Laxmi Bank mutual fund finally gets Sebon's nod, to be launched within Magh

ShareSansar, January 23:
 
Here’s good news for the market. The Securities Board of Nepal (Sebon) has given the final approval to Laxmi Capital (Merchant bank of Laxmi Bank Limited) to launch its first ever mutual fund scheme named “Laxmi Value Fund”.

“Yes, the Sebon board has just given the final nod to our mutual fund, we are gearing up to launch it within this month of Magh,” one of the official of Laxmi Capital told ShareSansar today.

Laxmi Value Fund is a closed-ended, five-year equity oriented fund of the size Rs 40 crore and can be extended to Rs 50 core if there is oversubscription. 15 percent of the units are set aside for fund sponsor Laxmi Bank Limited and fund manager Laxmi Capital Limited respectively.
Earlier, Laxmi Capital Market Limited debutant Laxmi Value Fund has got [ICRANP] AMC Quality 3 (AMCs) from ICRA Nepal.

So far there are 5 mutual funds already in the market – two managed by Siddhartha Bank group, one by Nabil Bank group, one by NMB Bank group and one by NIBL Bank group.

Mutual Fund are treated as 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.