This is a whopping 733 per cent increase over the amount mobilised through its maiden scheme launched in 1997. The close-ended scheme currently has a corpus of Rs 6 crore.

"We plan to tap the cash-rich mid-cap companies and the cash-rich high net worth individuals. To begin with, we will watch the performance of our maiden scheme and see how many investors remain with us after the first repurchase and then we plan to launch a scheme," said Anagram Wellington AMC managing director BG Shetge.

The annualised return on the fund's maiden scheme works out to 16 per cent. This figure does not take into account the dividend that is likely to be distributed next month. The fund plans to announce a dividend of around 15 per cent on the scheme. The current net asset value (NAV) ofthe scheme is Rs 11.59 compared with Rs 10 when it was launched.

The maiden scheme from Anagram AMC was launched in 1997 as a close-ended assured-income scheme. The fund plans to keep the scheme open for repurchase from April 22 to May 5. The repurchase facility will then be available after every six months.

The portfolio composition of this scheme consists of up to 90 per cent investment in non-convertible debentures (NCDs) of 11 corporates and the balance in other debt-oriented instruments.Shetge said that the two schemes that are being planned may be launched after June or July this year.

Although the nature of both the schemes could not be ascertained, one of the schemes is likely to be a money market mutual fund (MMMF). "We have long-term plans outlined for the fund and envisage a much higher growth after 1999. I do not foresee an immediate turnaround in the mutual fund industry. A significant difference in the mutual fund industry can be seen in nine-12 months from now," said Shetge.

Thecompany plans to mobilise a much higher amount through its two proposed schemes and hopes to get a sizeable amount for the current scheme. "Although the amount the we are looking at is not sizeable compared to what the industry players are aiming at, we are treading cautiously as we hold the view-point that the industry will see a turnaround only if the government provides a little impetus," Shetge added. "Though the mutual funds are targeting huge amounts, they may not be able to achieve these targets as the revival of the whole industry depends upon the revival of the capital markets," he said.

There will be huge investments and major capital market growth once the concept of dematerialisation is totally understood by the retail investors, he added. Shetge said that at present the investor psyche is deeply wounded and any surplus available with him is kept in bank deposits and post office schemes. "Once demat comes systematically into the country and all procedures in the capital market will becomestreamlined the retail investors will start trickling in and an unprecedented boom will be witnessed again," said Shetge.