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BL Research Bureau

HDFC Mutual Fund has launched a monthly income plan, which will be open for subscription in the initial offer period between November 17 and December 8, 2003.

The fund offers a Short-Term Plan and a Long-Term Plan. Each plan has monthly / quarterly dividend options and a growth option.

The fund may invest a part of the proceeds in equity. The units are priced at Rs 10 per unit in the initial offering period. They will be available for sale at NAV-based prices subsequently.

UTI Plan: UTI Mutual Fund has introduced a short-term plan under its Government Securities Fund (Gilt Fund).

The new plan, christened UTI G-Sec Short Term Plan, will be open in the initial offering period till December 9, 2003.

Income and growth options are available.

The fund will be available on tap at NAV-based prices for sale and repurchase from December 15.

It will invest in government securities with a tenure of less than three years and also in call money, treasury bills and repos.

The minimum amount is Rs 1,000 for the growth plan and Rs 10,000 for the income plan. The benchmark for UTI G-sec Short Term Plan is SIBEX (1-3 Years) given by ICICI-Securities.

SBI MF Plan: SBI Mutual Fund has introduced an option for provident funds to invest in its Magnum Gilt long-term plan.

Provident funds are allowed to invest up to 70 per cent of their accretion to corpus in dedicated gilt funds.

UTI VIP dividend: UTI Mutual Fund has announced a dividend of 12 per cent for the Variable Investment Plan, an index-linked fund, which allocates assets between debt and equity.

Investors as of November 17 are eligible for the dividend.

Sundaram Mid-Cap dividend: Sundaram Mutual Fund has announced a dividend of 40 per cent for the Sundaram Select Mid-Cap Fund.

Investors as of November 21, 2003 will be eligible for the dividend.

Franklin dividends: Franklin Templeton has announced a plan to declare dividends for its two balanced funds, FT India Balanced Fund and Franklin India Balanced Fund. Investors as of November 25, 2003 will receive the tax-free dividend.

The scheme reopened for fresh purchases and redemptions on November 28 (ex-dividend date).

There was a two-day book closure between November 26 and November 27.

Reliance Banking dividend: Reliance Capital Mutual Fund has indicated its intent to declare a dividend in the Reliance Banking Fund (Dividend Option).

The dividend is yet to be announced. Investors as of November 25, 2003 will be entitled to receive the dividend.

JM dividend: JM Mutual Fund has announced a dividend of 20 per cent for its JM Equity Fund, 10 per cent for the JM Balanced Fund and 30 per cent for JM Balanced Fund.

Investors as of November 18 are eligible for the dividend.

Kotak Income Plus: Kotak Mahindra Mutual Fund has garnered a corpus of Rs 170 crore in the initial offering period for its Kotak Income Plus Fund.

It has attracted support from about 30,000 investors. The fund will be available for sale and repurchase on an ongoing basis from December 3.

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