Wednesday, June 24, 1998
RBI allows satellite dealers to issue CPs
The Reserve Bank of India (RBI) has permitted satellite dealers (SDs) to issue commercial papers (CPs) in the debt market, thus allowing them to have easy access to short-term resources. Market experts said the RBI's decision to allow SDs to raise short-term money will encourage them to actively participate in the money market as the investment option will provide them with comfortable liquidity.
Prudential ICICI AMC's maiden fund mops up Rs 170 crore
Prudential ICICI Asset Management Company has managed to mop up Rs 170 crore from the market through its maiden fund post merger. The Prudential ICICI income option has roped in Rs 70 crore, the growth plan, which is the equity option, has mopped up Rs 60 crore and the liquid option has collected Rs 40 crore.
SBIMF, Sun F&C to launch debt funds in July
The burgeoning market for debt funds will see two new entrants next month. While Sun F&C will launch its maiden debt scheme, SBI Mutual Fund will tap investors with Magnum Monthly Income Scheme II (MMIS '98). MMIS will assure returns during its five-year tenure.
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