Kathmandu. Reliable Nepal Life Insurance has received applications of more than Rs 1 billion in the ‘Reliable Samriddhi Yojana’, the first mutual fund in the insurance sector of Nepal.
The scheme manager Reliable Investment and Merchant Capital had opened applications for the purchase of units of this mutual fund from April 1. Applications can be made in this scheme till April 15.
According to the CDSC, applications worth Rs 1.05 billion have been received from 50,794 applicants for the purchase of 105,311,370 units under the scheme. Which is more than 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.
