Date:13/02/2005 URL: http://www.thehindubusinessline.com/bline/iw/2005/02/13/stories/2005021300151400.htm

Back UTI to launch a `dividend yield' fund

Bajaj Auto, an investor in UTI Growth & Value (formerly from the stable of IL&FS), has moved the court against the winding up of the bonus plan. The court has, however, asked UTI to dispatch the cheques in pursuance of the winding-up plan, indicating that investors also had the right not to encash the cheque.

With a view to increasing the geographical reach and to provide more convenience to investors, Franklin Templeton Mutual Fund has declared its Web site as official point of acceptance of transactions (OPAT) with effect from February 10, 2005.

This facility is available to investors who have a valid household personal identification number to perform Web-based transactions. The cut-off time for transactions will be reckoned at this OPAT also.

UTI plans to launch a `dividend yield' fund. Canbank Mutual Fund has launched Canemerging Equities, which would invest in small and medium-market capitalisation stocks. The offer closes on February 23. Canbank Mutual has also launched CanFloating Rate scheme. The offer closes on February 22.

UTI Dynamic Equity Fund has declared a dividend of 25 per cent. February 24 is the record date.

The RBI has said that advances against debt mutual funds will no longer be considered as part of a bank's exposure to capital market. Banks are now free to decide the quantum of advances disbursable against these instruments.

Prudential ICICI AMC has indicated that ICICI Premier, which was rolled over in 2004, is due for redemption on February 7, 2005.

Chola Mutual has changed the entry loads for the recently launched Chola Multi-Cap Fund. The entry load is being increased to 2.25 per cent for investments less than Rs 1 crore. Previously, there was no entry load on investments in excess of Rs 25 lakh and investments below that sum attracted an entry load of 2 per cent.

BL Research Bureau