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MFs On Schemes Closing Spree

Unable to meet the SEBI December 31 deadline on big investors' concentration, HDFC Mutual Fund, Franklin Templeton Mutual Fund, Kotak Mutual Fund, Reliance Mutual Fund, Standard Chartered Mutual Fund and HSBC Mutual Fund have decided to wind up plans not fulfilling the SEBI guidelines

Unable to meet the SEBI December 31 deadline on big investors' concentration, HDFC Mutual Fund, Franklin Templeton Mutual Fund, Kotak Mutual Fund, Reliance Mutual Fund, Standard Chartered Mutual Fund and HSBC Mutual Fund have decided to wind up plans not fulfilling the SEBI guidelines.

It may be mentioned here that on December 13, 2003, the regulator had asked all the mutual funds to ensure that they had at least 20 investors in each scheme. Also, the AMCs had been directed to ensure that none of the investors had more than 25 per cent share of assets of the schemes. However, as on September 30, 2004, 91 funds were still to comply with the SEBI regulation.

The HDFC plans that would be closed include HDFC Short Term Plan (Premium Plan), HDFC Short Term Plan (Premium Plus Plan), HDFC Income Fund (Premium Plan), HDFC Income Fund (Premium Plus Plan) and the investment plan of HDFC Cash Management Fund (dividend option).

Franklin Templeton Mutual Fund too has decided to close the institutional plan of Templeton India Income Builder Account and Franklin India Maxima Fund. HSBC Mutual Fund has announced winding up of investment plan of HSBC Institutional Income Fund.

The SEBI direction has also forced Kotak Mutual Fund to announce winding up of six schemes including Kotak Gilt Serial Plan 2005, Kotak Gilt Serial Plan 2007, Kotak Gilt Serial Plan 2011, Kotak Gilt Serial Plan 2013, Kotak Gilt Serial Plan 2019 and Kotak Mahindra Dynamic Income Scheme.

Five Standard Chartered Mutual Fund schemes would be closed from December 31, 2004. The scheme include Grindlays Super Saver Income Fund-Investment Plan-Plan B, Grindlays Super Saver Income Fund-Medium Term Plan-Plan B& Plan C, Grindlays Dynamic Bond Fund-Plan C& Plan D, Grindlays Government Securities Fund-Investment Plan-Plan B and Grindlays Super Saver Income Fund-Short Term Plan-Plan C.

Also, the following schemes of Reliance Mutual Fund would cease to exist from December 31, 2004: Retail-Bonus Plan, Institutional-Bonus Plan, and Institutional-Dividend Plan under the Reliance Short Term Fund, Institutional-Bonus Plan, and Institutional-Dividend Plan under the Reliance Income Fund, Institutional Plan under the Reliance Medium Term Fund, Retain-Dividend and Bonus Plan and Institutional Plan under Short Term Gilt Plan of Reliance Gilt Securities Fund, Institutional Plan and Retail-Bonus Plan under Long Term Gilt Plan of Reliance Gilt Securities Scheme, Retail-Bonus Plan, Institutional Bonus Plan under Treasury Plan of Reliance Liquid Fund, Super Cash Plan of Reliance Liquid Fund and Bonus Plan under Cash Plan of Reliance Liquid Fund, Bonus Plan under Reliance Floating Rate Fund and Bonus Plan under Reliance NRI Income Fund.



