Umbrella Offer Document

for

Two Simultaneous but un-linked Offers of Units of

GIC DEBT FUND

(An Open Ended Debt Scheme)

GIC GILT FUND

(An Open Ended Gilt Scheme)

Issue of Units of Rs 10/- for Cash at Par during the Initial Offer Period and at NAV based prices on an On going basis

Under Two Plans.

A. GROWTH PLAN

B. DIVIDEND PLAN

INITIAL OFFER OPENS ON : ……………. , 2002 on going SALES

INITIAL OFFER CLOSES ON : ……………. , 2002 & Repurchases

EARLIEST CLOSING DATE : ……………., 2002 commence from : …………………., 2002.

–– IMPORTANT NOTE ––

The offer document contains information necessary for an investor to make an informed investment decision in the schemes described herein. Investors should carefully read the offer document prior to making an investment decision and retain the offer document for future reference. Investors may note that this offer document remains effective until a material change occurs. Material changes shall be filed with SEBI and circulated to all unit holders or may be publicly notified by advertisements in the newspapers subject to the applicable regulations.

The particulars of the Schemes offered under this offer document have been prepared in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations 1996 as amended till date and filed with Securities and Exchange Board of India and the units being offered for public subscription have not been approved or disapproved by the Securities and Exchange Board of India nor has the Securities and Exchange Board of India certified the accuracy or adequacy of the offer document.

Prospective investors should read and review the complete offer document, carefully and in its entirety and consult their legal, tax and / or financial advisor to determine possible legal, tax, financial or other consequences of subscribing for, purchasing or holding units before making an application for units of the schemes.

No person has been authorised to give any information or to make any representations, not confirmed in this offer document in connection with the offer or the issue of units, and any information or representation not contained herein must not be relied upon as having been authorised by the Mutual Fund or the investment manager.

This Offer Document is dated 07^th January, 2002

I. Definitions........................................................................... 3

II. (a) GIC DEBT FUND - Scheme Summary …………………. 4

(b) GIC GILT FUND - Scheme Summary............................. 5

III. Risk Factors........................................................................ 6

IV. Due Diligence Certificate by the AMC............................ 7

V. Constitution of the Fund.............................................. 8

Objectives of the Fund.......................................................... 8

The Sponsors........................................................................ 8

Trust – GIC Mutual Fund........................................................ 8

           Functions and Responsibilities of
           the Board of Trustees & Substantial
           Provisions of The Trust Deed................................................     8

Trusteeship Fees................................................................ 11

Board of Trustees of GIC Mutual Fund................................ 11

VI. Management of the Fund............................................... 12

The Investment Manager—GICAMC.................................... 12

Investment Management Agreement................................... 12

Asset Management Fees ................................................... 12

Duties and responsibilities of the AMC................................ 13

Board of Directors of GIC AMC........................................... 15

Key Personnel of the AMC.................................................. 16

Registrar and Transfer Agents........................................... 18

Custodian for the Scheme................................................... 19

Accountant for the Scheme................................................ 19

VII. Investment Objective and Policies.............................. 20

Fundamental Attributes - GIC Debt Fund …………………20

GIC GILT FUND 20

Modifications of Fundamental Attributes 20

Investment pattern and asset allocation GIC DEBT FUND 20 GIC GILT FUND 20

Investment Strategy GIC DEBT FUND …………………21

GIC GILT FUND 22

Investment Decisions and Performance Review 22

Risk Management Strategies 22

Portfolio Turnover policy ........................................... 23

Investment Restrictions.............................................. 23

Trading in Derivatives.................................................. 23

VIII. Units and Offer ......................................................... 25

Offer of Units............................................................... 25

Investment Plans.......................................................... 25

Minimum Investment Amount GIC DEBT FUND............. 26

GIC GILT FUND 26

Who can Invest............................................................ 26

Procedure for application ................................................... 27

Allotment of Units........................................................ 28

Powers of Trustes 28

IX Sale of Units...................................................................... 29

Offer of units on an ongoing basis..................................... 29

Ongoing Sale Price.............................................................. 29

Cut-off time and pricing of sales......................................... 29

Allotment of units and Despatch of
Account Statements............................................................ 29

