Financial Daily from THE HINDU group of publications
Saturday, Jul 02, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 02, 2005 |
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Markets
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Mutual Funds HSBC plans equity tax saver fund Our Bureau
Mumbai , July 1 HSBC Mutual Fund is seeking to launch an equity tax saver fund. According to the offer document of the fund filed with Securities and Exchange Board of India, the fund seeks to generate long term capital growth through investments across all market capitalisations stocks. The fund aims to be predominantly invested in equity and equity related securities. The fund will also invest in fixed income securities and money market instruments, it says. The offer document says that equity investments by the fund would be between 80-100 per cent and up to 20 per cent can be invested in debt and money market products. The scheme is an equity-linked savings scheme and has a lock-in period of three years. Investors subscribing to the fund would be charged an entry load of 2.25 per cent on investments below Rs 5 crore. There is no exit load, according to the offer document. The offer document is now filed with SEBI and is awaiting regulatory clearances.
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