The Hindu Business Line : SPICE fund: caution to investors

The prices of units of PruICICI SPICE fund, an exchange traded fund have risen by nearly 140 per cent over the past week. This has prompted PruICICI Mutual Fund to clarify to investors that the NAV of SPICE ETF (Sensex Prudential ICICI Exchange Traded Fund) was Rs 66.92 per unit on May 25 2005.

The fund has pointed out that the recent tendency of the fund's units to trade at prices higher than the NAV in the secondary market, may not be sustainable. The value of each SPICE unit reflects 1/100th of the closing value of Sensex.

DSP Merill Lynch Mutual Fund has announced a 40 per cent dividend on DSP ML Equity Fund. Record date is June 14.

UTI Mutual Fund has declared a 20 per cent on its equity fund-UTI Mastergain. The record date is June 9.

Franklin Templeton India Balanced Fund will declare a dividend with June 15 as record date. The books will be closed for one day on June 16.

HDFC Mutual Fund has proposed to launch HDFC Derived Benefit Fund, an interval fund that will take advantage of arbitrage opportunities created by mis-pricing in the derivatives markets, while allocating a portion of its portfolio to debt instruments.

The offer document has been filed with SEBI. There are already two fund products that take advantage of arbitrage opportunities in derivatives. These are JM Arbitrage Fund and PruICICI Blended Plan.

PruICICI Mutual Fund has announced an exit load of 0.5 per cent on PruICICI Long Term Floating Rate Plan with effect from May 26. The exit load will be charged if units are redeemed in less than six months from the date of purchase, for transactions of less than Rs 1 crore.

The SEBI has imposed a fine of Rs 75,000 on Birla Mutual Fund for not complying with some provisions of the Takeover code while transacting in the shares of Subex Systems in 1999.

Fidelity Equity Fund has opened for investments on an ongoing basis. The fund declared its maiden NAV of Rs 10.029 per unit.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Ambuja Cement Eastern: Reject

Balanced funds now compelling choices

Why 2004-05 is a year to forget for oil companies

Chance for SEBI to make an impact

Before you pull the trigger on the analyst...

SBI Magnum Balanced Fund: Hold

Reliance Growth Fund: Invest

SPICE fund: caution to investors

State Bank of India: Buy

Uttam Galva Steels: Hold