Financial Daily from THE HINDU group of publications
Saturday, Dec 11, 2004
Financial Daily from THE HINDU group of publications Saturday, Dec 11, 2004 |
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Markets
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Mutual Funds Kotak Mahindra launches two index-linked schemes Our Bureau
Mumbai , Dec. 10 KOTAK Mahindra Mutual Fund is introducing two index-linked mutual funds - Kotak Sensex Scheme and Kotak Nifty Scheme, according to offer documents filed with Securities and Exchange Board of India. These equity growth schemes would be issued at Rs 10 per unit at par. The investment objectives of the schemes are to generate returns that are equal to the performance of the Sensex and S&P CNX Nifty, respectively. The returns would be subject to tracking errors in comparison with the indices. The schemes will follow a passive investment strategy and portfolio turnover will be limited for the purposes of rebalancing on account of new subscriptions, redemptions and change in the composition and the stock weight-ages in the indices, according to the documents. The scheme would invest 95 to 100 per cent of its assets in equity and equity-related instruments covered under the respective indices and the remaining five per cent could be invested in cash and money market instruments.
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