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Friday, January 30, 2009

Benchmark Mutual Fund launches its Shariah BeES

NFO period from 04 February 2009, 25 February 2009

Benchmark Mutual Fund has announced the new issue period of Shariah Benchmark Exchange Traded Scheme. It is an open ended listed index scheme. The new offer period (NFO) will be open for subscription from 04 February to 25 February 2009. The face value of new issue is Rs 10 per unit.

Details

The investment objective of the Scheme is to provide returns that, before expenses, closely correspond to the total returns of the securities as represented by the S&P CNX Nifty Shariah Index by investing in securities which are constituents of S&P CNX Nifty Shariah Index in the same proportion as in the Index.

The S&P CNX Shariah index comprises stocks that are Shariah compliant. As a result, the fund will not invest in business activities related to pork, alcohol, gambling, financials, advertising and media (newspapers are allowed and sub-industries are analyzed individually), pornography, tobacco and trading of gold and silver.

The scheme offers only growth option. The minimum application amount will be Rs 10,000 and in multiples of Re. 1 thereafter. The scheme seeks to collect a minimum target amount of Rs 1 crore during the NFO period.

The scheme will invest 90%-100% in securities covered by the S&P CNX Nifty Shariah Index with medium to high risk profile. The scheme will reserve 10% as cash.

For investment between Rs 10000 to Rs 49,99,999, the scheme charges 1.50% entry load. For investment between Rs 50 lakh to Rs 1,99,99,999, the scheme will charge 1.00% entry load. For investment between Rs 2 crore to Rs 4,99,99,999, the scheme will charge 0.50% entry load and for the investment of Rs 5 crore and above no entry load will be charged.

The scheme will not charge any entry load for continuous offer and it will not charge any exit load.

The benchmark index for the scheme would be S&P CNX Nifty Shariah Index.

Vishal Jain will be the fund manager for the scheme.

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