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Nilanjan Dey

Kolkata , April 28

SAHARA Mutual Fund has mooted a broad-based equity scheme for investing in companies expected to emerge as wealth builders over the long-term.

The proposed Sahara Wealth Plus Fund, with the S&P CNX 500 index as its benchmark, will chiefly invest in equities, the minimum exposure to this class of assets being 70 per cent. Up to 30 per cent may be allocated to debt and money market instruments, mainly when opportunities of investing in stocks are not available.

The proposed scheme will be the fourth equity product from the Sahara MF stable, and the first since the fund brought about top-level changes, including the induction of a new CEO Mr Rajiv Shastri (formerly Head - Fixed Income, ABN Amro MF). The existing equity funds — Sahara Growth, Sahara Tax Gain and Sahara Midcap — are all diversified.

The MF, meanwhile, has sought regulatory approval for what has been named Sahara Cash Plus Fund. This will work out a portfolio of quality debt and money market instruments; exposure to the latter will be 70 per cent under normal circumstances.

The offer document filed with SEBI captures the current ownership structure of the asset management outfit, formerly the Dr A.C. Muthiah-controlled First India MF. It shows that Sahara India Financial Corporation, a residuary non-banking company according to the RBI, has become the sponsor of Sahara MF.

The paid-up capital of the asset management company, incidentally, stands at Rs 25.8 crore. Its directors include Mr Subrata Roy, Mr O.P. Srivastava, Mr Sanjiv Kapoor and Mr Suresh Chukkapalli. The last two are independent directors.

Sahara India Financial Corp, the group flagship that is engaged heavily in deposit mobilisation, is the majority shareholder (controlling 50 per cent) of the AMC, the other stakeholders being two ventures in the Sahara fold, each holding 25 per cent of the capital.

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