DSPML Mutual Fund is introducing an institutional plan in its existing Bond Fund, effective March 6, 2003. The existing DSPML Bond Fund is also being renamed to DSPML Bond-Retail Plan.
The DSPML Bond-Institutional Plan would be open for subscription at an initial value of Rs. 10/- on March 6, 2003. The minimum application amount is Rs. 5 crores and in multiples of Rs.1/- thereafter. However, if the units balance is below Rs. 5 crores at the time of subsequent application, the minimum application amount has to be for an amount equivalent to the difference between Rs. 5 crores and the unit balance in rupee terms. An investor has to maintain a balance of atleast Rs 2.50 crores, while the redemption request can be made for any amount of Rs. 500/- or more.
The fund would not charge any entry or exit load. The recurring expenses would be limited to 1.80 per cent of the average weekly net assets. Initial issue expenses will be borne by the AMC. The fund offers the following options: Growth, Dividend Payout and Dividend Reinvestment. It would be available for continuous offer from 11th March 2003. The Institutional Plan would not offer the following facilities: SIP, SWP and STP. Though the other features of the plan would be same as that of the Retail Plan. The Retail and the Institutional Plan would have the same portfolios and would track the same benchmark index i.e. Comp BEX.