The Hindu Business Line : Update

Axis Mutual Fund has launched a new open-ended growth scheme called Axis Equity Fund. Its objective will be to achieve long-term capital appreciation by investing in a diversified portfolio of equity and equity-related securities including derivatives. However an approximate 20 per cent of the fund’s assets will be invested in debt and money market instruments with low to medium risk profile. The minimum application amount for the scheme will be Rs. 5000. The scheme will charge an exit load of 1 per cent if the units are redeemed within a year from the date of allotment. The scheme will be benchmarked against S & P CNX Nifty. The NFO opens on November 11 and closes on December 8.

Franklin Templeton Mutual Fund has declared dividend under it scheme FT India Dynamic PE Ratio Fund of Fund. The quantum of dividend decided for distribution is Rs. 3 per unit on the face value of Rs10. The record rate is November 11.

ICICI Prudential Mutual Fund has filed offer document with Securities and Exchange Board of India to launch ICICI Prudential Oil Fund, an open ended scheme. The NFO is to be price at Rs 10 per unit. The fund seeks to provide returns by investing in foreign debt securities which track crude oil prices and deliver returns linked to crude oil prices. The minimum application amount is Rs 5000 per application and in multiples of Re 1 thereafter. The scheme will be benchmarked against the West Texas Intermediaries Crude oil prices traded on New York Mercantile Exchange.

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