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Sunday, Sep 05, 2004

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SBI launches Magnum Emerging Business Fund

  • SBI has launched the SBI Magnum Emerging Business Fund under its Magnum Sector Fund Umbrella. The fund will focus on emerging business themes based on export/outsourcing opportunities and global competitiveness.

    The fund offers dividend and growth options. The minimum subscription amount is Rs 2,000. The offer closes on September 17,2004. The fund manager is Mr Sandip Sabharwal.

  • Chirag Setalvad has resigned from HDFC Mutual Fund. Mr Tushar Pradhan will now manage the portfolios of HDFC Tax Plan 2000, HDFC TaxSaver and HDFC Capital Builder Fund.

  • Birla Sunlife Mutual Fund has appointed Mr Nishid Shah as the Chief Investment Officer-Equity. He will be in charge of Birla Mid-cap Fund, Birla Equity Plan, Birla Tax Plan 98 and Birla Balance Fund.

  • Benchmark Mutual Fund is to buy back fractional units of its Liquid BeES fund at the applicable NAV. There will be no load or service charge.

  • HDFC Mutual Fund has revised the minimum application and minimum redemption amount for HDFC Floating Rate Income Fund Short Term Plan. The minimum application amount for the growth option will be Rs 10,000 as against Rs 1,00,000. The minimum amount for the dividend reinvestment option continues to be Rs 1,00,000.

    The minimum redemption amount, which was previously Rs 10,000 or 1,000 units, has been revised to Rs 5,000 or 500 units for the growth option and Rs 50,000 or 5,000 units for the dividend reinvestment option.

  • Tata Mutual Fund is to launch Tata Dividend Yield Fund, which will focus on stocks that have a relatively high dividend yield.

  • Reliance Mutual Fund has mopped up Rs 594 crore in the initial public offering period of Reliance Floating Rate Fund

  • SEBI has imposed a penalty of Rs 20 lakh on JM Mutual Fund for violation of MF regulations. Proceedings have also been initiated against the fund for late trading.

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