| |
JM Debt Fund mobilises Rs 6 cr
FE Investor Bureau
NEW DELHI, January 13: JM Mutual Fund has mobilised an initial subscription of Rs 6 crore for its open-end income plan, JM Debt Fund, against a target amount of Rs 1 crore. The scheme closed for subscription on December 29, 1997 and went open-ended on January 5, 1998.The scheme can invest up to 100 per cent in debt or money market instruments.JM Debt Fund was launched in the last week of December with an aim to mobilise short-term funds. Like other schemes in the JM family, the debt fund is available on no-load basis. Since the fund is targeting short-term corporate investments, it will compete with Birla Cash Plus and money market funds from UTI, Kothari Pioneer and IDBI. JM Debt Fund is available in two flavours - regular income plan and growth plan, which are both managed separately. The latest net asset value of the JM Debt (G) is Rs 10.02 and JM Debt (I) is Rs 10.03. Tata and Kothari Mutual Funds have also announced plans to launch similar funds, that would target short-term money. JM Mutual
Fund has launched its equity-linked saving scheme for 1998, JM Tax Cover '98. The scheme opened for subscription on January 1, 1998 and will close on March 31, 1998. Investments under this scheme are eligible for tax concession of 20 per cent up to Rs 10,000 with an overall limit of Rs 60,000 under Section 88. JM Capital Management recently announced a half-yearly dividend of 8 per cent each for its liquid and balanced funds.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
|
 |
