Check Indian Cancer Society to launch Debt Fund to support cause of Cancer Cure

Check Indian Cancer Society to launch Debt Fund to support cause of Cancer Cure -HDFC Mutual Fund:

HDFC Mutual Fund (HDFC MF) has just now wrapped up 10 decades in operation. HDFC MF proposes to commemorate the 10th anniversary by a distinct philanthropy legislation of launching HDFC Debt Fund for Cancer Cure ('H-DFCC') in firm through the Indian Cancer Society (ICS). H-DFCC proposals an time to the investors to validation their require in donation of dividends obtained on this investments.

HDFC Debt Fund for Cancer Cure [H-DFCC] is a 3-year close-ended capital conservation oriented traffic scheme. An investor serves to suffer a different opportunity of donating the dividends earned, on his investments, either partly or wholly, to ICS.

H-DFCC serves to be launched on 18 February 2011 and is able to keep open for subscription up to 4 March 2011. HDFC AMC Ltd, as a portion of its contribution towards such social objective, ought to not levy any investment opportunity and advisory fee to manage H-DFCC and ought to additionally bear the distribution and re&wshyp;selling costs.

Speaking on the occasion, Mr Deepak Parekh said: “I am content the present HDFC AMC has been heard able to commemorate its 10th anniversary by launching a philanthropy oriented initiative. H-DFCC is a minimal stage in the channel of tapping socially responsible investors throughout the planet for this invaluable contribution for a social cause.”

Mr. Milind Barve, Managing Director, HDFC AMC Ltd said: “The product is an directed to gainfully gather the asset management and distribution capabilities of HDFC AMC towards a philanthropic cause. HDFC Debt Fund for Cancer Cure is the mostly of its brand in India. I wish it ought to extend a credible platform to those and establishments alike, to contribute towards cancer cure”

Mr. Nihal Kaviratne, Chairman of Indian Cancer Society said: “Remember when the C word spelled hopeless? Detected early, today Cancer can be treated effectively. In memory of a family member or friend lost to such disease, you can neutral a lamp for the underprivileged by getting a house in now unusual societal fund, and benefits the Indian Cancer Society save multi funny things lives”.

H-DFCC invests predominantly in highly rated Debt, Money Market instruments and Government Securities in an effort to cover capital (fund is rated AAA (so) by CRISIL). Based on the selection of dividend donation option, the investor authorizes HDFC MF/ HDFC AMC to directly donate to ICS either 50% or 100% of the dividend sum received. The operated is to cover the previous quantity invested investing in the Units going to get automatedly redeemed at end of the tenure of 3 (3) ages according to the date of allotment. The least lonely time for purchase in H-DFCC ought to be 1, 00,000. H-DFCC can be listed on NSE to ensure liquidity in the investment.

The donation of dividend to ICS is fit for tax loss short of Sec 80G of Indian Income-tax Act ('IT Act'), 1961. Specially constituted Governing Advisory Council, comprising eminent establishments will experience regulation and governance on the use of money donated to ICS by investors of HDFCC.