"We are declaring a bonus for the first time in the history of Tata AMC", said the chairman of Tata AMC, FA Mehta. The record date for the bonus is March 4, 1999.

The bonus units are issued on the basis of realised income and surpluses under each fund. The net asset value (NAV) of Tata Young Citizens Fund on February 22 was Rs 15.34 and that of Tata Tax Saving Fund was Rs 15.29.The mutual fund's plan to launch life science sector fund is with the objective of investing in bluechip companies in the industries like agro-chemicals, bio-chemicals, pharmaceuticals and other health-care related life science sectors.

The other sector specific fund, christened theTata Technology Sector Fund, is also slated to be an open-ended fund, with an objective to invest in bluechip companies in the informaiton technology sector and the telecom sector.

"The Tata AMC manages total assets of Rs 310 crore under seven domestic funds and another Rs 40 crore under an off-shore fund. Of this the Tata Income Fund itself has assets of more than Rs 155 crore under the management", said the managing director of Tata AMC, KN Atmaramani.The Tata Tax Saving Fund, whose NAV has risen by 26.8 per cent from September 30 to February 15, is going to be made open-ended from April 1, 1999.

The mutual fund has also submitted to the Central Board of Direct Taxes (CBDT) for clearence of Tata Retirement and Pension Fund with tax benefit under Section 88. The fund plans to launch this scheme once the approval for the same comes form the Securities and Exchange Board of India.