GIC Mutual Fund offers another unique way to invest in this scheme by exchange of select scrips for GIC D'Mat units. The fund will announce the list of scrips being accepted for exchange during any given month, on the first of that month. These select scrips held either in physical or electronic form will be accepted only on the first seven days of every month. The list would change every month depending on the market and the investment manager's decision.

The fund will pay conversion price related to the full marketvalue for the scrips being surrendered unlike the stock exchange counters which give only a discounted price. The fund will also accept odd lots of select scrips, which again will receive full market value. This feature of the scheme is a boon to investors. The conversion price of a scrip will be the simple average of the closing prices of the scrip on BSE on all working days of the preceding calender week. The conversion price would be announced along with the scrip list in the beginning of every month. If the first seven days of the month fall over 2 weeks, there will be different conversion prices for each week.

An existing unitholder will be able to sell his units to the fund on an ongoing basis. Repurchase will be for a minimum of 100 units or a value of Rs 1000, as the case may be. Repurchase will be at NAV. The NAV of the scheme will be announced daily. The fund has a well diversifies portfolio of large cap index stocks. The top holding of the fund as on August 26, 1999 includes ACC, Arvind Mills, GE Shipping, Hindustan Lever, HDFC, Indian Hotels, Larsen & Toubro, Reliance Industries, TISCO and UTI Bank.

Value Research