* First India Mutual Fund has launched three open-end debt funds - Income fund, Liquid Fund and Gilt Fund. The initial offer period is from February 06 to February 14, 2002. First India Income Fund, is an medium-term debt fund. Minimum investment in the fund is of Rs 3,000 and in multiples of Rs 1,000 thereafter.
The initial issue expenses of 1 per cent will be charged to the investors. An exit load of 0.50 per cent will be charged if investments are redeemed within six months.
The minimum investment amount in the Liquid fund is pegged at Rs 10,000 and in multiples of Rs 5,000 thereafter. The investments redeemed within 5 working days will be subject to an exit load of 0.50 percent.
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The minimum investment in the government securities dedicated Gilt Fund is of Rs 5,000 and in multiples of Rs 1,000 thereafter. The fund carries an exit load of 0.50 percent for all investments pulled out within 3 months. In Liquid and Gilt Fund, initial issue expenses will be borne by the AMC.
* IL&FS Mutual Fund has launched an Index Fund- IL&FS Index Fund, which is open up for subscription from February 11, 2002 to February 21 2002.
The new fund comes in two flavours- BSE Sensex Plan,which will track the BSE 30 stock Index and the Nifty Plan will invest in the stocks comprised in the S&P CNX Nifty Index. Minimum imvestment in both the plans is of Rs 5,000.
While the entry in the fund will not be subject to an entry load, an exit load of 1 per cent will be applicable for amounts up to Rs 10 lakh, if redeemed within one year.