DSP Merrill Lynch has unveiled a new systematic investment plan for its funds that will also provide an insurance cover to investors. The plan offers access to five equity and balanced funds, with the option to choose between various tenures. The fund house has tried up with Bajaj Allianz Life Insurance for this product.
Sahara Asset Management has changed the benchmark index for Sahara Mid-cap Fund to the S&P CNX 500 index. The decision was taken after the recent reconstitution of the CNX Mid-cap 200, which was the earlier benchmark for the fund.
Sahara has also unveiled a 7:1 bonus offer for Growth option unit holders under Sahara Taxgain Fund and a 3:1 bonus offer for Dividend option holders. The record date for the bonus is August 29.
PruICICI `s Infrastructure fund has raised Rs 1,400 crore from 1.4 lakh applicants through its new fund offer that closed this month.
UTI Equity Tax Savings Plan has declared a dividend of Rs 4 per unit. The record date is September 15.
PruICICI Tax Plan has declared a Rs.2.5 per unit dividend on the dividend option. The record date was August 23 2005.
After Principal and Chola Mutual Funds, it is the turn of Franklin Templeton to enter into a distribution pact with Indian Overseas Bank. The pact, signed this week, will see Indian overseas Bank distributing all the products of Franklin Templeton Mutual fund through its offices and branches.
Birla Mutual Fund plans to roll out an Enhanced Index Fund. The fund will invest in the basket of Nifty stocks in the same weightages as they carry in the Nifty. In addition the fund will use index derivatives to add to returns from the fund. The fund house has also declared a Rs.7.5 per unit dividend under Birla MNC Fund for which the record date was August 26.
Chola's Short term Floating Rate fund has raised Rs 150 crore through a new fund offer.