SEBON approves NIC Asia's first mutual fund scheme worth Rs 1 arba

Securities Board of Nepal (SEBON) has provided final nod to the public issue of NIC Asia Growth Fund today i.e. Poush 11, 2074. The mutual fund scheme will be issuing 10 crore mutual fund units to the general public, each worth Rs 10 per unit at par. NIC Asia Growth Fund is NIC Asia Capital's first mutual fund scheme, and is a 7-years closed-end fund. The scheme will be managed by NIC Asia Capital Limited with NIC Asia Bank Limited (NICA) as the fund sponsor. Under the current regulation, 15% units i.e. 1.50 crore units are reserved for NIC Asia Bank and NIC Asia Capital. Remaining 8.50 crore units will be floated to the public. NIC Asia Capital Limited is a 100% subsidiary of NIC Asia Bank licensed by SEBON to provide merchant banking, issue management and fund management services. Currently, there are 12 mutual fund schemes in the market, out of which 10 are also listed in Nepal Stock Exchange. NIC Asia Growth Fund is the third mutual fund scheme after Siddhartha Equity Fund and Sanima Equity Fund to get approval for public issue in the ongoing FY 2074/75. Also See: Mutual Funds and their Latest NAVs