Indian Bank Mutual Fund IBMF

Can you tell me about Indian Bank Mutual Fund (IBMF) scheme of Indian Bank as I want to be sure about it before investing in it?

[sumit]

Indian Bank Mutual Fund (IBMF) was formed as a Trust 1990 sponsored by Indian Bank with a corpus of Rs. 25 lakhs.

The schemes of IBMF were managed by the Trust during the years 1990-1994. To comply with the SEBI (MF) Regulations, 1993, M/s Indfund Management Ltd. (IFML), an Asset Management Company was formed during January 1994 as a wholly owned subsidiary of Indian Bank with a paid up capital of Rs.5 crores.

Since January 1994, the schemes of IBMF were managed by IFML. IBMF launched 12 close-ended schemes and raised Rs.627.10 crore.

Out of the 12 schemes 9 schemes were redeemed on maturity dates. Three schemes, viz; Ind Navratna, Ind Shelter and Ind Tax Shield schemes were transferred to Tata Mutual Fund during November 2001.

Consequent to a Scheme of Amalgamation approved by the Hon’ble High Court of Bombay, IFML has been since merged with Indian Bank on 07.09.2012 and the Trust (IBMF) is functioning from Indian Bank, Corporate office, Chennai.

The following schemes of Indian Bank Mutual Fund have been redeemed and the redemption value can be obtained by submitting completed redemption application along with Unit Certificates.

Scheme Date of Redemption Redemption price/unit Rs.Ps

Ind Ratna (1990) 31.01.1996 14.14

Ind Ratna (Rolled Over) 21.02.2001 17.66

Swarna Pushpa (Monthly) (1990) 31.01.1996 101.72

Swarna Pushpa (Yearly) (1990) 31.01.1996 101.72

Swarna Pushpa (Monthly) Rolled Over 31.03.1999 100

Swarna Pushpa (Yearly) Rolled Over 31.03.1999 100

Ind 88 A 31.03.1996 128.07

Ind Moti 30.06.1997 7.72

Ind Jyothi A 31.03.1998 8.54

Ind Jyothi B 31.03.1998 20.02

Ind Prakash A 30.11.1999 10

Ind Prakash B 31.11.1999 19.11

Ind Sagar 15.06.2001 19.22