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MF Weekly: Amfi asks govt to introduce retirement plan linked to MFs

SMC | 25 Jan, 2017  | Follow Author | Add to my Favourites 
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Amfi asks govt to introduce retirement plan linked to MFs


Industry body Amfi has asked the government to introduce a mutual fund-linked retirement plan on the lines of highly-popular 401k pension plans in the US. The 401k plans are very popular in the US and act as additional retirement savings for citizens beyond pension plans provided by the government and their employers. Along with tax benefits, these plans are also known to provide good returns to their investors. Schemes similar to 401k of the US can be found in many other jurisdictions internationally, whereby, tax-related and other incentives provided by the government have led to significant increase in share of long-term retail money in mutual funds. In its budget proposal to the Finance Ministry, Association of mutual funds in India (Amfi) also proposed debt-linked savings scheme should be given tax benefits under Sec 80 CCC of Income Tax Act, sources said. Presently, only equity linked savings schemes (ELSS) qualifies for tax benefits under Section 80 CCC of the Income Tax Act, for an investment limit of up to Rs 1.5 lakh in a fiscal year. Also, the mutual fund body made a proposal to extend the tax benefits available under Rajiv Gandhi Equity Savings Scheme (RGESS) to all equity fund investors


Sundaram Mutual Fund introduces Select Micro Cap Series XII


Sundaram Mutual Fund has launched the Sundaram Select Micro Cap Series XII, a close ended growth scheme. The NFO opens for subscription on January 19, 2017 and closes on February 02, 2017. No entry load and exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000. The scheme’s performance will be benchmarked against S&P BSE Small Cap Index and its fund managers are S Krishnakumar and Dwijendra Srivastava. The investment objective of the scheme is to seek capital appreciation by investing predominantly in equity/equity related instruments of companies that can be termed as micro-caps. A company whose market capitalisation is equal to or lower than that of the 301st stock by market cap on the NSE at the time of investment will be considered to be in microcap category


Reliance Mutual Fund has launched the Reliance Fixed Horizon Fund XXXII-Series 7


Reliance Mutual Fund has launched the Reliance Fixed Horizon Fund XXXII-Series 7, a close ended income scheme. The NFO opens for subscription on January 18, 2017 and closes on January 25, 2017. No entry load and exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000 and in multiples of Re 1 thereafter. The scheme’s performance will be benchmarked against Crisil Composite Bond Fund Index and its fund manager is Amit Tripathi. The investment objective of the scheme is to generate returns and growth of capital by investing in a diversified portfolio of the following securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility of Central and State Government securities and other fixed income/ debt securities.


UTI Mutual Fund introduces FTIF Series XXVI-II


UTI Mutual Fund has launched the UTI FTIF Series XXVI-II (1176 Days), a close ended income scheme. The NFO opens for subscription on January 16, 2017 and closes on January 30, 2017. No entry load and exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000. The investment objective of the scheme is to generate returns by investing in portfolio of fixed income securities maturing on or before the date of maturity of the scheme


ICICI Prudential MF proposes to rollover for FMP


ICICI Prudential Mutual Fund has proposed to roll over (extend the maturity date) of ICICI Prudential Fixed Maturity Plan - Series 72 - 1075 Days Plan Q to May 04, 2017. The existing maturity date is February 02, 2017. Date of Roll over is February 03, 2017. Period of roll over is 91 days. All the other provisions of the SID/KIM/addenda of the scheme remain unchanged.


ICICI Prudential Asset Management Company has announced changes in SID and KIM of all the schemes of ICICI Prudential Mutual Fund.


As per the announcement, ICICI Prudential Asset Management Company is opening an Official Point of Acceptance of Transactions (OPAT) at West Bengal with effect from February 01, 2017. New Address: ICICI Prudential AMC Ltd, Shop A& B, Block - A, Apurba Complex, Senraleigh Road, Upcar Garden, Ground Floor, Near AXIS Bank, City: Asansol, State: West Bengal, Pincode: 713304. All the other provisions of the SID/KIM of the schemes remain unchanged.


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