Axis Mutual Fund has launched a new open ended debt scheme named "Axis Banking Debt Fund."
The New Fund Offer (NFO) price for the scheme will be Rs 1000 per unit. The NFO opens for subscription today and will close on June 10.
According to the offer document filed with SEBI, the entry load will be nil and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will not be applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode.
The minimum application amount will be Rs 5,000 and in multiples of Re 1 thereafter. The two options available under the Plan of the Scheme are Growth and Dividend Payout option.
The performance of the scheme will be standardized against CRISIL Short Term Bond Fund Index. Ninad Deshpande and R. Sivakumar will be the Fund Manager(s) of the scheme.
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