NMB Bank Limited's mutual fund scheme approved by Sebon

The Securities Board of Nepal (Sebon) has finally given the approval to NMB Bank Limited to issue its mutual fund scheme, and the offer letter for the fund will be issued next week.
“Sebon has given the approval for our mutual fund scheme this afternoon,” NMB Capital’s Chief Operating Office Kamal Prasad Nepal told. “We will issue the offer letter next week, probably by Tuesday – or even earlier.”
He further informed that they are planning to close the issue itself before Dashain holidays begin.

NMB’s first mutual fund  scheme called  NMB Sulav Investment Fund – I will be managed by NMB Capital, a wholly owned subsidiary of NMB Bank.

While NMB Bank will be contributing 14 percent of the required 15 percent seed money for the five-year scheme, NMB Capital will chip in 1 percent of the seed money, according to Nepal. NMB Sulav Investment Fund – I is a closed end fund with an initial corpus of Rs 60 crore, and may exceed up to Rs 75 crore.

“Once the mutual fund is floated at a face value of Rs 10 per unit, interested investors can apply for a minimum of 100 units and maximum of 60 lakh units,” Nepal further informed.

NMB Sulav Investment Fund has received [ICRANP] AMC Quality 3 (AMCs), which is a very good credit rating.

With this there are now four mutual funds in the market,  including two operated Siddharth Capital Limited (SIG-1 and SEOS), and one managed by Nabil Investment Banking Limited (NBF-1).
The documents attached below give details of the scheme, besides general background on mutual funds and their advantages, and an extensive study on the Past, Present, and Future of Nepse. -SSN