NIC ASIA Capital to issue its 1st ever Mutual fund; Sebon grants approval

NIC ASIA Capital, the wholly owned subsidiary of NIC ASIA Bank is soon going to issue mutual fund units to public. Securities Board of Nepal has granted approval for the public issue on 11th Poush, 2074. 

The 7 year close ended mutual fund named "NIC ASIA Growth Fund" will have a fund size of Rs 1 billion. The capital will issue 100 millions units of face value Rs 10 per unit. The capital has received “[ICRANP-IR] A-” rating from ICRA Nepal indicating an adequate rating.

15% of the total units will be reserved for NIC ASIA Bank, who is the fund sponsor of the scheme. The total fund will be invested in various instruments as per mutual fund regulation. 

Currently, there are 12 mutual funds in Nepal. Out of them, 10 are currently in operation. Recently floated Sanima Equity Fund and Siddhartha Equity Fund are yet to get listed in stock exchange.