The Hindu Business Line : UTI MF declares tax-free 50% dividend

UTI Mutual has declared a tax-free dividend of 50 per cent (Rs 5 per unit for every unit of Rs 10) for UTI MNC Fund. Investors as of December 12 will be eligible to receive the dividend. In FY 05, the fund had declared a dividend of 30 per cent. This fund was earlier known as UGS 10000.

Canbank Mutual has declared a dividend of 7 per cent for its open-end debt fund, Cancigo. The record date is December 2.

BOB Mutual has declared a dividend of 110 per cent for BOB ELSS 96 fund. The record date is December 15.

CRISIL has accorded the rating of Fund House Level 1 for HDFC Mutual, the first such exercise in the mutual fund industry in India. This rating indicates the highest level of corporate governance and process quality in fund management practices.

HSBC Mutual Fund has proposed to declare a dividend for the HSBC Midcap Equity Fund. The record date for the dividend is December 5. This will be the first dividend payment in this fund, which invests primarily in mid-cap stocks.

ING Vysya Mutual has launched ING Vysya LION Fund. The new fund offer period is between November 18 and December 9. The minimum investment is Rs 5,000. LION stands for large-cap, intermediate-cap, opportunities and new offerings.

Prudential ICICI Mutual has indicated that there will be an exit load of 1per cent if a redemption request is made within six months from the date of allotment of unit in Prudential ICICI Infrastructure Fund and Prudential ICICI Services Industries Fund.

This will apply if the amount invested is less than Rs 5 crore and for investments made before November 25. There will be no exit load for investments made after this date or if the redemption request is made after six months.

Fidelity Mutual has proposed to launch a `fund of funds' that will invest in short-term liquid funds of other fund houses. It is christened Fidelity Multi-Manager Cash Fund.

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