ICICI Prudential mutual fund launched a new scheme named as ICICI Prudential Fixed Maturity Plan (FMP) - Series 56 - 1 Year Plan F. The scheme is a close-ended debt scheme, having the time duration of 367 days from the date of allotment of units.
The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The new issue will open for subscription on 10th May 2011 and will close on 18th May 2011. Exit and entry load charge will be nil for the scheme and the performance of scheme will be standardized against Crisil Short Term Bond Fund Index.
The scheme offers two options as, cumulative and dividend option in which cumulative is the default option for the scheme. The minimum application amount is Rs. 5,000 under the scheme and in multiples of Rs. 10 thereafter. Mr. Chaitanya Pande will be the Fund Manager for the scheme.
The fund looks for a minimum subscription amount of Rs. 5 crore under the scheme as collection. The fund intends to list the units of the scheme on NSE. The asset allocation of scheme will be in such a way that the scheme"s objective to generate regular returns will be meet but with a minimum exposure to risk, hence 100 per cent of assets will be allocated in Central and State Government securities, the fund cal also allocate in money market instruments, short term and medium term debt securities / debt instruments and securitized debt with low to medium risk profile.
Therefore, through investment in a portfolio of fixed income securities/ debt instruments, the fund"s objective is to achieve regular returns. The fund had also launched a similar scheme on 16th March 2011 named as ICICI PruFMPS56 1Y C. The scheme is showing the positive return of 0.25 per cent during April 5, 2011 to April 28, 2011.
The current NAV of the scheme is Rs. 10.0644 as on 28th April 2011 under dividend option of the scheme. Another scheme in same category, which commenced on 24th March 2011, named as ICICI PruFMPS56 1Y D is posting the positive return of 0.77 per cent for the period March 29, 2011 to April 28, 2011 and the current NAV of the scheme is Rs. 10.0827 as on 28th April 2011 under dividend option of the scheme.