The Hindu Business Line : MF update

The Securities and Exchange Board of India (SEBI) will soon allow hedge funds to directly invest in the Indian market. Currently, hedge funds are not allowed to invest in the Indian market directly but do so through the participatory note route. The details relating to hedge funds will be discussed in Mumbai in April at the International Organisation of Securities Commissions (IOSCO) conference hosted by the SEBI.

UTI Gold Exchange Traded Fund has raised Rs 140 crore during the new fund offer period that closed on March 16. The fund had earlier expected about Rs 200 crore from the NFO. The ETF will be listed at the NSE on either April 9 or 10.

HDFC Mutual will have a change in management for five of its funds. Mr Chirag Setalvad will manage HDFC Capital Builder, HDFC Long Term Advantage, HDFC Children's Gift - Savings Plan, HDFC Children's Gift Investment Plan, HDFC Multiple Yield Fund - Plan 2005 and HDFC Balanced Fund. These funds were earlier managed by Mr Vinay Kulkarni.

Mr Setalvad has 10 years experience in fund management and equity research.

ABN Amro Mutual has changed the definition of `high dividend yield stocks' for its ABN Amro Dividend Yield Fund.

The fund will now term stocks with a dividend yield in excess of 0.5 per cent as high dividend yield stocks.

Earlier, the definition was `stocks with dividend yield in excess of the dividend yield of BSE Sensex'.

Investors who wish to discontinue from the above scheme can exit without any exit load between April 9 and May 8.

Principal Mutual Fund has announced April 2 as the record date for declaration of dividend under the dividend option of Principal Fixed Term Plan - 385 Days - Series 1.The dividend will be 100 per cent of distributable surplus available on the record date.

ABN Amro Mutual has extended the new fund offer period of ABN Amro Sustainable Development Fund. The NFO will now close on April 5.

Standard Chartered Mutual Fund proposes to introduce daily dividend option under its two funds- Grindlays Floating Rate Long Term Plan B and Grindlays Super Saver Income Fund - Medium Term Plan.

The dividend declared by both the funds will be compulsorily re-invested. This is effective April 1.

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