Business Daily from THE HINDU group of publications
Sunday, Dec 24, 2006
ePaper
Business Daily from THE HINDU group of publications Sunday, Dec 24, 2006 ePaper |
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Investment World
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Mutual Funds Markets - Mutual Funds
DSPML Mutual Fund has extended the offer period for DSPML Tax Saver Fund to December 26. The fund was scheduled to close on December 21. Deutsche Mutual Fund has declared a dividend of 35 per cent in DWS Alpha Equity Fund. The record date for the same is December 29. HDFC Mutual Fund has declared a dividend of 35 per cent and 25 per cent in HDFC Growth Fund and HDFC Balanced Fund respectively. The record date for the both schemes is December 28. UTI Mutual Fund announced the launch of UTI-Long Term Advantage Fund from December 21; the new fund offer (NFO) closes on March 20. Units will be available for subscription only during the NFO period. UTI-Long Term Advantage Fund is as ten - year close-ended Equity Linked Saving Scheme with a redemption facility after an initial lock-in-period of three years from the date of allotment. The investment objective of the scheme is to provide medium- to long- term capital appreciation along with income tax benefit. Investments in the scheme will qualify for deduction from gross total income up to Rs 1 lakh under Section 80-C of the Income-Tax Act 1961. The fund will invest between 80-100 per cent in equity and equity-related instruments and 0-20 per cent in debt and money market instruments. The scheme has growth option and dividend option with payout and re-investment facilities. The minimum initial investment is Rs 500 and in multiplies of Rs 500 thereafter, with no upper limit. The fund will not charge any entry load during the initial subscription. Redemption before expiry of 10 years from the date of allotment will be subject to an early exit charge. An early exit charge will be equivalent to proportionate unamortised portion of the NFO expenses outstanding as on the date of redemption.
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