Religare Mutual Fund has declared dividend under its scheme, Religare Banking Fund (open ended scheme). The quantum of dividend decided for distribution is 25 per cent that is Rs 2.5 per unit on the face value of Rs. 10 per unit. The record date decided for distribution of dividend is 29th January, 2010.

With a major source of income in the form of entry loads on mutual fund (MF) schemes having died down, distributors are pushing PMS (portfolio management services) products. For, distributors can charge as much as 2.25-2.50 per cent commission in PMS schemes, whereas all loads on MF investments have been banned, and service charges are based on the investor's discretion. Market players said some MFs had been paying higher commissions to distributors to market their PMS schemes.