The Hindu Business Line : Fund Update

Reliance Mutual Fund has announced that it will discontinue the personal accident death insurance cover under Reliance Tax Saver (ELSS) on a prospective basis with effect from July 2.

Any investment before July 1 will qualify for cover for three years commencing from the first day of the month succeeding the month in which the investment is made in the scheme.

ING Mutual Fund has announced a name change of all its schemes beginning June 26.

The changes in names made in its equity schemes are as follows, with the new scheme name shown within brackets: ING Vysya Domestic Opportunities (ING Domestic Opportunities); ING Vysya Select Stocks (ING Select Stocks); ING Vysya Dividend Yield (ING Dividend Yield); ING Vysya Midcap (ING Midcap); ING Vysya L.I.O.N (ING L.I.O.N); ING Vysya Nifty Plus (ING Nifty Plus ); ING Vysya Tax Savings (ING Tax Savings); ING Vysya A.T.M (ING A.T.M); ING Vysya C.U.B (ING C.U.B).

SBI Mutual Fund has announced a dividend of Rs 4 per unit on the face value of Rs 10 under its Magnum Sector Funds Umbrella - IT Fund, an open-ended equity scheme. The record date for the same is July 4.

Securities and Exchange Board of India (SEBI) has extended the deadline for mandatory quoting of Permanent Account Number (PAN) by mutual fund investors till December 31, 2007 provided they give proof of application for PAN.

However, for investments made above Rs 50,000, PAN number continues to remain mandatory.

Kotak Mutual Fund has revised the exit load for its Income Plus Scheme from July 2.

The fund will start charging an exit load of 1 per cent for investment up to Rs 25 lakh, if redeemed within one year. However there will be no change in the entry load.

Reliance Mutual Fund has announced a dividend under its Reliance Liquid Fund Treasury Plan Retail Quarterly Option.

The dividend will be 35 per cent (Rs 3.50 ) per unit for a face value of Rs 10.

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