After Dundee Asset Management Company, JM Mutual Funds has introduced a monthly dividend option in its open-end balanced fund. The AMC will pay monthly dividends under this option, which will be absolutely tax-free in the hands of investors since the fund has more than 50 per cent allocation to equities. JM officials say the monthly dividend option has been introduced, primarily because of two reasons. One, after the 22 per cent dividend tax on dividends from debt funds, the monthly dividend option has become unattractive. Two, the balanced fund has booked some profits and can distribute the same by way of a monthly dividend for 5-6 months.
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