KATHMANDU, NOV 10 - 2012
Siddhartha Capital’s mutual fund — New Fund Offer — for its first mutual fund will be open from November last week.
“We are planning to publish the announcement of the offer for Siddhartha Investment Growth Scheme I soon. We will launch it from November 28, if everything goes as planned,” informed chief executive of Siddhartha Capital Dhurba Timilsina.
Securities Board of Nepal has already approved the prospectus for the first mutual fund to be launched after Mutual Fund Regulation 2067 came into existence.
Siddhartha Capital — a merchant banking subsidiary of Siddhartha Bank — will launch New Fund Offer of the close ended scheme ‘Siddhartha Investment Growth Scheme I’ worth Rs 400 million with a five-year tenure.
One unit of the scheme will be primarily priced at Rs 10, and, according to the Mutual Fund Guidelines 2069, a single investor has to buy a minimum of 100 units. A single unit holder can obtain 10 per cent of the offer at maximum. The units will later be listed at Nepal Stock Exchange for secondary trading.
“We have projected to offer eight per cent dividend to unit holders in first year and increase the amount in subsequent years, but it can change depending on market conditions,” pointed out Timilsina, adding regulation does not allow mutual funds to guarantee returns on investment.
The mutual funds need to report the Net Asset Value of
the fund, which has to be published weekly showing the fund’s profitability.
Likewise, it also has to publish the stocks that the fund has invested in on a monthly basis.
Source: THT
Siddhartha Capital’s mutual fund — New Fund Offer — for its first mutual fund will be open from November last week.
“We are planning to publish the announcement of the offer for Siddhartha Investment Growth Scheme I soon. We will launch it from November 28, if everything goes as planned,” informed chief executive of Siddhartha Capital Dhurba Timilsina.
Securities Board of Nepal has already approved the prospectus for the first mutual fund to be launched after Mutual Fund Regulation 2067 came into existence.
Siddhartha Capital — a merchant banking subsidiary of Siddhartha Bank — will launch New Fund Offer of the close ended scheme ‘Siddhartha Investment Growth Scheme I’ worth Rs 400 million with a five-year tenure.
One unit of the scheme will be primarily priced at Rs 10, and, according to the Mutual Fund Guidelines 2069, a single investor has to buy a minimum of 100 units. A single unit holder can obtain 10 per cent of the offer at maximum. The units will later be listed at Nepal Stock Exchange for secondary trading.
“We have projected to offer eight per cent dividend to unit holders in first year and increase the amount in subsequent years, but it can change depending on market conditions,” pointed out Timilsina, adding regulation does not allow mutual funds to guarantee returns on investment.
The mutual funds need to report the Net Asset Value of
the fund, which has to be published weekly showing the fund’s profitability.
Likewise, it also has to publish the stocks that the fund has invested in on a monthly basis.
Source: THT
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