Financial Daily from THE HINDU group of publications
Sunday, Jul 04, 2004

Investment World
Port Info

Group Sites

Investment World - Mutual Funds
Markets - Mutual Funds
Columns - Fund Watch

Fund Watch

  • In its Budget wish-list, the mutual fund industry has mooted exemption from dividend distribution tax for equity funds, a cut in the small savings rate and a provision allowing mutual funds to qualify as eligible investments for exemption from capital gains tax.

    Equity funds were exempt from dividend distribution tax in 2003-04, but the exemption lapsed on March 31, 2004.

  • Punjab National Bank and Vijaya Bank have picked up a 30 per cent and a 5 per cent stake respectively, in Principal Asset Management Company.

    The AMC will now be called Principal PNB Asset Management Company.

    The fund, which now manages Rs 4,825 crore, plans to expand its retail reach by using the banking network to vend mutual fund products.

  • Kotak Mutual Fund is the latest to launch a Fund of Funds product.

    This one will invest a significant portion of its portfolio outside the Kotak funds. Kotak Equity Fund of Funds will invest up to 25 per cent in the equity funds managed by Kotak Mutual Fund and the 75 per cent in equity schemes of other mutual fund houses.

    The initial public offer opens on July 1, and closes on July 19. The minimum application amount is Rs 5,000.

    The fund has also announced changes in the load structure for equity and balanced funds. Entry loads have been waived for investment sizes of over Rs 2 crore and for investments routed through fund of funds products.

  • With UTI Mutual Fund's acquisition of IL&FS Mutual Fund, all the funds managed by the latter will be transferred to UTI Mutual Fund with effect from July 5.

    The takeover has been approved by SEBI.

  • Alliance Capital Mutual Fund has been directed to pay a fine of Rs 2.86 crore by SEBI, for its alleged failure to report violations of capital market regulations.

    The fund house has the option to appeal against this penalty.

    BL Research Bureau

    Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

  • Stories in this Section
    Investment quiz

    J. K. Paper: Accept
    Mutual funds in April-June 2004 — IT was the right choice
    Stocks that offer growth and value
    Equity fund flows: Break from the past?
    Birla Mid-cap Fund: Cut exposures
    Birla India Opportunities Fund: Hold
    Templeton India Growth Fund
    Fund Watch
    Fund Talk
    LMW: Buy
    TVS Motor: Pare exposures
    Matrix Laboratories: Buy
    D-Link (India): Hold
    NDTV: Hold
    Britannia Industries: Hold
    Macmillan India: Buy
    Housewife with a property to sell and tax to think of
    Senior's multiple sources
    HLL may seek lower levels
    Limited upside potential
    Focus of the week
    Query corner
    Question 'n' Auto
    Choosing the right contractor
    Birla Sun Life `Woman First' Plan
    Minority games and contrarian strategy
    Equities recover in June
    In line with global trend
    Bullish undertone prevails
    Time value of options and other issues
    Using Futures/Options
    Futures guide
    Options guide
    Dewan Housing Finance — Housed in comfort
    Flexible Reserve from Standard Chartered
    Corporation Bank cuts FCNR rates
    `The sustainability of current growth is higher': Mr B. Muthuraman, Managing Director, Tata Steel
    Gross ways to grow wealth
    World Phone's pre-paid calling card
    BPL Mobile's new services
    Gulf Air's special fare
    Centurion Bank's mobile refill facility
    Signity's `Diana Cut' jewellery range
    Titan's `FASTRACK'
    Cricket commentary on mobiles

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

    Copyright 2004, 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