Investors' Concentration
Scheme Name  Date  Investor Count  Holding (%)
UTI MIS Advantage Plan 30-Sep-04 1 34.66
UTI Liquid Short Term Plan 30-Sep-04 1 64.16
UTI Gilt Advantage Fund STP 30-Sep-04 1 51.22
UTI Floating Rate Fund - STP 30-Sep-04 1 28.13
Templeton Income Bldr Inst 30-Sep-04 1 29.77
Tata Liquid 30-Sep-04 1 26.31
Tata Index Sensex A 30-Sep-04 1 54.07
Tata Index Nifty A 30-Sep-04 1 70.52
Tata GSF Short Maturity 30-Sep-04 1 28.1
Tata Growth 30-Sep-04 1 28.04
Sundaram Select Debt Dynamic 30-Sep-04 1 26.37
Sahara Growth 30-Sep-04 1 69.26
Sahara Gilt 30-Sep-04 1 58.3
Reliance Short-term 30-Sep-04 1 49.8
Reliance MIP 30-Sep-04 1 41.07
Reliance Liquid Super Cash  30-Sep-04 1 98.83
Reliance Gilt Short-term 30-Sep-04 1 91.88
Reliance Gilt Long-term 30-Sep-04 1 28.77
Reliance Banking 30-Sep-04 1 32.47
Prudential ICICI SPIcE 30-Sep-04 1 95.75
Prudential ICICI Income LT 30-Sep-04 1 64.71
Prudential ICICI Growth 30-Sep-04 1 40.07
Prudential ICICI Fixed Maturity Plan Y1 II 30-Sep-04 2 88.93
Pru ICICI Sweep Plan 30-Sep-04 1 53.18
Principal Pnb Debt 30-Sep-04 1 36.56
Principal GSF Saving 30-Sep-04 1 25.47
Principal GSF Inv 30-Sep-04 2 68.78
Principal Dep-EA/EB 30-Sep-04 1 100
Principal Cash Mgmt Call 30-Sep-04 2 52.06
Nifty Junior BeES 30-Sep-04 1 38
Nifty Benchmark ETS 30-Sep-04 1 45.57
Magnum InstaCash Short-term 30-Sep-04 1 43.65
Magnum InstaCash (Cash) 30-Sep-04 1 54.66
Magnum Inst Income Inv 30-Sep-04 1 51.9
Magnum Index 30-Sep-04 1 29.01
Magnum Growth -99 30-Sep-04 1 100
Magnum Gilt Short-term-DM 30-Sep-04 1 33.57
Magnum Gilt Long-term-DQ 30-Sep-04 1 42.98
Magnum FMCG 30-Sep-04 1 29.01
Liquid Benchmark ETS 30-Sep-04 1 27.86
LICMF Short-term 30-Sep-04 2 65.44
Libra Taxshield '96 30-Sep-04 1 35.58
Kotak Gilt Serial 2013 30-Sep-04 1 67.08
Kotak Gilt Serial 2011 30-Sep-04 2 70.77
Kotak Gilt Serial 2007 30-Sep-04 1 76.45
Kotak Gilt Serial 2005 30-Sep-04 1 70.66
Kotak Bond Short-term 30-Sep-04 1 27.21
ING Vysya Select Stocks 30-Sep-04 1 56.24
ING Vysya Income Short-term 30-Sep-04 1 30.3
HSBC Inst Income-Invest 30-Sep-04 2 100
HSBC Gilt Short-term 30-Sep-04 1 35.55
HSBC Gilt Long-term 30-Sep-04 1 27.06
HDFC Short-term 30-Sep-04 1 26.23
HDFC Cash Mgmt Inv-DM 30-Sep-04 1 68.15
HDFC Cash Mgmt Call 30-Sep-04 1 51.76
Grindlays SSI Short-term Plan C 30-Sep-04 1 100
Grindlays SSI Short-term Inst 30-Sep-04 1 34.07
Grindlays SSI Medium-term Plan C 30-Sep-04 1 100
Grindlays SSI Medium-term Inst 30-Sep-04 1 55.63
Grindlays SSI Inv Inst 30-Sep-04 1 73.46
Grindlays GSF Short-term 30-Sep-04 1 32.37
Franklin India Index Tax 30-Sep-04 1 29.72
Franklin India Balanced 30-Sep-04 1 29.77
FoF Nifty Junior BeES 30-Sep-04 1 49.25
FoF Nifty BeES 30-Sep-04 2 77.5
FoF Nifty 100 Balance 30-Sep-04 1 93.17
FoF Nifty 100 30-Sep-04 1 51.73
Escorts Opportunities 30-Sep-04 1 56.06
Escorts Gilt 30-Sep-04 1 74.78
Deutsche Dynamic Bond Regular 30-Sep-04 1 27.79
Canliquid Retail 30-Sep-04 1 25.78
Canliquid Inst 30-Sep-04 1 27.43
CanIncome 30-Sep-04 1 77.61
Cangilt (PGS) 30-Sep-04 1 40.46
Canexpo 30-Sep-04 1 48.64
Canequity-Tax Saver 30-Sep-04 1 34.67
Cancigo 30-Sep-04 1 43
Can Short-term 30-Sep-04 1 98.4
Bonanza Exclusive Growth 30-Sep-04 1 29.24
BoB Short-term 30-Sep-04 1 99.95
BoB MIP 30-Sep-04 1 58.64
BoB Liquid 30-Sep-04 1 66.18
BoB Growth 30-Sep-04 1 80.33
BoB Gilt PF 30-Sep-04 1 33.39
BoB Gilt 30-Sep-04 1 50.15
BoB Balance 30-Sep-04 1 80.11
Birla Gilt Plus PF 30-Sep-04 1 25.59
Birla Bond Index 30-Sep-04 1 71.76
Banking BeES 30-Sep-04 1 99.4
Alliance GSF Short-term 30-Sep-04 1 30.96
ABN AMRO Cash Regular 30-Sep-04 1 29.61