• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, April 1 Benchmark’s Islamic exchange traded fund Shariah BeES listed at a premium on the National Stock Exchange on Wednesday.

The unit opened at Rs 72.70, which was at a premium to its previous day’s net asset value of Rs 72.16.

The unit witnessed a low of Rs 63.50 before closing at Rs 71.71

The total traded quantity on the National Stock Exchange was 11,009 units.

Benchmark Mutual Fund was the first one to launch the product, the new fund offer of which opened on February 4 and closed on March 4, 2009.

The fund collected Rs 1.3 crore in its new fund offer, said Mr Rajan Mehta, Executive Director, Benchmark Mutual Fund.

“As it is an open ended scheme we expect more inflows once the market sentiment improves” he added.

A Shariah fund investments are based on Islamic laws, and they invest only in Shariah-compliant companies.

Sectors such as banks and financials, tobacco, breweries, alcohol related chemicals and meat processing are prohibited.

The law also prohibits from investing in companies that are high on debt or interest outgo.

Benchmark Shariah ETF has also weeded out companies that are excessively leveraged.

More Stories on : Mutual Funds | New Products & Services

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line