Laxmi Capital’s debutant mutual fund gets good ICRA credit rating

ShareSansar, September 24:

Laxmi Capital Market Limited has got ICRA credit rating for its mutual fund scheme Laxmi Value Fund, which is a five-year closed-end balanced fund worth Rs 40 crore.

“We have just received [ICRANP] AMC Quality 3 (AMCs),” a high ranking Laxmi Capital officer told ShareSansar today. “Since getting credit rating usually takes the longest time to bring a mutual fund, we are now upbeat about launching Laxmi Value Fund at the earliest. All we need now is Sebon’s final approval.”

NIBL Capital is also waiting for the final approval from Sebon to float a closed-end seven year scheme that comes to the tune of Rs 80 crore at the earliest. It will be launching its first Mutual Fund called Sambriddhi Fund-I close end, equity oriented fund of the size of Rs 80 crores very soon as it has already received Fund Management Quality Rating of AMC Quality 3 from ICRA Nepal.

Now there are four mutual funds that have already been launched – two of Siddhartha group and one each of Nabil and NMB groups, and two more of the aforementioned schemes, which are about to the launched.

Moreover, Nabil is planning to launch yet another mutual fund while Global IME is also planning a scheme identical to Nabil Balanced Fund-1.

NMB’s debut mutual fund- ‘NMB Sulav Investment Fund-I’ has been recently floated to the public, and has already been oversubscribed.

NMB Sulav Investment Fund – I is a closed end fund with an initial corpus of Rs 60 crore, and may exceed up to Rs 75 crore. The mutual fund was floated at the face value of Rs 10. NMB Sulav Investment Fund has received [ICRANP] AMC Quality 3 (AMCs.

Stock analysts believe that the entry of mutual fund helps to stabilize the volatility of the stock market.