The D'Mat scheme which is yet to get approval from the Securities and Exchange Board of india (Sebi), will invest the fund mobilised in scrips, which have been dematerialised (that is, which are held in electronic form).

Out of 71 scrips, the scheme plans to invest in the shares of 11 FMCG companies, which together have a total market capitalisation of around Rs. 31,000 crore.

Other companies included in this segment are Britannia Industries, Dabur India, Godrej Soaps, marico Industries, Nestle, Reckitt & Colman and Tata Tea.

Eight bank scrips also find favour in the list according to the draft offer document for the scheme. These scrips have a total market cap of more than Rs 12,000 crore.

Banking & financescrips include Bank of Baroda, Corporation Bank, Dena Bank, HDFC Bank, ICICI Bank, Oriental Bank, State Bank of India and UTI Bank.

Sources in the company said that while they were constrained by the fact that they had to go in for only dematerialised scrips, still, care had been taken to see that only blue chip companies and those whose scrips which were active in the bourses figured in the investment list.

Except for GIC Suraksha (cumulative option) scheme, all other six schemes from GICMF have net asset values (NAV) below par value Rs. 10, while repurchase prices are either just at par or below par, which has resulted in either losses for investors or zero capital appreciation.

GICMF officials said that it was imperative for the asset management company to come out with schemes which would offer attractive returns to investors.

The fund managers have obviously decided to play it safe and the portfolio is widely diversified. There are six pharma companies on the list, including the home-grown DrReddy's Labs, MNCs Glaxo India, Pfizer and Parke Davis. The scrips have a market cap of more than Rs. 4,700 crore.

The current interest in stocks of companies in the information technology field has not been ignored and there are five blue chip companies (market cap - Rs. 4600 crore) from this sector - Aptech, HCL Infosystems, NIIT, Tata Infotech and Wipro.

Automobile sector scrips include those of market leader Bajaj Auto (in the two-wheeler segment), Hero Honda, Mahindra & Mahindra and TELCO among others.

There are are five scrips from the petroleum and refiningsector, four from diversified (which includes market favourite Reliance industries), three each from power and hotels, and two each from cement, fertilisers and development financial institutions.