A new fund has been started by Reliance Mutual Fund and the name of the fund is Reliance Fixed Horizon Fund - XV - Series 9. It is going to be a closed ended income scheme which will have a period of 370 days from the date of allotment of the scheme.

The unit price of the NFO is going to be Rs 10 per unit and the scheme will be open from subscription from September 13 and close on September 14, 2010.

The main objective behind the fund is to generate regular returns in terms of growth of capital and also income by investing the diversified firm into many government securities and other fixed incomes including debt securities that normally mature in time of volatility of the interest rate regime.

The scheme will be present in two options- growth and dividend payout. The minimum payment will be of 5,000 rupees and can be increased in the multiplies of 1 rupee thereafter.

As of now, Reliance MF is thinking of collecting 20 crore rupees during the specified period. There are going to be no entry and exit loads in the scheme.