Page 17 - Banking Finance January 2024

MUTUAL FUND

Bandhan Mutual Fund Sebi extends deadline to June 2024 to Fund will be an open-ended equity
add nominees in mutual funds, demat scheme following quant-based invest-
Launches Bandhan Nifty
accounts ment theme.
Smallcap 250 Index Fund Sebi extended the deadline to June 30 The investment objective of the
Bandhan Mutual Fund has announced next year for demat and mutual fund scheme will be to generate long term
the launch of Bandhan Nifty Smallcap account holders to provide a nomina- capital appreciation by investing in
250 Index Fund, an open-ended fund tion. Earlier, the deadline to nominate equity and equity related securities
that tracks the Nifty Smallcap 250 In- a beneficiary or opt out of it by submit- based on quant model theme.
dex comprised of stocks ranked 251- ting a declaration form was December The scheme will be benchmarked
500 by market capitalization. 31, 2023. against Nifty 200 TRI. The scheme will
The move is aimed at helping investors be managed by Harish Krishnan and
LIC to infuse Rs. 25 crore to secure their assets and pass them Dhaval Joshi (overseas investments).
into LIC MF on to their legal heirs. The scheme will offer regular and di-

Life Insurance Corporation's board ap- "Based on representations received rect plans with growth and IDCW op-
proved capital infusion of Rs. 25 crore from the market participants, for ease tions. The minimum application
in LIC Mutual Fund Asset Management of compliance and investor conve- amount will be Rs 500 and in multiples
Ltd (LIC AMC) on a preferential basis. nience, it has been decided to extend of Re 1 thereafter.
LIC informed the stock exchanges of the last date for submission of 'choice The minimum application amount for
the investment decision. of nomination' for demat accounts and monthly and weekly SIP will be Rs 500
mutual fund folios to June 30, 2024," each and above with minimum six
Currently, LIC has 45 per cent stake in
the Securities and Exchange Board of instalments.
LIC AMC, followed by LIC Housing Fi-
India (Sebi) said in a circular.
nance at 39.30 per cent, GIC Housing ICICI Prudential Mutual
Finance at 11.70 per cent and Union Further, Sebi asked asset management
Bank of India at 4 per cent. companies (AMCs), depository partici- Fund announces change in
pants and Registrar and Transfer
In July this year, LIC Mutual Fund com- ETF symbols on BSE and
pleted the takeover of IDBI Mutual Agents (RTAs) to encourage the demat
account holders and mutual fund unit NSE
Fund and merged schemes with effect
from July 29. holders to fulfil the requirement for ICICI Prudential Mutual Fund said it
nomination/opting out of nomination has changed its ETF product symbols
The strategic move was in line with its
by sending a communication on fort- on BSE and NSE, so that investors can
mission to strengthen and diversify its nightly basis by way of emails and SMS identify the ETF Schemes of the fund
product offerings, expand its footprint, to all such unit holders who are not in with ease. The codes will now be a
and grow its assets under manage- compliance with the requirement of combination of the name of the fund
ment to emerge as a leading player. LIC
nomination. and the suffix 'IETF'. IETF stands for
MF, which was launched in 1989, has ICICI Prudential ETF. For example,
AUM of Rs. 18,400 crore and IDBI MF The communication should provide ICICILIQ will now be LIQUIDIETF,
Rs. 3,650 crore as of June 30. The guidance to provide nomination or opt ICICINIFTY will be NIFTYIETF, and so
Competition Commission of India (CCI) out of nomination. on.
had approved the takeover of IDBI MF
by LIC MF in March this year. ABSL Mutual Fund files In total, the symbols of 28 ETFs of the
Fund will be revised on both the Ex-
At the end of 2023, LICMF's AUM stood draft document for Aditya changes.
at Rs. 17,600 crore. Equity accounted
for around 45 per cent of the total Birla Sun Life Quant Fund Chintan Haria, Principal- Investment
AUM at close to Rs. 8,000 crore, while Aditya Birla Sun Life Mutual Fund has Strategy, ICICI Prudential AMC, said,
the remaining Rs. 9,600 crore came filed a draft document with Sebi for a "In line with our constant quest for
from debt schemes. quant fund. Aditya Birla Sun Life Quant making things better and smoother for

BANKING FINANCE | JANUARY | 2024 | 15