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NIBL’s mutual fund gets Sebon's final approval

Written by  Published in Economy Tuesday, 16 September 2014 15:49


Kathmandu, September 16 (CNS)  … 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 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.

Kumari  33% bonus , 1.74% cash, Laxmi offers 20% bonus 1.05% cash
  Kumari Bank Limited has proposed impressive 33 percent bonus share and 1.74 percent cash dividend to cover for the tax to its shareholders from the profit it posted in the last fiscal year 2070/71.

A meeting of its Board of Directors held today decided to propose this dividend.

Though Kumari had posted a modest profit growth of 17 percent by the fourth quarter of last fiscal year 2070/71, the dividend has made its shareholders.

The price of the scrip has been sharply rising over the recent days, and today itself it is having one of the top turnovers in the market. 
Likewishe , Laxmi Bank Limited has also announced 20 percent bonus share and 1.05 percent cash dividend for tax purpose.
With this only Nepal Credit and Commerce Bank Limited is left to declare its dividend for the last fiscal year among the seven commercial banks that are yet to meet the paid-up capital of Rs 2 arba as required by the central bank.

The commercial banks yet to meet the paid-up requirement are Everest Bank Limited, Kumari Bank Limited, Laxmi Bank Limited, Bank of Kathmandu Limited, Lumbini Bank Limited, Nepal Credit and Commerce Bank Limited and Siddhartha Bank Limited.

Only yesterday Siddhartha Bank had pledged 12 percent bonus share and 11.16 percent cash dividend. On Sunday Bank of Kathmandu had declared 10.42 percent bonus share to its shareholders. Everest Bank had 12 percent bonus and 50 percent cash while Lumbini had pledged 5 percent bonus share and 6 percent cash a few days ago.


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