The Hindu Business Line : Tata Mutual files for gold fund

The open-ended exchange traded fund will track the domestic price of gold through investments in physical gold and will be listed on the stock exchanges. Units with face value of Rs 10 will be issued along with an applicable load during the new fund offer.

The minimum investment is Rs 5,000 and the units can be traded on the stock exchanges. Minimum repurchase size would be units of the value of not less than in Rs 1,000, and in multiples of Re 1 thereafter. The fund will also provide a systematic investment plan for the investors, the fund house said in its offer document. Long-term capital gains tax will be applicable after one year.

The mutual fund will provide exit window for repurchase of units from investors during the last three business days of every quarter of a year. The minimum target amount to be raised during the initial offer period is Rs 1 lakh, says offer document. HDFC Bank will be the custodian for storing gold.

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