Mf Newsline

Pioneer ITI Mutual Fund is launching an open-ended Gilt Fund. The fund's IPO will be open for subscription from November 26, 2001 to December 7, 2001 at an issue price of Rs 10 per unit. The fund aims to provide steady returns by investing at least 70 per cent of the assets in government securities and the balance in the money market instruments.

Investors have the option of investing in the Liquid Plan, Investment Plan and Specific Maturity Plan. Liquid Plan is ideal for short-term investments and offers a choice of Monthly Dividend Option and Growth Option. The average maturity of the securities in the plan will be less than 3 years.

Investment Plan is suitable for long-term investments and offers a choice of Quarterly Dividend Option and Growth Option. The average maturity of the securities in the plan will be over 3 years.

The minimum investment is Rs 5000 for growth options and Rs 25,000 for dividend option. Specific Maturity Plan comprises of three sub-plans depending on the maturity periods - Short Term (upto 6 months), Medium Term (upto 13 months) and Long Term (upto 25 months). Investors have the choice of investing in the Growth Option and Dividend Option under each sub-plan.

Birla Mutual Fund has launched an open-ended income scheme called Birla Bond Plus. The fund's IPO is open for subscription from November 19 to November 26, 2001. Minimum subscription will be for Rs 5,000 and in multiples of Re. 1 thereafter at an issue price of Rs 10 per unit. The objective of the scheme is to generate income through investments in debt and money market instruments. Investors can either choose Plan A (Dividend Plan) or Plan B (Growth Plan).

Grindlays Super Saver Income - Short-term Fund has introduced T+1 redemption with effect from November 26, 2001. Cut-off time for redemption will be 10.30 a.m. and for switchover it will be 3.30 p.m. on a business day.

If the application for redemption is submitted before cut-off time, the same day's NAV will be applicable from Monday to Thursday. But, for the application submitted before the cut-off time on Friday, Sunday NAV would be applicable. Otherwise, the redemption request will be processed on the next day's NAV.