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KOTAK Mahindra Mutual Fund plans to launch an open-end income scheme, Kotak Mahindra Income Plus. The fund offer invests mainly in debt instruments and to a moderate extent, in equities. There will be a contingent deferred sales chare of 0.5 per cent if funds are pulled out within six months. The fund has filed the offer document with the Securities and Exchange Board of India.

Alliance CEO: Mr Rajnish Narula has been appointed as the Chief Executive Officer of the Alliance Capital Asset Management Company . Mr Narula now works with Standard Chartered Bank as Head-Investment Services.

Mr M. S. Verma, former Chairman of the State Bank of India. has been appointed as an Independent Director on the board of Alliance Capital Asset Management Company.

Mr Samir Arora has resigned as the Chief Investment Officer of Alliance Capital and as Head-Asian Emerging Markets.

Mr Manish Singhal has been appointed as the Head-Asian Operations.

Samir Arora banned: The Securities and Exchange Board of India has banned Mr Samir Arora, until recently with Alliance Capital, from participating directly, or indirectly, in the capital market.

The ban is the grounds of insider trading in the shares of Digital Equipment, non-disclosure of information under the Takeover Code, investing on the basis of unpublished price-sensitive information from companies such as Mastek, Balaji Telefilms, Hinduja TMT, United Phosphorus and Digital Equipment, and scuttling the global parent's plan to sell its stake in the Indian operating, resulting in losses for investors in the fund.

New Reliance MF CEO: Mr Amitabh Chaturvedi has been appointed as the new CEO of Reliance Capital Mutual Fund. He has been working with ICICI Bank and was earlier with Lloyds Finance.

Bluechip dividend: Franklin Templeton has announced a dividend of 20 per cent for the Franklin India Bluechip Fund. The dividend is tax free in the hands of investors.

The dividend is for investors in the Dividend Plan as of July 30 2003.

Mr Ravi Mehrotra, President of the Fund has stated that: "Bluechip has always different from its peers due to its unique attributes — true diversification, focus on quality, liquidity and performance over market cycle".

PruICICI Fixed Maturity: Prudential ICICI Mutual Fund has fixed August 13, 2003 as the record date for dividend under the PruICICI Fixed Maturity Plan Quarterly Plan Series 3. Investors as of August 13 will be entitled to the dividend.

August 18 is the Specified Redemption Date for the Quarterly Plan Series 3. Investments will be redeemed unless specific requests are made.

On specific requests, the investments will be rolled over to the next Specified Redemption date.

The period between August 19 and August 27 is the Specified Subscription Period when units can be acquired at NAV.

No more Birla IT: Birla SunLife Mutual Fund has re-positioned its sector-specific scheme, Birla IT Fund.

The fund has been renamed as the Birla India Opportunities Fund. The fund would invest in various themes across sectors.

This is a change in the fundamental attribute of the scheme. So investors have an exit option at NAV till August 25.

Given the healthy performance of the Birla IT Fund over the last two years and the uncertainty that has come about, investors can cash out.

Tata Fund Option: Tata Mutual Fund has introduced an Appreciation Option for the Tata Monthly Income Scheme. The minimum amount is Rs 10,000. There is no entry load.

The exit load will be 0.5 per cent for investments of less than Rs 1 crore if the funds are pulled out within 180 days. For investments in excess of Rs 1 crore there is no exit load.

BL Research Bureau

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