The Hindu Business Line : FMC permits MFs to invest in commodity futures

Mutual funds have been permitted by the Forward Market Commission to invest in gold, silver and oil futures. This will give investors the opportunity to hold select commodities in their portfolio.

The regulation for the proposed investments will be set up by SEBI while fund houses will work out details of the products. Decisions on participation in other commodities will be taken gradually.

Reliance Mutual has launched an ATM card that allows investors to sell units of Reliance Regular Savings Fund and withdraw cash instantly. Withdrawals will be allowed up to 50 per cent of the invested fund or maximum limit set by the particular ATM, whichever is lower.

Through the Reliance card, investors can withdraw money at over one million Visa ATMs and can also use it at over 24 million Visa-enabled merchant establishments across the world. There will be no additional fund expenses or load on the unit-holders for the said facility.

Ravi Mehrotra, President Franklin Templeton India, has quit. There are no indications at present about the succession plan.

Reliance Mutual has come out with a spate of dividends. It has declared a dividend of 30 per cent each on Reliance Vision and Reliance Growth.

Among the sector funds, it has declared a dividend of 40 per cent under its Reliance Diversified Power and Reliance Banking Fund schemes and 10 per cent each on the Pharma Fund and Media and Entertainment Fund. The record date for Vision, Growth and Pharma funds is December 19 and for other schemes December 29.

Canbank Mutual has declared dividend of 2.25 per cent (including tax) under Cangilt PGS Scheme. December 30 is the record date for dividend. Book closure for the funds is from December 31 to January 2.

Clarification: With reference to `Fund Watch' published on December 11, Birla Sun Life Mutual has clarified that no dividend has been announced and there is no record date for Birla Sun Life Frontline Equity.

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