Business Daily from THE HINDU group of publications
Sunday, May 11, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Sunday, May 11, 2008 ePaper | Mobile/PDA Version | Audio |
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Investment World
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Mutual Funds Markets - New Fund Offer Kotak Mahindra Asset Management Company has launched an exchange change traded fund - Kotak Sensex ETF. The scheme will focus on investing in the stocks in the BSE Sensex. The investment objective of the scheme is to provide returns that closely correspond to the total returns of the BSE Sensex, subject to tracking errors. The scheme will be benchmarked against Sensex. The units would be listed on the BSE, and authorised participants appointed by the mutual fund will provide liquidity in the secondary market. Each unit of the Kotak Sensex ETF will be approximately equal to 1/100 th of the value of the BSE Sensex. The minimum investment amount for the scheme is Rs 10,000 and multiplies of Rs 1,000 thereafter. In case of investors opting to switch into the scheme from existing schemes during the NFO period, the minimum investment is Rs 10,000. The entry loads during the new fund offer is one per cent for investments less than Rs 1 crore. There will be no entry load during the continuous offer. The NFO closes on May 16.
More Stories on : Mutual Funds | New Fund Offer
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