The Hindu Business Line : Update

Quantum Mutual Fund has launched Quantum Gold Fund an open-ended exchange traded fund. The scheme, which is to be listed in NSE, will closely track the domestic prices of gold. During the NFO period investors can subscribe to the scheme with a minimum investment of Rs 5,000 and further multiples of Rs 1,000.

The fund enables investors to buy gold without hassles of holding and storing physical gold. The fund will closely track, before expenses, the movement in the price of the underlying asset — physical gold of 0.995 fineness.

Quantum Gold Fund will also be the first gold ETF in the country without any entry load during the NFO. The offer closes on 8 February.

Mutual Fund investors have to complete the Know Your Client (KYC) procedure for investments from February 1,2008.Investors have to fill in a KYC application form available at any AMC office or point of service (POS). KYC application form and list of POS are available on www.amfiindia.com , www.cdslindia.com and mutual fund Websites.

Along with KYC, a copy of Pan card, proof of residence along with originals for verification and photograph can be submitted at POS or select mutual fund offices. No new number will be issued. Only PAN will be the identity number for the investors.

This is a one-time, free-of-cost exercise to enable investors to comply with the KYC procedures. Compliance with KYC norms will initially be required for investments of Rs 50,000 or more.

HSBC Mutual Fund to launch an open-ended equity scheme HSBC Emerging Markets Fund, which will invest in equities in India and other emerging markets.

The fund can invest up to 100 per cent of its assets in overseas markets. The fund may also invest a limited proportion in domestic debt and money market instruments in case equity markets are considered unfavourable.

The NFO opens for subscription from January 28 and closes on February 25 with a face value of Rs 10. The scheme will charge an entry load of 2.25 per cent on investments or switch in amount within Rs 5 crore. The minimum investment amount Rs 10,000 and multiple of Re 1.

More Stories on : New Fund Offer | Mutual Funds | Gold & Silver

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