Financial Daily from THE HINDU group of publications
Tuesday, Jan 04, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 04, 2005 |
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Markets
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Mutual Funds Kotak Mutual Fund plans to launch equity-linked scheme Our Bureau
Mumbai , Jan. 3 KOTAK Mahindra Mutual Fund is seeking to launch an open-ended equity-linked savings scheme. The investment objective of the scheme is to generate long-term capital appreciation from a diversified portfolio of equity and equity-related securities and enable investors to avail themselves of the income-tax rebate, according to the draft offer document filed with Securities and Exchange Board of India. The scheme would be available in both growth and dividend options. The offer document says the scheme is suitable for investors who seek capital appreciation and are interested in availing themselves of the tax rebate under Section 88 of the Income Tax Act, 1961. The scheme is open for continuous redemption on the completion of a lock-in period of 3 years from the date of allotment. The portfolio turnover of the fund will not exceed 150 per cent, says the draft of the offer document. The minimum application amount on the fund is Rs 500. The fund would invest 80-100 per cent in equity and equity related securities and up to 20 per cent in debt and money market securities.
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