COMMA cult

SBI Mutual Fund has launched ?Magnum COMMA Fund??the first-ever commodity- based equity fund. COMMA is an acronym for Commodities in Oil, Metals, Materials and Agriculture. The new fund will remain open for subscription till July 25 with a minimum application amount of Rs 5,000 and in multiples of Rs 1,000 thereafter. There is no entry load at the time of application. The scheme will reopen for sale and purchase on August 17.

Frequent flyers

American Express has launched a co-branded global credit card with Indian Airlines (IA) targeted at frequent flyers. The card offers special features like 15 per cent savings on all economy class fares in IA, 10 per cent savings in business class and five per cent savings in ?easy fares?. Besides offering revolving credit facility at 1.9 per cent per month, the card also offers another five per cent savings on all fares of Indian Airlines till October 31.

Name change

UTI Mastergain Unit Scheme has been renamed UTI Equity Fund to distinguish it from other ?Master series? schemes and to better convey its current position of being an aggressively managed diversified equity fund. The fund is an open-ended scheme with over 10 lakh investors.