Kotak Mutual Fund launches ‘FMP 18M Series 2’

Kotak Mutual Fund launches ‘FMP 18M Series 2’Kotak Mutual Fund, one of the leading mutual funds in the country, has launched a new fund named as Kotak FMP 18M Series 2, a close ended debt scheme.

The new fund offer (NFO) price for the scheme is Rs 10 per unit, which will open for subscription from Nov. 5, 2009. The fund will close subscription on Nov. 18, 2009.

The minimum application amount is Rs 5,000 and in multiples of Rs 10, and it offers both growth and dividend payout option.

The main objective of the scheme is to generate regular returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.

According to an official release, the fund would invest up-to 100% of asset in debt and money market instruments and government securities with low to medium risk profile.

Further, the release stated that the fund would invest up-to 100% in money market instruments with medium to high risk profile, while investments in corporate bonds and other debt instruments would be up-to 100% with medium to high risk profile.

The benchmark Index for the scheme is CRISIL Composite Bond Fund Index, and the units of the scheme will be listed on the NSE on allotment.

The maturity of the scheme is 18 months from the date of allotment of units.




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