Financial Daily from THE HINDU group of publications
Friday, Jan 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 23, 2004 |
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Markets
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Mutual Funds Standard Chartered MF files offer document for Grindlays saving scheme Our Bureau
Mumbai , Jan. 22 STANDARD Chartered Mutual Fund has filed the offer document for the Grindlays fixed savings scheme with SEBI. This is a closed-end income scheme investing 100 per cent in debt instruments. The scheme will open weekly between January and April. This is the third year of the Grindlays fixed savings scheme and the term of the last one ended in December 2003, according to company officials. The target for the scheme is Rs 5 crore for each weekly offer and the offer document has been updated to include the minimum 20-investors rule. Mr Naval Bir Kumar, Managing Director, Standard Chartered Mutual Fund, said that this is only a prospectus renewal exercise and the timing of the public offer will depend on factors including the equity market trend. "Investors should asset allocate and historical data indicates that retail investors have not made money in any of the past equity market booms. "They must learn to book profit and move into asset classes that protect investments, like the Grindlays fixed savings scheme," he said. The initial offer will be at Rs 10 per unit and the fund offers quarterly, half-yearly and annual plans. The exit load on the scheme ranges from 0.5 to 1 per cent, depending on the nature of scheme and time duration.
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