Record Date Announced For Dividend In Standard Chartered FMP

Standard Chartered Mutual Fund has come out with the record date for declaration of dividend under the dividend option of Grindlays Fixed Maturity 20th Plan. The record date would be April 9, 2007. The fund mulls to pay out the entire appreciation during the tenure of the fund.

HDFC MF Rolls Out New Fund

HDFC Mutual Fund has rolled out an open-ended scheme HDFC quarterly interval fund - Plan A. The new fund offer opens Apr. 2, 2007 and closes Apr. 30, 2007. The offer price is Rs 10. The scheme targets generating regular income through investments in debt, money market instruments and government securities. HDFC quarterly interval fund offers wholesale plan and retail plan (with growth and dividend option). The minimum application amount under retail plan is Rs 5,000 and in multiple of Re 1 thereafter. On the other hand, in wholesale plan this amount is Rs 1 crore and in multiples of Re 1 thereafter an application. There is no entry load but there is an exit load of 0.75% if the units are redeemed on any day other than the specified transaction period (STP) and there is no exit load if the units are redeemed during STP.

SBI MF Unleashes 60 Days Debt Fund Series

SBI Mutual Fund rolled out a 60 days fund under SBI debt fund series (SDFS), a close-ended debt scheme. The news fund offer (NFO) opens from 3 April 2007 and closes on same day that is 3 April 2007. The fund aims to invest in a portfolio of AAA/AA rated debt instruments, government securities, and call and money market instruments in line with the maturity of the scheme. The minimum investment in the SDFS-60 days fund would be Rs 50,000 and in multiples of Rs 1,000 thereafter. The SDFS-60 days fund a part of the SBI debt fund series, aims at providing regular income liquidity and returns to the investors through in a portfolio comprising of debt instruments asset allocation: government securities.

Mutual Funds Sell Equity Worth Rs 1679 Cr

Domestic mutual funds (MFs) began the month upbeat, as they purchased shares worth a net Rs 63.56 crore on Monday (2 April 2007). MFs reported gross purchases worth Rs 461.70 crore, their gross sales aggregating Rs 398.14 crore on March 29. MFs were net sellers to the tune of Rs 1679.51 crore in March 2007. The Sensex had plunged 617 points, its second-biggest, single-day loss, ever, to close at 12,455, after the Reserve Bank of India (RBI), raised two key policy rates.

Prudential ICICI MF Changes Load Structure

Prudential ICICI Mutual Fund has revised the load structure of its three schemes, that is Prudential ICICI Long term plan, Index fund and Equity and diversified fund- wealth optimiser plan. The new structure of entry and exit load will be applicable from 3rd April 2007. The changes in the load structure of these schemes are as follows: 1) Prudential ICICI Long Term plan: There would be no entry and exit load. 2) Prudential ICICI index fund: The entry load will be 1% of the applicable NAV and there will be no exit load. 3) Prudential ICICI Equity and diversified fund- wealth optimiser plan: a) An entry load of 2.25% of the applicable NAV for investment less than Rs 5 crore and there is no entry load if the investment is more than Rs 5 crore. b) An exit load of 0.50% of the applicable NAV if the units are redeemed or switched within six month from the date of allotment.

Prudential ICICI MF Re-Named

The name of Prudential ICICI Mutual Fund has been rechristined as ICICI Prudential Mutual Fund with effect from April 2, 2007. The move reflects the change in shareholding pattern of ICICI Bank and Prudential Plc (effected in August 2005) in the Asset Management Company (AMC) and the Trust Company. The names of the AMC and the Trust company have also been changed to ICICI Prudential Asset Management Company Ltd and ICICI Prudential Trust Ltd. A similar change has also been made to the names of the fund house''s schemes.

MFs Sell Equities Worth Rs 83.70 Crore

Domestic mutual funds (MFs) were net sellers of equities for the fifth consecutive trading session on 30 March 2007. MFs sold shares worth Rs 83.70 crore on Friday compared with Thursday (29 March 2007)'s sales of Rs 60.01 crore. MFs made gross sales worth Rs 380.88 crore, their gross purchases aggregating Rs 297.18 crore on March 30. MFs net inflow in April 2006 - March 2007, stands at Rs 8819.08 crore. Domestic funds bought shares worth Rs 14302.20 crore during April 2005 - March 2006 period.

UTI MF Proposes To Change The Name Of UTI Bond Advantage Fund

UTI Mutual Fund plans to change the name of UTI Bond Advantage Fund from 3rd April 2007. The new name would be UTI Liquid Plus Fund which will have Retail and Institutional Plans with daily, weekly and monthly frequencies. Minimum investment amount for Retail Plan would be Rs.1 lakh and for Institutional Plan, it shall be Rs.1 crore. The fund would benchmark its performance against Crisil Liquid Fund Index. It would charge an exit load of 0.15% if redemption is made within 7 days. Except from these, all other features of UTI Bond Advantage Fund remains unchanged.