Dhanavarsha (9) Opens On Oct 24

Dhanavarsha(9) will take all the characteristics of its predecessor, Dhanavarsha (8), as an income and growth scheme which will also be a close ended scheme.

Dhanavarsha (8) as a close-ended scheme collected about Rs 75 crore after it closed down on September 14. According to a source in the LIC Mutual Fund, the scheme was oversubscribed by over 100 per cent. The asset management company of LIC Mutual Fund, Jeevan Bima Sahayog Asset Management Company Ltd, has so far launched 27 mutual fund schemes. Only four of them have been open-ended and the balance being the close-ended ones.

Internally circulated documents in LIC Mutual Fund have shown that close ended schemes have collected in the following order. Dhanasahyog which is a incomes and growth scheme has collected Rs 76.48 crore. Dhanaraksha which is an insurance linked with tax savings scheme has collected Rs 50.02 crore. Dhanavriddhi is an insurance with guaranteed returns scheme collected a meagre amount of Rs 2.87 crore.

The fourth among the open-ended scheme is Dhanavidya which is a scheme with provision of scholarship with tax advantage. It has also attracted scant attention with collection of only Rs 2.32 crore. The close-ended schemes are in greater number and the collections cannot be computed as the schemes continue indefinitely.

However, initial collections by some of these have been shown within brackets against their names: Dhanashree 89(Rs 276.16 crore), Dhanashree 90 (Rs 126.59 crore). Dhanashree 91 (Rs 13.15 crore).

Dhanavarsha(1),(2),(3),(4),(5),(6), (7) are in the order of Rs 78.29 crore, Rs 121.32 crore, Rs 79.54 crore, Rs 209.34 crore, 157.32 crore and Rs 65.08 crore, respectively.