Standard Chartered Mutual Fund's Grindlays Cash Fund has received approval from SEBI and will open for subscription from July 2, 2001.
Launched as no-load short-term Cash fund, the scheme will be initially available in 5 metro towns including Bangalore. The fund with daily dividend-reinvestment and growth options, will declare Sunday NAVs also.
At present the Value Research category of Cash funds is dominated by 36 funds. The average return in the category for 3 months ending June 22, 2001 was 2.1895% translating into an annualised return of 8.758%.
