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Sunday, Jul 04, 2004

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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

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