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JM Mutual plans income scheme

Our Bureau

KOLKATA, Jan. 20

JM Mutual Fund has worked out an open-ended scheme aimed at providing regular income, including monthly income. However, unlike some of its peers, the scheme will not be branded MIP (monthly income plan). Instead, JM has decided to name it `Momentum & Income Fund'.

The idea behind the proposal is to generate surpluses so as to make periodic dividend distribution and declare bonus in the growth option.

The scheme is otherwise similar to most new-generation MIPs in the sense that a small part of its assets — up to 15 per cent — is likely to be invested in stocks. The offer document sent to SEBI for clearance mentions that depending on circumstances, the entire allocation can be made to debt securities, including money market instruments and cash.

According to Mr Krishnamurthy Vijayan, CEO, JM Mutual, the idea is to give investors a debt fund with a limited equity flavour. "We will not position this as a conventional MIP as such a name may not go down well with the market," he said.

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