FORM 3 OMB APPROVAL
OMB NUMBER 3235-0104
Expires: December 31, 2001
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
INITIAL STATEMENT OF BENEFICIAL
OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company act of 1940
1. Name and Address of Reporting Person*
J.S. Mascarenhas
Chief Executive Officer
Unit Trust of India Investment Advisory Services Limited
Commerce Centre I, 8th Floor, Unit No. 2
World Trade Centre, G.D. Somani Marg
Cuffe Parade, Mumbai, India 400 005
2. Date of Event Requiring Statement (Month/Day/Year)
8/27/99
3. IRS or Social Security Number of Reporting Person (Voluntary)
N/A
4. Issuer Name and Ticker or Trading Symbol
The India Growth Fund Inc. (NYSE: IGF)
5. Relationship of Reporting Person to Issuer (Check all applicable)
__ Director __ 10% Owner
X Officer (give title below) __ Other (specify below)
--
Secretary and Treasurer of the Fund
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
--
__ Form filed by More than One Person
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TABLE I - NON DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of Security (Instr. 4)
No Securities Owned
2. Amount of Securities Beneficially Owned (Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)
4. Nature of Indirect Beneficial Ownership (Instr. 5)
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. *If the form is filed by more than one reporting
person, see Instruction 5(b)(v).
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TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of Derivative Security (Instr. 4)
No securities owned
2. Date Exercisable and Expiration Date (Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security (Instr.4)
4. Conversion or Exercise Price of Derivative Security
5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership (Instr. 5)
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Explanation of Responses:
/s/ J.S. Mascarenhas 8/27/99
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** Signature of Reporting Persons Date
** Intentional misstatements or omission of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C.78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If
space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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