Kotak mutual fund launches 370 days fixed maturity plan

Kotak MF launches 370 days FMP
Kotak Mutual Fund launched new scheme named as Kotak FMP Series 56. The scheme is a close ended debt scheme, having the time duration of 370 days from the date of allotment of units. The New Fund Offer (NFO) price for the schemes is Rs. 10 per unit. The NFO will open on August 4, 2011 for subscription and will close on August 10, 2011.

Entry and exit load will be nil for the Plan and no redemption/repurchase of units shall be allowed prior to the maturity of the scheme. Investors wishing to exit may do so through stock exchange mode. The performance of scheme will be standardized against CRISIL Short Term Bond Index.

The two options are available under the Plan of the Scheme viz. growth and Dividend payout option. Dividend Payout is the only facility available under the Dividend Option. Growth Option shall be the default option under the Plan of the Scheme. The minimum application amount is Rs. 5,000 and in multiples of Rs. 10 thereafter. Mr. Abhishek Bisen and Mr. Mayank Prakash will be the Fund Manager for the scheme.

The asset allocation of scheme will be in such a way that the objective of the schemes to generate income will be met with the investment in a wide range of portfolio of fixed income securities. Hence schemes would allocate 100% of its assets in Debt securities & money market instruments. These money market instruments include commercial papers, commercial bills, treasury bills, and Government securities having an unexpired maturity up to one year, call or notice money, certificate of deposit, usance bills, CBLOs and any other like instruments as specified by the Reserve Bank of India from time to time.

Read more about: mutual funds, investment, fmp
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