UTI mutual fund has filed offer document with Securities and Exchange Board of India (SEBI) to launch UTI- Short Term Fixed Maturity Plan Series II comprises of 10 schemes with tenure from 30 days to 365 days. It is a close-ended income scheme. The face value of the new issue will be Rs 10 per unit. The Scheme aims to generate regular returns by investing in a portfolio of fixed income securities normally maturing in line with maturity period of the scheme.
The scheme will offer two options Viz. retail and institutional with growth & dividend options. Dividend option will further offer dividend payout and reinvestment facilities.
The minimum subscription amount for retail option under dividend sub option is Rs 10,000 and under growth sub option is Rs 5,000 and in multiples of Re 1 thereafter. The minimum subscription amount under institutional option is Rs 1 crore and in multiples of Re 1 thereafter.
The scheme seeks to collect a minimum corpus of Rs 1 crore during NFO period.
The scheme will invest upto 10-100% in money market instruments. It will invest upto 0-90% in debt including securitised debt. The scheme may invest upto 100% in the securitised debt.
The scheme will not charge any entry load, due to its closed ended nature. The scheme will charge 1.00% as an exit load for the redemptions before maturity.
The performance of the scheme is being benchmarked to the performance of a CRISIL Liquid Fund Index.
The fund managers for the scheme are Manish Joshi and Amandeep S Chopra. Kaushik Basu will be dedicated fund manager for investment in ADRs/GDRs/foreign securities.
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