UTI Mutual Fund has declared dividend of Rs.0.26 per unit under UTI Dynamic Bond Fund, on a face value of Rs.10 per unit. The record date for dividend distribution is 01st August 2011. UTI Dynamic Bond Fund is an open ended income fund, with an investment objective to generate to optimal returns with adequate liquidity through active management of the portfolio, by investing in debt and money market instruments.
News Source – MUTUAL FUND INDIA.
Individual foreign investors seeking entry into Indian stock markets will now have to acquire Permanent Account Number, or PAN, the passport to all financial transactions. The mandatory PAN was announced recently by the finance ministry while outlining the framework for foreign retail investment in mutual funds, a promise made in the February budget.
“The Central Board of Direct Taxes, the apex direct taxes body, will soon issue an instruction in this regard,” a finance ministry official said. However, to ensure that the requirement does not make investing cumbersome, PAN will be issued on the basis of know your customer (KYC) scrutiny of the investor. KYC conditions prescribed by the market regulator, Sebi, are quite stringent making them PAN plus, said the official.
News Source – ECONOMIC TIMES.
When the board of the Securities and Exchange Board of India (Sebi) meets tomorrow, there will be only two full-time representations from the regulatory body. Chairman U K Sinha and whole-time member Prashant Saran would be in the company of five others who represent either the government or the industry. The agenda, however, will comprise significant issues that have been closely followed for the last few months. The sensitive issue of NSDL – National Securities Depository Ltd – will be discussed and a decision can be expected, as the capital market regulator has to give its final decision in the Supreme Court (SC) by August.
News Source – BUSINESS STANDARD.
NEW FUND LAUNCH
Axis Mutual Fund launched Axis Hybrid Fund – Series 1, a close ended income scheme. The new issue is open for subscription from 28th July and closes on 11th August 2011.
News Source – AMFI INDIA.