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Wednesday, May 12, 2004

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Reliance MF launches pharma sector fund

Our Bureau

Kolkata , May 11

RELIANCE MF, which has just concluded allotment of units to investors in its power sector fund, has simultaneously launched a scheme dedicated to the pharmaceutical sector.

Reliance Power Fund, which has opened for ongoing subscription, has started with an NAV of Rs 10.04 (as on May 10). While the scheme's initial holdings are yet to become public, investment circles say it has stuck to securities issued by companies in the chosen sector and their associates. The pharma fund, for which investors in the power fund have been approached as well, will close for subscription on May 26.

Index fund mooted: Reliance MF has sought SEBI's approval for an index fund, which will offer two plans - based on Nifty and Sensex — to unitholders. Each plan will provide separate growth and dividend options. Reliance Index Fund will be the MF's first passively-managed equity product. Its existing offerings - Reliance Vision, Reliance Growth, Reliance Banking and Reliance Diversified Power - are all actively managed.

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