Kathmandu. The Securities Board of Nepal (SEBON) has granted permission to issue ‘Nepal Life Prosperity Investment Scheme’ mutual fund. Nepal Life Insurance Company and its scheme manager Nepal Life Capital Limited have granted permission to the company to issue units of mutual fund named “Nepal Life Prosperity Investment Scheme”.

The fund is issuing 160 million units at a face value of Rs 10 per unit. The fund has been allowed to issue a total amount of Rs 1.60 billion. This is the first time Nepal Life Insurance has launched a closed-ended scheme. Its duration is 10 years. ICRA Nepal has assigned ‘ICRANP-ERA A’ rating to the fund to be issued. This rating indicates that the Fund has a high level of security with respect to timely servicing of its financial obligations.

The amount collected from the sale of the fund will be invested in securities registered with the Securities Board of Nepal, securities issued by the Securities Board of Nepal, securities listed in the securities market, bank deposits, money market instruments, bonds issued by any institution issued or controlled by the Government of Nepal, treasury bills and other instruments of the money market.