ICICI Prudential Mutual Fund has launched ICICI Prudential Gold ETF, an open ended exchange traded fund. The investment objective of the fund is to provide investment returns that, before expenses, closely track the performance of domestic prices of gold derived from the LBMA (London Bullion Market Association) AM fixing prices. The new fund offer closes on July 29.

UTI Mutual Fund's UTI India Lifestyle Fund has been converted into an open ended scheme with effect from July 16. The scheme will hereafter charge 1 per cent exit load if units are redeemed within one year from the date of allotment.

JP Morgan Mutual Fund has revised exit load under- JP Morgan India Equity Fund, JP Morgan India Smaller Companies Fund, JPMorgan India Alpha Fund and JPMorgan JF Greater China Off-shore Fund. All the four schemes will now be charging an exit load of 1 per cent if investments are redeemed before 12 months from the date of allotment of each instalment of SIP purchase.

(This article was published in the Business Line print edition dated July 18, 2010)
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