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IISL launches Nifty Equity Savings Index
India Index Services and Products Ltd (IISL) has launched Nifty Equity Savings Index. The index aims to serve as a benchmark for equity savings funds. Similar to the investment philosophy of equity savings funds, this index captures the performance of a portfolio exposed to equity, equity arbitrage and debt instruments. It has 35 per cent exposure to Nifty50 Total Return Index, 30 per cent to equity arbitrage, 30 per cent to Nifty short duration debt index and 5 per cent to Nifty 1D Rate Index.
EPFO to send SMS/email alerts
The Employees Provident Fund Organisation (EPFO) has decided to send SMS/email notifications to those members whose contributions are not deposited on time. Earlier, the EPFO sent SMSes when members’ contribution got credited in their account. Members can get the credit information through e-passbook, UMANG mobile app and missed-call service.
Direct MF investing made free
Online investment advisor Clearfunds has launched a ‘Smart Portfolios’ service and made investments in direct mutual funds free for all investors. Investors can register for an account online without any paperwork, making the investing process easier for investors. Smart Portfolios is a fully automated investment advisory service which builds, monitors and rebalances the debt and equity mutual fund portfolios of investors, suiting their goals, time horizon and risk tolerance.
PPFAS MF launches liquid fund
PPFAS Mutual Fund has launched Parag Parikh Liquid Fund. NFO opens and closes on May 9 and reopens on May 14.
The investment objective of the scheme is to provide reasonable returns with minimum risk and high liquidity. The scheme has no entry and exit load.
The scheme offers both direct and regular plans. In the dividend category, it provides options such as daily, weekly and monthly re-investment, and pay out.
The scheme invests in money market instruments (including cash, repo, CPs, CDs, treasury bills, CBLO and government securities with maturity less than 91 days) and debt instruments (including floating rate debt instruments and securitised debt instruments with maturity of up to 91 days. The minimum initial investment in this scheme is ₹5,000 and the minimum additional purchase is ₹1,000.
CAMS launches ‘digiSIP’
Computer Age Management Services (CAMS), a registrar and transfer agent of mutual funds, has launched digiSIP, a fully digital process. SIPs can be commenced via digiSIP in seven business days, compared with the current timeline of 30 days. digiSIP is a paperless process which uses pre-filled forms, and allows e-payment options such as debit card or net banking, and also has an e-sign facility.
Now, upgrade Jet Airways tickets
Jet Airways has launched an initiative, ‘JetUpgrade’, which allows all passengers with confirmed economy or premiere booking to get upgraded to premiere or first class, respectively.
Interested passengers can place their bids on the airline’s website under the ‘Manage My Booking’ section, and quote the bid amount.
Credit-card details of the bidder should be submitted during the bid, and only the one who wins the bid will be charged.
Bidding opens at least seven days before the flight’s departure and closes 24 hours prior to the departure time.
During this period, passengers who placed their bids can change or cancel them.
A bid cannot be withdrawn after being accepted. Passengers will be notified about the bid status through email well in advance.
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