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Jun 11, 1999
HDFC plans to launch MF scheme
The return of retail investors to mutual funds (MF) and tax breaks for MF investments in the latest budget, have encouraged HDFC, India's largest housing finance company, to enter into the MF industry.
However, company officials have remained tightlipped so far, and have refused to divulge information on whether the scheme would be open-ended/close-ended. In fact, details of the scheme have yet to be worked out.
Another rationale for HDFC to enter the MF industry is the synergy with its current line of business. It has been in the asset management business for several years. It has a depositer base of close to a million investors, a million borrowers and a large number of shareholders. The company plans to exploit this investor base to the fullest.
Meanwhile HDFC is also very keen to launch a consumer finance scheme to fund purchases of vehicles and white goods.
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