Reliance Mutual Fund has launched Reliance Cash Plan on December 4, 2001. The scheme will have two options : weekly dividend (re-investment) option and growth option. The minimum initial investment is Rs 25000. The AMC will not charge any entry/exit load.
The fund will invest up to 95 per cent of its asset in money market instruments. The cut-off time for purchases will be 10.30 a.m. (10.00 a.m. on Saturday) and it will be 1.00 p.m. for redemptions.
The AMC has also revised the load structure in its three funds - Reliance Income Fund, Reliance MIP and Reliance Vision Fund with effect from December 4, 2001.
For Reliance Income and Reliance MIP, an exit load of 0.50 percent would be charged for redemptions upto Rs 5 lakhs if redeemed within six months. However amounts above this limit will not attract any exit load. Reliance Vision Fund has introduced an entry load of 2 per cent.
IL&FS Mutual Fund has introduced monthly dividend (re-investment) plan in its Liquid Account. The new plan opened for subscription on December 3, 2001. It will open up for continuos sale and redemption within 3 business days from the close of the IPO.
While existing investors can invest in the new plan with a minimum of Rs 1000, the initial investment for new investors is Rs 10,000 and in multiples of Re 1 thereafter. The plan will invest in high-quality money market instruments, maturing within 90-days.
Standard Chartered Mutual Fund plans to launch Grindlays Fixed Saving Scheme - Series IV. It is a closed-end debt-speciality fund. The series will be open for subscription from December 10 to December 21, 2001. The fund would maintain a maturity profile around 15 months. The series will invest in debt instruments maturing around the same time i.e April 7, 2003.
Sundaram Bond Saver, a medium-term debt fund has announced a quarterly dividend of 3 per cent (Rs 0.30 per unit). The record date for the same is December 14, 2001. The fund has returned an annualized 13.91 per cent since its launch.
