New Open Ended Scheme launched by SBI Mutual Fund 12/05/2015

New Open Ended Scheme launched by SBI Mutual Fund
12/05/2015 09:49
SBI Mutual Fund has launched a new open ended equity scheme named “SBI Equity Savings Fund”. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription on May 11 and will close on May 25, the scheme will reopen on or before June 08. According to the offer document filed with SEBI, the entry load is not applicable, while exit load of 1 per cent will be charged id the scheme is redeemed within 1 year from the date of allotment. The minimum application amount is Rs 5,000 and in multiples of Rs 1 thereafter. The options available under the plan of the scheme are Growth and Dividend option. The performance of the scheme will be benchmarked against 30 per cent in CNX Nifty & 70 per cent of Crisil Liquid fund Index. Neeraj Kumar and Ruchit Mehta will be the fund managers of the scheme. The asset allocation of the scheme will be in such a way that the objective of the scheme to generate income will be met by investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and capital appreciation through a moderate exposure in equity. Hence, the scheme will allocate 65 to 90 per cent of asset in Equity and Equity related Instruments including derivatives and 10 to 35 per cent of asset in Debt and Money Market Instruments.