The Hindu Business Line : Update

The Securities and Exchange Board of India (SEBI) has come out with a proposal to waive entry load for direct applications made in mutual fund schemes. The proposal states that entry load is normally used by fund houses for meeting the brokerage or commission of the distributor through whom the application is routed to the AMC.

Keeping in view the interest of the investors, the SEBI is now considering a waiver in entry load for direct applications received by AMCs. These are applications received through internet or submitted in the AMC’s collection centre or investor service centre and not routed through any distributor/agent/broker.

As this issue is at a proposal stage, the SEBI has invited comments from interested people. The same may be mailed to ruchic@sebi.gov.in or addressed to SEBI, Investment Management Department, SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kural Complex, Bandra (E), Mumbai-400051, on or before September 12.

Fidelity Mutual has announced Mr Leng Ng as an additional fund manager for Fidelity India Special Situations Fund, with effect from August 23. Mr Ng along with Mr Rajesh Singh will manage investments in foreign securities. Mr Ng is a C hartered Financial Analyst with over five years if experience in portfolio analysis.

ICICI Prudential Mutual announced the launch of ICICI Prudential Indo Asia Fund, an open ended diversified equity scheme. The fund plans to invest 65 per cent or more in Indian equities and initially invest up to 35 per cent in Asian E quity Fund (an open ended equity scheme managed by Prudential Asset Management, Singapore), which invests in equity markets across Asia Pacific region ex-Japan.

The Indo Asia Fund may subsequently choose to directly invest in listed securities in the Asia-Pacific Region, ex-Japan. The new fund offer is open from August 23 to September 21. Minimum investment under the retail option is Rs 5,000. There will be an entry load of 2.25 per cent for investments less than Rs 5 crore and nil thereafter. There is an exit load for investments made during the NFO period, if redeemed within six months of allotments.

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