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Tuesday, March 31, 2009

Shariah Benchmark Exchange Traded Scheme to be listed on NSE

With effect from 1 April 2009

Benchmark Mutual Fund has announced that the units of Shariah Benchmark Exchange Traded Scheme (Shariah BeES) shall be listed on the National Stock Exchange (NSE) with effect from 1 April 2009. The Net Asset Value (NAV) of Shariah BeES will track approximately 1/10th of the S&P CNX Nifty Shariah index. The symbol of the fund on NSE will be SHARIABEES.

Shariah Benchmark Exchange Traded Scheme is an open-ended listed index scheme. The new offer period (NFO) was opened from 4 February till 5 March 2009. The face value of new issue is Rs 10 per unit.

Details of the Shariah BeES

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 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.

The scheme offers only growth option. The minimum application amount will be Rs 10,000 and in multiples of Re. 1 thereafter.

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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