Sebi Gives Nod To Three Mutual Funds

Notwithstanding, the green signal has been given by Sebi, the three incumbents have different tales to tell.

First India Asset Management, of which 70 per cent is held by the Madras-based First Leasing Company and 30 per cent by Guiness Flight Global Asset Management of UK, has plans to come out with a fixed income oriented product.

Speaking to Business Standard, S Subramanium CEO, First India AMC said, We are considering a fixed income option looking at the current appetite prevailing for fixed income and debt-based products.

We are also encouraged by the positive response that Escorts' fixed income scheme has been receiving so far, he added

 

Subramanium also said they are mulling on a tax saving scheme which they hope to launch before the end of the year. He, however, refused to divulge any details of the schemes being planned.

Anagram Wellington Asset Management was floated as a joint venture between Anagram Finance and Wellington International Management Pte, Singapore, which is a subsidiary of Wellington Management Co Llp, Boston.

Anagram had earlier planned a close-ended product to be floated once the Sebi permission is secured.

However, according to officials at the AMC, that was when the Mutual Funds 2000 report was a long way off. Now with the recommendations close to being notified, a rethink might be in order as more options are available. As to which of the newly-available options the AMC would consider, Anagram officials were tight-lipped.