Mar 16, 2008

Mutual Funds News 16th March 2008

ICICI Pru offers institutional plan for infra fund

ICICI Prudential Asset Management Co Ltd on March 14, introduced institutional option in its infrastructure equity fund. Investors under the plan can buy units of ICICI Prudential Infrastructure Fund without paying a load, or a fee for entering or buying units in the fund. However, investors should put in a minimum 200 million rupees, the firm said. Institutional plans have higher minimum investment limit but they generally do not charge entry or exit load and levy lower annual expenses as compared with retail plan.


HDFC MF revises minimum application amount

HDFC mutual fund has revised minimum application amount in the wholesale option under HDFC Floating Rate Income Fund-Short Term Plan. The changes will be effective from 24 March 2008.

The Minimum application amount under each option (growth and dividend) for existing investors was Rs 1 crore and in multiples of Re 1 thereafter. As per revised provision, the minimum application amount for existing investors would be Re 1 and in multiples of Re 1 thereafter.

There will be no change in application amount for new investors as it was Rs 1 crore and in multiples of Re 1 thereafter.