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Datacons Offers Mfund /Dealing to Unit Trust of India

Bangalore, 22nd October 2002: Datacons' Mfund / Dealing, the investment industry front-office product has gone into live production at Unit Trust of India. Having already serviced UTI's back-office needs, Datacons has delivered a true end-to-end solution addressing UTI's investment activities.

Mfund / Dealing provides operational support to all stages relating to the pre-trade area of investment activities. It covers secondary market, money market as well as primary market activities. Apart from operations support Mfund / Dealing also offers effective pre-trade compliance checking capabilities. Mfund / Dealing incorporates a proprietary workflow design, which enables seamless flow of information across decision-makers, approving authorities and execution points.

M.S Chandrashekar, CEO, Datacons announced, "Mfund/Dealing is expected to deliver significant benefits in efficiency improvement, compliance adherence to UTI. This level of automation in the front-office area has been attempted for the first time in the mutual funds industry in India. This implementation will serve as a foundation from which effective straight-through-processing can be launched. With this, Datacons has enhanced the coverage of its Mfund suite of products addressing the fund management industry. Datacons plans to embed SWIFT messaging capabilities in their products".

Mfund for asset management companies and Mutual Funds was launched nine years ago and has been constantly updated since then, keeping up with changes in the financial services sector. UTI's back-office activities, in terms of investment accounting and valuation, are being supported through Mfund/AM, Datacons' fund accounting product.

Datacons has already delivered and worked for premier clients such as: Southern Bank Asset Management, Malaysia; Prudential Unit Trusts, Malaysia; IDX, USA; Southern Californian Edison, USA; Bank Mendes Gans, Netherlands; Public Mutual Fund, Malaysia; Hyundai Motor India Ltd; Toyota Kirloskar Motors; DSP Merrill Lynch Asset Management; ICICI Bank Ltd.; I-flex Solutions; IDBI Principal Asset Management Company Ltd.; Motorola (PCS); Sundaram Mutual Fund, Kotak Mahindra Asset Management Company Limited; Zurich India Asset Management; Garanti Bank International N.V, Netherlands; Finansbank N.V., Netherlands and Ford India Ltd.