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Tuesday, February 24, 2009

Shariah BeES extends closing of NFO period

NFO will close on 5 March 2009

Benchmark Mutual Fund has extended the closing date of New Fund Offer (NFO) period of Shariah Benchmark Exchange Traded Scheme (Shariah BeES), an open-ended exchange listed index scheme up to 5 March 2009 instead of 25 February 2009. The new fund offer was opened for subscription on 04 February 2009.

Shariah Benchmark Exchange Traded Scheme is an open-ended listed index scheme. 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 scheme offers only growth option. The minimum application amount will be Rs 10,000 and in multiples of Re. 1 thereafter. 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 fund manager for the scheme is Vishal Jain. The benchmark index for the scheme would be S&P CNX Nifty Shariah Index.

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