Axis MF launches "Axis Fixed Term Plan - Series 47 (483 days)"; NFO to close on Jan 8

Axis MF launches
Axis Mutual Fund has launched a new close ended debt scheme named "Axis Fixed Term Plan - Series 47 (483 days)" with maturity period of 483 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 January 8.

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. The options available under the Plan of the Scheme are Growth and Dividend option.

The performance of the scheme will be benchmarked against CRISIL Short Term Bond Fund Index. Kedar Karnik will be the Fund Manager of the scheme.

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

Dion Global Solutions Ltd.

Read more about: nfo, axis mutual fund, debt scheme
Story first published: Wednesday, January 1, 2014, 12:28 [IST]
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