Birla Sun Life MF launches "Birla Sun Life Fixed Term Plan - Series GL (534 days)" NFO to close on Feb 11, 2013

Birla Sun Life Mutual Fund launched a new close ended income scheme named "Birla Sun Life Fixed Term Plan - Series GL (534 days)" with maturity period 534 days from the date of allotment.

The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription today and will close on February 11, 2013.

According to the offer document filed with SEBI, the entry load is 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 is Rs 5000 and in multiples of Rs 10 thereafter. There are two options available under the plan of the scheme viz. Growth and Dividend option.

The performance of the scheme will be benchmarked against CRISIL Short Term Bond Fund Index. Kaustubh Guptai is the Fund Manager of the scheme.

The asset allocation of scheme will be in such a way that the objective of the scheme to seek to generate income will be met by investing fixed income securities. Hence, the scheme will allocate 70 to 100 per cent in debt securities, 0 to 30 per cent in money market instruments and 0 to 30 per cent in government securities.