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Wednesday, February 18, 2009

Taurus Ethical Fund floats on

NFO period from 19 February-20 March 2009

Taurus Mutual Fund has unveiled initial offering period of Taurus Ethical Fund on 19 February 2009. The scheme is available for fresh subscription until 20 March 2009.

Taurus Ethical Fund is India's first actively managed equity oriented Shariah compliant fund. The investment objective of the scheme is to appreciate the value of capital invested by investing in Shariah compliant portfolio of equities. This would then be distributed to all unit holders. The scheme may also invest in a certain portion of the corpus in money market instruments to meet liquidity requirements from time to time.

Taurus Ethical Fund will have growth and dividend option. Under dividend option investors will get dividend payout and reinvestment facility.

Investors should apply for minimum amount of Rs 5000 and in multiple of Re 1 thereafter.

The scheme will invest up to 80% in equity and 20% in money market instruments.

The fund will charge an entry load of 2.25%.

Exit load will be 1% for redemptions done up to 6 months from the date of allotment, 0.5% for redemptions after 6 months and up to one year and nil for all redemptions after one year for all one time investments.

The scheme is benchmarked against BSE 100 and the S&P CNX 500 Shariah index

The scheme has been certified by an independent Shariah Board named TASIS (Taqwaa Advisory and Shariah Investment Solutions). The role of this board is to regularly monitor stock picks and certify their Shariah compliance on a quarterly basis.

Waqar Naqvi, CEO, Taurus Mutual Fund said “It's all about investing in the right businesses and Shariah compliance ensures that. The need to pick businesses that foster wealth creation over the long term and distribute it equitably forms the basis of Shariah investing. It also provides an effective filter to identify and avoid speculative businesses. No wonder, Shariah compliant businesses have weathered the sub prime crisis”.

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