GIC MF launches D8217;MAT scheme

According to A R Prabhu, CEO, one of the unique features is that investors will have an opportunity to exchange their holdings of scrips which are available for dematerialisation with GIC D8217;MAT units apart from the usual option for investments in the scheme by way of cash/cheque or draft. The select list includes 43 of the 64 scrips where trading can be only in demat from April 5, 1999. The scheme will thus enable retail investors to get the benefit of faster trading from paperless operations andsubstantial savings in stamp duty through the fund.

GICAMC will increase its net worth to Rs 100 crore in the next three years from present Rs 38 crore, which includes Rs 20 crore in equity mainly to improve investor confidence in the fund. Said Prabhu: quot;we plan to launch pension funds and unit-linked schemes as and when the insurance sector is privatised.quot; Also on the anvil is a money back scheme, a hundred per cent debt fund that assures return of 13.5 of capital invested every year over a span of seven years. GIC MF aims at using the strong GIC brand name and tapping the wide agent network to reach out to those investors who are holding physical stocks and are unable or unwilling to open a depository account.