Financial Daily from THE HINDU group of publications
Sunday, Nov 24, 2002
Financial Daily from THE HINDU group of publications Sunday, Nov 24, 2002 |
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Markets
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Mutual Funds JM Mutual plans bonus issue for gilts scheme Our Bureau
KOLKATA, Nov. 23 JM Mutual is working on a bonus issue for investors in its G-sec fund, said to be a first of sorts from any fund house in the private sector. While the bonus ratio is being kept as a closely-guarded secret, sources aware of developments suggest that the fund would soon approach the market with details related to the issue. Investors in the G-sec fund, according to JM, should stay invested in it for at least 12 months and more in order to maximise their returns. The proposed bonus will not be a first for JM. The latter had earlier done it for its income fund, it is pointed out. The G-sec fund has no entry loads; it charges exit loads of 0.25 per cent on the applicable NAV if redemptions are taken within 90 days of investment. Such a load, however, is for amounts of Rs 2 lakh or less. It may be mentioned that the fund provides investors with a number of plans, including a couple named regular and PF.
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