Here’s another good news for the market. The Securities Board of Nepal (Sebon) has given the final approval to NIBL Capital (Merchant bank of Nepal Investment Bank Limited) to launch its first ever mutual fund scheme called Sambriddhi Fund-I. This comes shortly after the regulator approved NMB’s mutual fund.
“Yes, the Sebon board has just given the final nod to our mutual fund, we are gearing up to launch it immediately after Tihar,” a highly placed source at NIBL Capital told ShareSansar this afternoon.
Sambriddhi Fund-1 is a closed-ended, seven-year equity oriented fund of the size Rs 80 crore.
It had received Fund Management Quality Rating of AMC Quality 3 from ICRA Nepal back in June, and had been only waiting for the final approval from the Sebon.
So far there are mutual funds already in the market – two managed by Siddhartha Bank group and one by Nabil Bank group while NMB is launching its mutual fund from Wednesday (September 18). NMB’s Sulav Investment Fund worth Rs 60 crore is also a five-year closed-ended fund with an initial corpus of Rs 60 crore, which may exceed up to Rs 75 crore. It is being floated at the face value of Rs 10 after it received [ICRANP] AMC Quality 3 (AMCs), which is a very good credit rating.
Laxmi Capital is also vying to launch Laxmi Value Fund, which is a five-year closed-end balanced fund worth Rs 40 crore. “We expect to get the credit rating soon to launch our mutual fund,” an official at Laxmi Capital said.
Global IME is also planning a scheme identical to Nabil Balanced Fund-1.
It may be noted that the merchant banking arms of Laxmi Bank and Global IME Bank and NIBL had also sought SEBON’s approval for their schemes way back in early 2013.
In fact many more mutual funds were expected in the market after the government decided to treat mutual funds as a non-taxable entity.
And the key stakeholders in the capital market, especially the share market, are upbeat about mutual funds as they give much-needed depth and maturity to the market. Such schemes are one of the safest investment tools for a novice investor, and almost as good as a pension plan for all.
source: sharesansar.com,16 sept 2014
LINK
“Yes, the Sebon board has just given the final nod to our mutual fund, we are gearing up to launch it immediately after Tihar,” a highly placed source at NIBL Capital told ShareSansar this afternoon.
Sambriddhi Fund-1 is a closed-ended, seven-year equity oriented fund of the size Rs 80 crore.
It had received Fund Management Quality Rating of AMC Quality 3 from ICRA Nepal back in June, and had been only waiting for the final approval from the Sebon.
So far there are mutual funds already in the market – two managed by Siddhartha Bank group and one by Nabil Bank group while NMB is launching its mutual fund from Wednesday (September 18). NMB’s Sulav Investment Fund worth Rs 60 crore is also a five-year closed-ended fund with an initial corpus of Rs 60 crore, which may exceed up to Rs 75 crore. It is being floated at the face value of Rs 10 after it received [ICRANP] AMC Quality 3 (AMCs), which is a very good credit rating.
Laxmi Capital is also vying to launch Laxmi Value Fund, which is a five-year closed-end balanced fund worth Rs 40 crore. “We expect to get the credit rating soon to launch our mutual fund,” an official at Laxmi Capital said.
Global IME is also planning a scheme identical to Nabil Balanced Fund-1.
It may be noted that the merchant banking arms of Laxmi Bank and Global IME Bank and NIBL had also sought SEBON’s approval for their schemes way back in early 2013.
In fact many more mutual funds were expected in the market after the government decided to treat mutual funds as a non-taxable entity.
And the key stakeholders in the capital market, especially the share market, are upbeat about mutual funds as they give much-needed depth and maturity to the market. Such schemes are one of the safest investment tools for a novice investor, and almost as good as a pension plan for all.
source: sharesansar.com,16 sept 2014
LINK
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