Kathmandu. Nepal Life Insurance has extended the deadline for applying for the purchase of units of mutual fund named ‘Reliable Samriddhi Yojana’, the first mutual fund in the insurance sector of Nepal.
According to scheme manager Reliable Investment and Merchant Capital, applications can now be made in this mutual fund till April 15. It was said that the unit issue of this scheme would be closed at the earliest on April 15. However, the deadline has been extended due to the application as per the demand.
A total of 100 million units of the scheme have been opened for sale at a face value of Rs 10. Of the total 15 million units, 14 percent has been allotted to fund promoter Reliable Nepal Life and 1 million units to plan manager Reliable Capital. The remaining 85 million units have been issued publicly.
Investors can apply for a minimum of 100 units to a maximum of 10 million units. Investors can apply for the purchase of the unit online through all the banks and financial institutions and their branch offices as well as cdsc’s my share software.
Reliable Prosperity Scheme is of a closed-ended type. This is a 10-year plan. After the allocation of units of this scheme, the transaction can be done after listing on the Nepal Stock Exchange.
The profit will be distributed on the basis of the face value of the unit in proportion to the net profit earned by this scheme. The plan provides the facility to deduct dividend from the net profit and use the remaining amount for the reinvestment of the accumulated profits.
