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HDFC MF launches Index Fund

HDFC Mutual Fund has launched a new scheme called HDFC Index Fund. An equity fund that will be benchmarked against the Nifty and the Sensex. This scheme offers investors three plans: Nifty Plan, Sensex Plan and Sensex Plus Plan. The Nifty Plan aims at generating returns that are in line with the performance of the Nifty while the objective of the Sensex Plan is to generate returns that are commensurate with the performance of the Sensex. As for the Sensex Plus Plan, it will park 80-90% of its capital in companies whose securities are included in the Sensex and 10-20% in those which aren't included in the index.

This fund will be open for initial subscription between July 3 and July 10, 2002. Investment in this fund calls for minimum investment of Rs 500. For investments upto Rs 5 lakh, there will be a 1% exit load if investment is redeemed within 1 year. But in the case of investments over Rs 5 lakh, no load is applicable.