ICICIdirect Launches Zurich Mutual Fund on its Online Mutual Fund Plaza

ICICIdirect.com, the integrated online trading site, today launched Zurich India Mutual Fund (Zurich Mutual Fund) on its integrated Mutual Fund Plaza to enable online investment in Mutual Funds. Eight open-ended schemes of Zurich Mutual Fund would be available for investing through ICICIdirect in a hassle free paper less mode.

ICICIdirect would be offering this facility to its 1,20,000 customers. This is the second Mutual Fund to be launched on ICICIdirect after Prudential ICICI Mutual Fund. Zurich Mutual Fund has Rs.1,800 Crore as assets under management in India.

The customers of ICICIdirect will not have to worry about filling up application forms, drawing cheques /making demand drafts, depositing warrants as all the financial transactions are completely automatic at the touch of a button by the customer. The proceeds/units are debited/credited automatically, to the account of the customer. The MF Plaza would enable customers of ICICIdirect to transact online through user friendly transactions including Purchases, Redemptions, Switches, Transfer-in and Systematic Investment Plans (SIP) and Systematic Withdrawal Plan (SWP).

Ms. Madhabi Puri Buch, MD and Chief Executive Officer, ICICIdirect said, "We welcome Zurich on our site. While it will make their products accessible to many customers in a totally hassle free environment, it will also offer ICICIdirect customers a wider choice of some of the best mutual fund schemes in the country today"

According to Mr. S.V. Prasad, President, Zurich Asset Management India Pvt. Ltd. "This is a great step and will help reduce the effort that the investor has to put in for his/ her mutual fund transactions."

Online Mutual Fund Plaza
The MF Plaza resolves many problems, which a mutual funds investor might encounter in the physical world. For example, he will no longer need to fill an application form through an empanelled broker, write cheques and await confirmation from the Mutual Fund. All this will now happen instantly allowing the customer to lock-in on the same day's NAV. Similarly, possible time delays in case of redemptions/dividend pay-outs are avoided completely. Investment can start as soon as bank funds are allocated by the customer specifically for Mutual Fund transactions.

On the online Mutual Funds Plaza, the customer can see the key features of the schemes, minimum application amount, NAV, entry and exit load upfront. Transactions can be processed on the same day by the registrar to get the same day's NAV. The customer gets an immediate e-mail confirmation of a transaction and the order book is updated. Customers can also compare the value of their portfolio with the current NAVs. The plaza also offers customers the facility to state upfront their preference for reinvestment or pay-out of the dividend received which the system then executes automatically.

The unit holders of the schemes also have the benefit of enrolling themselves in the Systematic Investment Plan (SIP) and Systematic Withdrawal Plan (SWP) in various schemes. This is ideal for customers who want to meet their regular investment objectives. The SIP and SWP allow the customers to instruct ICICIdirect to process transactions for them on the assigned dates. The customer will also be intimated 3 days in advance by e-mail, to fund the bank account before the next installment for SIP becomes due. ICICIdirect will also answer all the customer queries relating to investments in any Mutual Fund offered through it, based on a single e-brokerage number.

About ICICIdirect
Starting its services on April 17, 2000, ICICIdirect.com has become India's favourite online share trading site with a customer base of over 1,20,000. ICICIdirect.com has been launched by ICICI Web Trade Limited, a fully owned subsidiary of ICICI Limited (NYSE: IC).

The unique 3-in2 trading account of ICICIdirect.com offers a hassle-free and seamless trading experience for the customer. The customer's bank, demat and broking accounts are linked automatically so that all the customer needs to do is to just place an order of the scrip chosen and the desired price, and the rest is done by the system. The transactions are sent to the exchange, order confirmation is immediate by email and proceeds/shares are credited/debited to the bank and demat accounts.

About Zurich
Zurich India Mutual Fund has been set up as a trust under the Indian Trust Act 1882, with Zurich Asset Management Company (India) Private limited as Investment Manager, Zurich Insurance Company acting together and through its subsidiary company as Sponsor and Zurich Trustee Company (India) Private Limited as Trustee.

The Zurich Group is one of the world's largest insurance and financial services provider. It concentrates its activities in non-life and life insurance, re-insurance and Asset Management. It has offices in more than 60 countries and as on 30 December, 2000 has USD 440 billion of assets under management.

Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Group's ability to successfully implement our online strategy, our growth and expansion, the adequacy of our allowance for credit losses, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited with the Securities and Exchange Commission of the United States. ICICI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

For further press queries please contact:
ICICI: Mr Charudatta Deshpande
Head Corporate Communications,
Tel: 022-26538208,
Fax: 022 26531116
email: charudatta.deshpande@icicibank.com