Kotak Mutual Fund has approved Feb.9, 2010 as the record date for declaration of dividend under option of Kotak Quarterly Interval Plan Series 6. The quantum of dividend will be up-to 100% of distributable surplus available as on the record date.

At a time when the mutual fund industry is witnessing net outflows in most categories, monthly income plans (MIPs) are seeing sizeable inflows, as fund houses and distributors are actively promoting these schemes. Industry estimates suggest that MIPs have been collecting Rs 1,500-1,800 crore monthly since October 2009. Although the product has been there for some time, fund houses had started to market it aggressively only recently. They are paying as much as 1.25 per cent to distributors as commission. The commission for most equity products is 50-75 basis points (bps).