Mutual Funds

Motilal Oswal MOSt Shares Gold Exchange Traded Fund Fixes Record Date for Winding up of the Scheme

Posted On : 2015-03-18 20:08:24( TIMEZONE : IST )

Motilal Oswal MOSt Shares Gold Exchange Traded Fund has announced that MOSt Gold Shares was launched on March 22, 2011. MOSt Gold Shares was conceived as a vehicle to provide retail investors an access to Gold both as a store of value as well as for normal consumption. During the launch, the scheme had aimed to remove any trade margins thereby allowing for retail investors to save and take back physical gold. However with the changes in gold import regulations, there had been shortages of gold bullion. Furthermore, the Fund has been unable to consistently cater to physical redemption requests from investors due to irregular availability of required denominations. Hence the trustees of Motilal Oswal Mutual Fund have decided to wind up the Scheme, Motilal Oswal MOSt Shares Gold ETF, pursuant to clause (a) of sub-regulation (2) of Regulation 39 of SEBI (Mutual Funds) Regulations 1996. The Scheme shall stand wound down as on March 31, 2015.

Further the Company has informed that, the Company has fixed March 27, 2015 as the Record Date to ascertain the unit holders entitled to attend and vote at the meeting scheduled to be held on March 30, 2015 for winding up of mutual fund scheme.

Shares of MOTILAL OSWAL FINANCIAL SERVICES LTD. was last trading in BSE at Rs.280.95 as compared to the previous close of Rs. 281.65. The total number of shares traded during the day was 430 in over 95 trades.

The stock hit an intraday high of Rs. 283.05 and intraday low of 279. The net turnover during the day was Rs. 120781.

Source : Equity Bulls