2 UTI MF schemes offer dividends
Mangalore: UTI Mutual Fund has declared dividends for two of its schemes. The UTI-Opportunities Fund has declared tax-free dividend of 15 per cent, and July 3 is the record date for dividend. On June 28, NAV per unit was Rs12.02 under the dividend option. The scheme has declared its first dividend within 11 months since its launch in July 2005. UTI-Infrastructure Fund (formerly UTI-Basic Industries Fund) has also declared tax-free dividend of 30 per cent, and July 3 is the record date for dividend.
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BOB AMC plans Fixed Maturity Plan
Mumbai: Bank of Baroda Asset Management Company (AMC) is planning to launch a new scheme `Fixed Maturity Plan,' with an investment horizon of one month to one year.

The scheme will invest in money market, debt and other instruments.

Officials at BOB AMC said once the scheme is cleared by SEBI, it will be open to the investors.
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SEBI to verify company boards' composition
Mumbai: The Securities and Exchange Board of India (SEBI) plans to look into the composition of board of directors of companies to assess the quality and independence of the independent directors, said SEBI chairman, M. Damodaran.

Damodaran said this would be done in two stages. "In stage one it was the numbers (of independent directors). In stage two we will look into the content (on board) and not just numbers," he said, after launching `Directors Database', an integrated database of directors of listed corporates brought out by Prime Database.

He said the regulator was also in the process of addressing some of the loopholes and inadequacies of Clause-49 shortly. This includes coming out with a definition of Independent Director.
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Sequoia Capital to raise $400-m India fund
Hyderabad: Sequoia Capital is planning to raise a specialised India-focussed equity fund of $400 million within the next two months. Sandeep Singhal, managing director of Sequoia Capital India, said this would be in addition to the two funds of $350 million the company currently manages, which comprises a portfolio of about 25 companies.

Singhal said the new fund would make bigger investments in the range of $10-50 million, in the areas of infrastructure, media, hotels and manufacturing, which are human capital intensive. The new fund will focus on equity investments and would in all probability be completed by July-August.
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