Kathmandu. The Securities Board of Nepal (SEBI) has approved the issue of mutual fund units worth Rs 4 billion of Himalayan Life Insurance Company.
The scheme manager Himalayan Investment Banker had filed an application with the Securities Board of Nepal on August 17 seeking permission to issue units of mutual funds called ‘HLI Large Cap Fund’. The securities board has given the permission on August 15.
Himalayan Investment Banker will now issue a total of 400 million units of the scheme at a face value of Rs 10. This is a closed plan. The scheme will be operated under The Himalayan Life Insurance Mutual Fund.
This is the second mutual fund to come from a life insurer. Earlier, mutual funds have come to promote the fund of Reliable Nepal Life.
HLI Large Cap Fund is also the largest mutual fund in the life insurance sector so far.
