IDBI Bank and Union Bank are the latest entrants. In less than 24 hours, two public sector players-IDBI Bank and Union Bank of India-announced their foray into over Rs 781,000-crore mutual fund (MF) industry, though both have taken different routes. While IDBI Bank decided to go solo, Union Bank has partnered Belgian asset manager KBC. By doing so, Union Bank has followed peers such as State Bank of India, Bank of Baroda and Canara Bank that have tied up with foreign partners.

Birla Sun Life Mutual Fund has launched a new fund named as Birla Sun Life Fixed Term Plan - Series CD (370 Days), a close ended income scheme. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue opens & closes subscription on 29 March 2010.

Asset management companies (AMCs) and mutual fund (MF) distributors have sought more time to comply with know-your-client (KYC) norms and will soon make a representation to capital market regulator Securities and Exchange Board of India (Sebi) on the matter. "Fund houses and distributors have approached Association of Mutual Funds in India (Amfi) to take up this issue with Sebi," said an official familiar with the development.

Deutsche mutual fund has launched a new open ended overseas fund namely, DWS Global Agribusiness Offshore fund. The new fund offer under the scheme will be available from 06th April, 2010 to 30th April, 2010. The investment objective of the scheme is to generate long-term capital growth by investing predominantly in units of overseas mutual funds, focusing on agriculture and/or would be direct and indirect beneficiaries of the anticipated growth in the agriculture and/or affiliated/allied sectors.