has recently acquired Lotus India Mutual Fund to strengthen their operation. The minimum capital that an asset management company (AMC) has to maintain to manage the assets is expected to go up. This measure is being considered by SEBI to combat the bitter experiences of the turbulent market. Currently, the mutual fund is operating on a thin capital base of Rs 10 crore. It is also planned to introduce the concept of capital adequacy, due to which the quantum of funds managed by AMCs would be linked to their capital base.

Benchmark Mutual Fund has launched a new fund offer ‘Benchmark S&P CNX 500 Fund’ and the NFO closes on December 15. The investment objective of Benchmark S&P CNX 500 Fund is to generate capital appreciation through equity investments by investing in securities which are constituents of S&P CNX 500 index in the same proportion as in the index.

The fund will not charge an entry load and there will be no exit load if investment is held for three years for investments less than Rs 2 crore.

SBI Mutual Fund has revised the exit load structure for various plans under the SBI Debt Fund Series, close-ended debt fund. The changes in load structure will be applicable for all the mentioned funds to be launched on or after 19 November. SBI Debt Fund Series – 30, Debt Fund Series –90, SBI Debt Fund Series-13 Months Fund and SBI Debt Fund Series-18 Months Fund.

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