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Friday, January 23, 2009

Canara Robeco Short Term Fund looks Sebi's approval

It is an open-ended debt fund

Canara Robeco Mutual Fund has filed offer document with Securities and Exchange Board of India (Sebi) to launch Canara Robeco Short Term Fund, an open-ended debt Fund. The face value of the new issue will be Rs 10 per unit.

The investment objective of the Fund is to seek to generate income from a portfolio constituted of short to medium term debt and money market securities.

The scheme offers two plans viz. retail and institutional plan with growth and dividend option. The dividend option further offers dividend payout and dividend reinvestment facility.

The minimum investment amount under retail plan will be Rs 5000 and in multiples of Re 1 thereafter and under institutional plan will be Rs 1 crore and in multiples of Re 1 thereafter.

The scheme seeks to collect a minimum corpus of Rs 10 crore during NFO period.

The scheme will invest 40-100% in debt & money market instruments with average maturity of up to one year (CDs, CPs, Mibor Instruments, and GOI/debt securities with initial Maturity of less than one year). Investment exposure of 60% will be in Government of India securities & corporate debt securities excluding debt/GOI sec. with initial maturity of less than one year & treasury bills.

Investment by the Fund in securitised debt will not normally exceed 50% of the net assets at the time of investment.

The Short Term Fund will not levy entry load. Retail plan will attract 0.50% exit load for redemptions within 6 months from the date of allotment while institutional plan will not charge exit load.

The performance of the scheme is being benchmarked to the performance of CRISIL Liquid Fund Index.

Akhil Mittal will be fund manager for the scheme.

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