The Hindu Business Line : Update

ICICI Prudential Mutual has withdrawn exit load on redemption/switch out, for three of its funds. The fund will henceforth not charge exit load for ICICI Prudential Power, ICICI Prudential Services Industries and ICICI Equity & Der ivatives Fund Wealth Optimiser Plan.

HSBC Mutual has announced the launch of its new scheme — HSBC Dynamic Fund. This open-ended equity scheme seeks to capitalise on the potential upside in the equity markets and also limit the downside risk by investing in money ma rket instruments and derivatives.

The fund will invest 0-100 per cent in equity and equity related instrument and also has the mandate to invest 0-100 per cent in debt and money market instruments.

For investments below Rs 5 crore there would be an entry load of 2.5 per cent.

The exit load for the above category would be 1 per cent if redeemed within a year of allotment. The new fund offer is open from August 3-30. Minimum investment under lump sum option is Rs 10,000.

AIG Mutual Fund has appointed Mr Sandeep Bagla as the new Chief Investment Officer, Fixed Income. He has replaced Mr Sridhar Narayan who will now take over responsibilities in AIG Investment, private equity division.

JM Arbitrage Fund has modified its exit load structure. With effect from August 01, the fund will charge an exit load of 0.5 per cent, if the investment is redeemed within 30 days from the date of allotment. The entry load however, rem ains nil.

Franklin Templeton Investments (India) has announced a maiden dividend of 9 per cent on Franklin India Smaller Companies Fund, a five-year close-ended equity fund. The record date for the dividend is August 8.

SEBI has announced that the maximum expenses that can be charged by an index fund would be 1.5 per cent of the assets under management. The same was earlier capped at 2.5 per cent, which was similar to other equity funds.

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