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Coimbatore Jan. 24 Tata Mutual Fund today announced the launch of its SIP Fund Scheme- I in the city.

The new fund is a 36-month close-ended hybrid scheme. It aims to achieve long-term growth by investing systematically in Equity /Equity related instruments and debt instruments.

It provides both - dividend and growth option and will be open till February 15.

Speaking at the launch, the Managing Director of Tata Mutual Fund Mr Ved Prakash Chaturvedi said the concept of systematic investment was not new today, but unlike the usual SIP, an investor would be making a one-time investment in this fund.

"Generally SIPs involve administrative inconveniences like issuing post-dated cheques or giving payment instructions, accounting, recording multiple transactions, tax liability computation for each instalment and maintaining minimum balance for auto debit clearance".

Investors investing in this fund would have an option to either redeem the units on maturity or switch to Tata Pure Equity Fund with zero entry load. Tata Pure Equity Fund, he pointed out was an open ended fund that focused on long term investment in fundamentally undervalued large cap companies through a process of rigorous research.

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Tata Mutual launches SIP Fund

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