No exit loads on HSBC MF schemes
HSBC Global Asset Management, India, has announced the removal of exit load from all its schemes for all prospective investments from March 1. While entry loads were abolished by the MF industry in 2009, HSBC Global Asset Management is the first AMC to remove exit loads.
Morgan Stanley MF launches gilt fund
Morgan Stanley Mutual Fund has launched an open-ended gilt scheme called Morgan Stanley Gilt Fund. The investment objective of the scheme is to generate returns through investments in sovereign securities issued by the Centre or a state government, or repos/reverse repos in such securities. The fund will be benchmarked against the I-SEC Composite Gilt Index. The new fund offer is priced at R10 per unit and will close on February 21. It will open for repurchase from March 4.
SBI’s personal accident insurance
SBI General Insurance has a Personal Accident Insurance for a cover of R4 lakh against loss of life due to an accident. The cover is available exclusively for State Bank of India’s savings bank account holders against a payment of R100 and the account holders have to fill a simple form to enrol for the insurance. It has provided personal accident cover to over 7 million of the bank’s account holders across the country. Pratip Chaudhuri, SBI chairman, said: “This product provides the much-needed immediate support to the accident victim’s family. This product is now being extended to the accountholders of SBI’s associate banks. Our aim is to extend the cover to 10 million account holders by March 2013”.
RCap launches RGESS compliant fund
Reliance Capital Asset Management has launched R* Shares CNX 100 Fund, an open-ended index exchange traded fund. The scheme allows investors to avail all benefits notified under the Rajiv Gandhi Equity Savings Scheme (RGESS).The new fund offer will close on March 15. Investors can invest a minimum of R5,000. The holding period of RGESS-eligible securities will be three years with a fixed lock-in for the first year and a flexible lock-in period for the subsequent two years. R*Shares CNX 100 Fund will invest in securities representing CNX 100 Index, which is a well-diversified equity index giving exposure to 100 established companies across 38 sectors.