Suspension of Sale/Repurchase of units........................... 30

Transfer and Transmission of Units.................................... 30

X. Repurchase and Redemption ............................ 31

Repurchase................................................................. 31

Repurchase Price....................................................... 31

Right to limit Repurchases........................................... 31

Winding up of Scheme................................................ 32

XI. Expenses of the Scheme...................................... 33

Unit holder transaction expenses .............................. 33

Initial Issue Expenses.................................................. 34

Annual Scheme Recurring Expenses......................... 34

XII. Dividends & Distributions 35

XIII. Tax Treatment of Investment............................... 36

To the Mutual Fund...................................................... 36

To the Unitholders....................................................... 36

XIV. NAV and Valuation of Assets of the Scheme.... 39

Valuation of assets...................................................... 39

Determination of Net Asset Value................................ 39

XV. Accounting Policies 41

XVI. Investor’s Rights and Services............................. 42

Rights of unitholders.................................................... 42

Nomination facility.......................................................... 42

Documents available for inspection.............................. 42

Information regarding the Schemes.............................. 43

Term(s) to be binding on the unitholders....................... 43

XVII. Investor Grievances Redressal Mechanism....... 44

Response Time.............................................................. 44

Investor Relations Officer............................................. 44

Complaints Disposal Status........................................... 44

XVIII. Statutory Information............................................... 45

GIC MF’s Policy on Inter – scheme Transfers............... 45

Associate Transactions................................................ 45

Borrowings by the Fund............................................... 45

Condensed Financial Information.................................. 45

Activities and Financial performance of Sponsor......... 46

Penalties, Pending legal proceedings, etc. 47

I. DEFINITIONS

Account Statement	A non-transferable statement indicating the number of units held by the investor on a particular date.
Applicable NAV	The NAV applicable for purchases / redemptions based on the time of the Business Day on which the application is accepted
Board of Directors or Board	The Board of Directors of GIC Asset Management Co. Ltd.
Board of Trustees or Trustees	The Board of Trustees of GIC Mutual Fund.
Business Day	A day other than (i) Saturday (ii) Sunday (iii) a day which is a public holiday and / or bank holiday at a collection centre where applications are accepted (iv) a day on which the banks in Mumbai and / or RBI are closed for business / clearing (v) a day on which the sale and / or repurchase / redemption of units is suspended.
Contingent Deferred Sales Charge (CDSC)	A back end sales load that is charged to the units at the time of repurchase / redemption
Custodian	HDFC Bank Ltd., a company incorporated and registered under the Indian Companies Act, 1956, acting as Custodian to the Scheme or any other custodian appointed by the Trustees from time to time.
GICAMC or AMC or Investment Manager	GIC Asset Management Company Limited, the Investment Manager for GICMF, a company incorporated and registered under the Indian Companies Act, 1956 and includes its successors and assigns.
GICMF or the Fund	GIC Mutual Fund, a Trust constituted under the provisions of the Indian Trusts Act, 1882.
Load	A charge that may be levied as a percentage of NAV at the time of entry into the scheme or at the time of exiting from the scheme.
Net Asset Value / (NAV)	Net Asset Value of the units of the Scheme calculated in the manner provided in this Offer Document or as may be prescribed by the Regulations from time to time.
Net Assets	Net Assets of the Scheme at any time shall be the value of the Scheme assets, less its liabilities taking into consideration the accruals and the provisions, in line with SEBI Regulations.
Plan / Investment Plan	The plan under the Scheme(s) viz Growth Plan and Dividend Plan.
Registrars	Karvy Consultants Limited, a company incorporated and registered under the Indian Companies Act, 1956, acting as Registrars and Transfer Agents for the Scheme or any other Registrar appointed by the Trustees from time to time.
Repurchase Price	The price at which units can be redeemed by the investors.
Sale Price	The price at which units can be purchased by investors.
Scheme	The offer made by GICMF through this Offer Document, viz. GIC DEBT FUND and GIC GILT FUND .
SEBI	The Securities and Exchange Board of India, a Board established under the Securities and Exchange Board of India Act, 1992.
SEBI Regulations or Regulations	The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended from time to time, for the operation and management of Mutual Funds.
Transaction Date	The Business Day on which the application for Sale/Repurchase is received, provided it is received within the applicable cut-off time. In respect of an application received after the cut-off time the transaction date would be the immediately succeeding Business Day.