If the inflow of Rs 283 crore in four new equity schemes in 1998 is taken into account, it partially reduces the net outflow to Rs 834 crore. However, this is still higher by a hefty 107 per cent when compared to the outflow of Rs 403 crore in 1996-97.

The three open-end schemes - Grandmaster, Mastergain '92 and Primary Equity Fund account for 36 per cent of the total redemptions. The 14 equity funds are either open-end or offer repurchase of units.

Worse, the investible corpus under these growth schemes has nosedived from Rs 14,699 crore in June 1997 to Rs 10,452 crore in June, 1998 or a depletion of Rs 4247 crore or 29 per cent.