This would be over and above the $25 million invested by the group in the IT sector as an FII in India so far. This is disclosed by Rohit Sehgal, vice-president, Goodman & Co, the investment counsel for Dundee Mutual Funds.

He said that there are many companies which are likely to show good growth over the years and all that matters is to select the right company to invest. Currently, India's share in the global software market is only one per cent and is likely to witness a quantum jump.

Though there are plans to bring in foreign money to invest in the India IT sector, the Indian arm of Dundee Mutual Fund prefers to follow up its Liquidity Fund with a gilt fund rather than an IT specific fund in theimmediate future.

The mutual fund has, instead, also drawn up plans to launch niche products such as a real estate fund and a precious metal fund in the next few months.

According to Sunil Joseph, the president of Dundee Mutual Funds, said that the real estate fund would invest a portion of the corpus for securitising the mortgage receivables of housing finance companies and about 50 per cent would be invested in equities of corporates engaged in housing related activities. The 50 per cent investment in equity would ensure that the return from the investment is tax free in the hands of the investor as per the new measures announced by the government in the recent budget.

Investments made in precious metal fund would be used to hedge in precious metal, mainly gold, in the metal exchanges. The mutual fund currently manages two precious metal and real estate funds globally with an aggregate corpus of $765 million.

The mutual fund also has plans for a possible FMCG or IT fund along with a rupee averagingfund to end the year with an aggregate corpus of Rs 200 crore. The liquidity fund has so far garnered Rs 8.35 crore since its launch in January.

Dundee Mutual Fund is also talking to various insurers to look at the possibility of offering an insured fund which will ensure that the investor does not lose out on his investment. It already has such schemes abroad. It is also working closely with IndusInd Bank to offer over the counter redemption facility, said Sunil adding that such facility would be there very shortly.