JM Nifty Plus Fund and JM Emerging Leaders Fund are getting merged with JM Equity Fund and JM Multi Strategy Fund respectively on 29/07/2011

JM Financial Mutual Fund has announced merger of JM Nifty Plus Fund into JM Equity Fund and JM Emerging Leaders Fund into JM Multi Strategy Fund, with effect from July 29, 2011.


 Details of the Options proposed to be merged are as follows:
• Dividend Option under merging scheme would be merged into JM Equity Fund – Dividend option and would be renamed as JM Equity Fund - Dividend option.
• Growth Option under merging scheme would be merged into JM Equity Fund – Growth Option and would be renamed as JM Equity Fund - Growth option
• Dividend Option under merging schemes would be merged into JM Multi Strategy Fund – Dividend option and would be renamed as JM Multi Strategy Fund - Dividend option.
• Growth Option under merging schemes would be merged into JM Multi Strategy Fund – Growth Option and would be renamed as JM Multi Strategy Fund - Growth option.

For the unitholders who do not redeem/ switch out, the current value of their holding in merging scheme as on July 29,2011, their holding will be converted into units of the surviving scheme at the applicable NAV as on July 29, 2011, after deduction of applicable withholding tax (in case of NRIs).

Religare Nifty Exchange Traded Fund NFO Period: May 23 to June 6, 2011.

Religare Nifty Exchange Traded Fund
NFO Period: May 23 to June 6, 2011.

Why ETFs?: An ETF is an open-ended Mutual Fund which trades like a stock, the underlying composition is a basket of securities. Most ETFs are like an index fund that track a particular index, viz. S&P CNX Nifty. Globally, ETFs have grown in size, with a current size of $1542 bn (as on Feb 2011).


Benefits for investors:

Over a 5-year period, 64% of large cap funds have underperformed the S&P CNX Nifty. Investors can benefit by directly investing into the benchmark index.

Index ETFs present a low-cost option. (Average Expense Ratio of 0.63% p.a. for ETFs as compared to 2.12% for Large Cap Funds)

More Transparency – ETFs track the underlying index, so the investor is aware where his money is being invested

More Trading Flexibility – ETFs are priced throughout the day and can be bought and sold on the exchange, where they are listed ETFs can be bought or sold in as little as 1 unit multiples

Why Nifty?: The S&P CNX Nifty represents 50 of India’s premier blue-chip companies, which are well-diversified across sectors – it is a direct play on the India Growth Story. Companies part of the index are the most liquid Indian equity securities traded on the National Stock Exchange, comprising 64.38% of the free float market capitalization.

Religare Nifty ETF is an Exchange-Traded Fund that will invest in securities which are constituents of S&P CNX Nifty Index in the same weight as in the underlying index. The Fund is designed to generate returns that closely correspond to the returns generated by the securities represented by the S&P Nifty Index, subject to tracking error, if any. The fund will follow a passive investment strategy - endeavour to track the benchmark index with as low tracking error as possible. It is a low cost option to invest in the Index, which trades like a share.

  Religare Nifty ETF – Key Features

Easily Accessible

- During NFO – Investors can directly buy from the Fund House.

- Post NFO – Units will be listed on National Stock Exchange. Investors can buy, sell through their normal brokerage accounts.

Cost Effective

- Low on cost compared to index funds.

Liquidity

- Not limited to Secondary Market Trading at NSE.

- Large Investors and Authorised Participants can create and redeem in lots of 10,000 units directly with the Fund House.

Transparent

- Holdings and NAV of Religare Nifty ETF available on a real time basis and can be tracked at www.religaremf.com.

  Who should invest?
Investors who want to keep investments simple, buy the market (invest in the top 50 quality companies) and keep the costs low.

Investors who believe in passive investment strategy and are looking for selective diversification.


Please find enclosed Religare Nifty ETF KIM cum Application Form & One Pager for your kind perusal.For any support or assistance, you may call Religare Mutual Fund Relationship Manager or visit our website at www.religaremf.com

Your Saving Bank Account will earn an interest of 4.0% pa wef May 3, 2011.

The Reserve Bank of India (RBI) on Monday raised the repo (rate at which it lends to banks) and the reverse repo (rate at which it borrows) rates by 50 basis points to 7.25 per cent and 6.25 per cent.

Savings bank interest rate has also been increased to 4 per cent from 3.5 per cent now. The RBI has maintained cash reserve ratio at 6 per cent.

As per RBI circular RBI/2010-11/507 DBOD.Dir.B.C. 90/13.03.00/2010-11 dated 3rd May 2011, interest rate on saving account has been increased by 0.5 percentage point. Your Savings account will earn an interest of 4.0 per cent per annum effective May 3, 2011.

 

Guidelines regarding investments in the name of Minor with effect from April 1, 2011.

The following guidelines are applicable from April 1, 2011 for purchase applications made on behalf of a minor: 

• The minor should be the first and the sole holder in an account.No joint holder will be allowed in a folio where the minor is the first or sole holder.

• The date of birth of the minor would have to be provided in the application form along with a photocopy of supporting documents like birth certificate / passport / school leaving certificate.

• The guardian in the folio on behalf of the minor should either be a natural guardian (i.e. father or mother) or a court-appointed legal guardian.

• Investors have to provide information on the relationship/status of the guardian as father, mother or legal guardian in the application form and supporting documentary evidence will have to be provided evidencing the relationship (copy of birth certificate /passport) in the case of a natural guardian and appropriate evidence for court-appointed guardians.

• Details of documents which can be provided will be available along with the application form / Key Information Memorandum.

What is the procedure to change the status when the Minor becomes Major?

When the units are held on behalf of the minor, the ownership of the units rests with the minor. A guardian operates the account until the minor attains the age of majority. When a minor turns major, mutual funds will seek relevant documents and follow the guidelines as enumerated below.

Prior to minor attaining majority, Mutual Funds will send advance notice to the registered correspondence address advising the guardian and minor to submit an application form along with the prescribed documents to change the status of the account to “major”.

The notice shall clearly state that all existing standing instructions and transactions including SIP,STP,SWP which have been registered earlier for a period beyond the minor's date of attaining majority shall be suspended.

The account shall be frozen for operation by the guardian on the day the minor attains the age of majority and no transactions shall be permitted till the documents for changing the status as required are received. 

List of standard documents to change the account status from minor to major:

A Service Request form / letter duly filled and containing details of the Fund, name of the major (investor) and folio number;

New Bank mandate Registration form if there is a change in the bank account of the investor;

Signature attestation of the investor (major) by the Bank Manager;

KYC acknowledgement of the investor – i.e. the minor who has turned major; 

What would happen to SIPs registered for a Minor's folio?

AMCs will register fresh standing instructions like SIP,SWP,STP in a minor's folio only till the date of the minor attaining majority, though the instructions may be for a period beyond that date. 

What is the procedure for change of Guardian?

In case of change in guardian of a minor, the new guardian must be a natural guardian (i.e. father or mother) or a court appointed legal guardian and should submit the requisite documents viz.
(a) No Objection Certificate (NoC) or Consent Letter from existing guardian or Court Order for new guardian, in case the existing guardian is alive.
(b) KYC Acknowledgment Letter of new guardian should also be provided.

Source: Amfi India.com