The Hindu Business Line : Update

Benchmark AMC has received approval to launch the Gold Exchange Traded Scheme; Gold BeES. This scheme will be an open-ended exchange traded scheme tracking the price of gold through investment in the physical metal. The minimum subscription is Rs 10,000 and in multiples of Rs 1,000 thereafter. The fund will be listed on the National Stock Exchange.

UTI Mutual Fund is the other fund house to get approval to launch a Gold Exchange Traded Scheme. The fund will launch the scheme in the last week of February.

LIC Mutual Fund has declared dividends of 18 per cent and 15 per cent in LICMF Unit Linked Insurance Scheme and LICMF Balanced Fund respectively. The record date for both the dividends would be January 22.

Birla Sun Life Mutual Fund has filed a prospective application with SEBI for its forthcoming open-ended equity scheme, Birla Arbitrage Fund.

The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and investing the balance in debt and money market instruments.

The asset allocation of the scheme under normal circumstances will be 65-90 per cent in equity and equity-linked instruments, 65-90 per cent in derivatives, and 10-35 per cent in debt securities and money market instruments.

The scheme offers dividend and growth plans. The dividend plan offers payout and reinvestment facility. The minimum application amount under the scheme is Rs 5,000 and in multiples of Re 1 thereafter.

The scheme carries an exit load of 0.75 per cent, if the units are redeemed within six months from the date of allotment and the redemption value of the units is less than Rs 2 crore.

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