Financial Daily from THE HINDU group of publications
Tuesday, Jan 21, 2003

Port Info

Group Sites

Markets - Mutual Funds

JM Mutual plans income scheme

Our Bureau

KOLKATA, Jan. 20

JM Mutual Fund has worked out an open-ended scheme aimed at providing regular income, including monthly income. However, unlike some of its peers, the scheme will not be branded MIP (monthly income plan). Instead, JM has decided to name it `Momentum & Income Fund'.

The idea behind the proposal is to generate surpluses so as to make periodic dividend distribution and declare bonus in the growth option.

The scheme is otherwise similar to most new-generation MIPs in the sense that a small part of its assets — up to 15 per cent — is likely to be invested in stocks. The offer document sent to SEBI for clearance mentions that depending on circumstances, the entire allocation can be made to debt securities, including money market instruments and cash.

According to Mr Krishnamurthy Vijayan, CEO, JM Mutual, the idea is to give investors a debt fund with a limited equity flavour. "We will not position this as a conventional MIP as such a name may not go down well with the market," he said.

Article E-Mail :: Comment :: Syndication

Stories in this Section
JM Mutual plans income scheme

Bear domination
Volumes soar in Union Bank
Renewed interest seen in Dabur
Will T+2 system choke capital markets?
Dividend talk drills action in ONGC
FII selling in Hero Honda continues
Buy January calls on Tata Steel
Steel, bank stocks find interest in subdued market
Ketan Parekh in Kolkata police custody

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line