Sunday, December 11, 2011

Prajna Capital

Prajna Capital

Infrastructure Bond Application Forms

Posted: 10 Dec 2011 08:23 PM PST

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How is a mutual fund set up?

Posted: 10 Dec 2011 08:30 AM PST

A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset management company (AMC) and custodian. The trust is established by a sponsor or more than one sponsor who is like promoter of a company. The trustees of the mutual fund hold its property for the benefit of the unitholders. Asset Management Company (AMC) approved by SEBI manages the funds by making investments in various types of securities. Custodian, who is registered with SEBI, holds the securities of various schemes of the fund in its custody. The trustees are vested with the general power of superintendence and direction over AMC. They monitor the performance and compliance of SEBI Regulations by the mutual fund.

SEBI Regulations require that at least two thirds of the directors of trustee company or board of trustees must be independent i.e. they should not be associated with the sponsors. Also, 50% of the directors of AMC must be independent. All mutual funds are required to be registered with SEBI before they launch any scheme.

 

 

 

L&T Mutual Fund debt scheme - L&T Short Term Debt Fund

Posted: 10 Dec 2011 06:42 AM PST

 

WITH volatility in equity markets staying at peak due to uncertain global markets and interest rates still at ele vated levels, L&T Mutual Fund on Wednesday an nounced the launch of L&T Short Term Debt Fund.

The fund, which opened for subscription on Decem ber 7, will close on Decem ber 21. It has been bench marked against Crisil Short Term Bond Fund Index.

Ved Prakash Chaturvedi, chief executive, capital markets and investment management group, L&T Finance Holdings, said, "Our sense is that the yield curve provides significant opportunity in the six months to one year period.

We expect a moderation in interest rates over a period of time and this product will benefit investors."

Pinaki Paul The scheme would invest in debt and money market instruments with residual maturity up to 24 months, having low risk profile, while the average maturity of the scheme shall not exceed three years, the fund said.

The fund would infuse funds in corporate deposits, commercial papers, government securities, money market and other debt and fixed income instruments having short-term maturity.

"The fund is an appropriate fixed income product to benefit in the short term from the possible change in interest rate scenario in the coming quarters," said Chaturvedi.

The fund expects to see interest rate tightening by the central bank soon, as a result of which attractive investment avenues may be available to investors in short-term debt instruments. On the present liquidity situation, the fund said increase in base rates of banks has resulted in borrowing costs rising sharply for companies.

 
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