Financial Daily from THE HINDU group of publications
Wednesday, Dec 29, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 29, 2004 |
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Markets
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Mutual Funds Reliance MF plans Tax Saver Fund Our Bureau
Mumbai , Dec. 28 RELIANCE Mutual Fund is launching Reliance Tax Saver Fund, an open-ended equity-linked savings scheme. The primary objective of the scheme is to generate long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related instruments, according to the offer document. The asset allocation of the fund would be 80-100 per cent in equity and related securities. Up to 20 per cent could be maintained in money market instruments. The scheme would charge an entry load of 2.25 per cent for investments below Rs 2 crore and 1.25 per cent for investments between Rs 2 crore and Rs 5 crore. There is no entry load for investments above Rs 5 crore. These loads are not applicable for investments made during the initial public offerings of the scheme, said the offer document. Investors would be able to avail of tax benefits under Section 88, says the offer document. Investors will have the choice of four options including dividend payout, dividend reinvestment, growth and bonus options. The minimum application amount for the fund is Rs 500. The fund has a target of collecting Rs 1 lakh during the IPO. The performance of the fund would be benchmarked against the BSE-100 index.
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