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IN September 2003, equity funds had inflows of about Rs 2,363 crore, the highest monthly inflow in over two years. But even as new investors came in, existing investors have used the uptrend to pull out funds with redemption at Rs 1,852 crore. Net inflows, at Rs 511 crore also represent a high for the post-2000 period.

The following are the other significant pointers from the fund flows for September 2003 published by the Association of Mutual Funds of India:

The total assets under management at the end of September 2003 were Rs1,21,778 crore.

Sales for the month of September were Rs 51,419 crore with about 90 per cent accounted for by private sector funds. The redemption was Rs 50,660, leaving the industry with modest inflows of Rs 760 crore.

For the April-September 2003 period, sales were Rs 2,61, 337 crore and outflows Rs 2,28,010 crore. Net inflows were about Rs 33,500 crore.

As has been the trend for about three years now, a large proportion of the inflows have been into income schemes (short-term and long-term). These schemes had a share of 95 per cent in September.

In terms of assets under management, UTI Mutual Fund continues to top the charts. But three private sector funds — HDFC Mutual, Prudential ICICI and Franklin Templeton — continue to battle it out with assets under management of about Rs 13,500 crore each.

Alliance'95 dividend: Alliance Capital Mutual Fund has announced a dividend of 10 per cent for the dividend option of The Alliance'95 Fund. The record date for the dividend was October 10, 2003.

Alliance Equity dividend: Alliance Capital has declared a dividend of 10 per cent for the Dividend Option of Alliance Equity Fund. The dividend is for the period ending September 30,

UTI Retirement Plan: UTI Mutual Fund has announced a bonus in the ratio of 1: 4 (one unit for every four units held). The record date for the bonus is October 24.

UTI Petro dividend: UTI Mutual Fund has declared a dividend of 15 per cent for UTI Petro Fund. The dividend is tax-free in the hands of investors. The record date for the dividend is October 10.

UTI RIS dividend: UTI Mutual Fund has announced a dividend of 0.6 per cent for the monthly income option of UTI Regular Income Scheme. The fund has an asset base of about Rs 170 crore.

PruICICI Plan: Prudential ICICI Mutual Fund has proposed to launch Prudential ICICI Deposit Plus NRI Series as part of its Prudential ICICI Fixed Maturity Plan. The fund offers quarterly, half-yearly, nine-month and yearly options. The fund will invest in money market instruments and other debt securities.

Investment in securitised debt will not exceed 30 per cent of assets. Only a dividend option is available under the various variants proposed. Each plan will have a Specified Redemption Date. On this date the investments will be redeemed and there will be no rollover facility.

Pension Plan Load: Franklin Templeton Investments has announced an entry load of 1 per cent for the Templeton India Pension Plan. This represents a reduction of 50 basis points from the earlier rate of 1.5 per cent. The change is effective from October 1.

First India dividend: First India Mutual Fund has declared a dividend of 4 per cent for Option A of the First India Short Term Plan (Dividend Option) and 17.5 per cent for the First India Gilt Fund (Dividend Option).

Sundaram Bond Saver: Sundaram Mutual Fund has announced a dividend of 80 per cent for Sundaram Bond Saver. The record date is October 30.

BL Research Bureau

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