Date:27/04/2006 URL: http://www.thehindu.com/2006/04/27/stories/2006042705312006.htm

Business - Briefly

SCMF launches enterprise equity fund

CHENNAI: Standard Chartered Mutual Fund (SCMF) has launched Enterprise Equity Fund that will invest in initial public offers (IPOs) which will be launched in the next three years. Addressing presspersons here on Wednesday, Naval Bir Kumar, Managing Director, Standard Chartered Asset Management Company, said "investors find that the process of applying for IPOs is cumbersome and most get part allotments. This fund makes the process retail investor friendly and aims to help investors take advantage of the increasing number of IPOs and seeks to harness potential premiums on listings." This close ended equity fund will automatically convert into an open-ended equity fund on completion of three years. The minimum subscription is Rs. 5,000 and the new fund offer is open from April 19 to May 16.