New mutual fund schemes mop up Rs 328 crore in July

Mukta Malhotra

Mumbai, Aug 28: NEW schemes launched by the mutual funds during July this year collected Rs 328 crore, the highest amount collected in any particular month during the last six months.

However, the inflows came only in the debt schemes as no equity schemes were launched. Out of the total three schemes that were launched, two were liquid schemes and one was a gilt scheme.

The sales by the newly launched IL&FS Liquid Fund was Rs 52 crore while the total sales of Grindlays Cash Fund as on July 31, 2001 was Rs 232 crore. HDFC Gilt Fund launched during the month collected Rs 44 crore on the opening date.

Furthermore, HDFC Mutual Fund has collected a total of Rs 119 crore under its Fixed Income Plan, a close-ended scheme, during the month of August.

The scheme, with an objective to generate regular income through investments in debt instruments, money market and government securities, collected Rs 94 crore under its first series and Rs 25 crore under its second series launched during the month.

Thus, the overall increase in inflows in newly launched schemes indicates that the negative impact of the UTI crisis that hit earlier in July has begun to wane and has not affected the inflows in mutual fund industry specially in the case of newly launched schemes where sales have actually increased during the month.