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Monday, April 20, 2009

Kotak FMP 370 days Series 1 files offer document with Sebi

Investments will be in debt and money market instruments

Kotak Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch Kotak Fixed Maturity Plan 370 days Series 1. It is a close ended debt scheme. The new fund offer (NFO) price for the scheme is Rs 10 per unit

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.

The scheme shall offer growth and dividend options. Dividend option will offer dividend payout option.

The scheme will invest 100% in debt and money market instruments and government securities with low to medium risk profile. Debt instruments shall be deemed to include securitised debts (excluding foreign securitised debt) and investment in securitised debts shall not exceed 50% of the net assets of the scheme. From time to time the scheme may hold cash to meet the redemption requirements, due to lag in deal date and value date of acquiring an asset, due to marginal difference in maturity date of the asset and the maturity date of the scheme.

The scheme will charge neither entry nor exit load. The fund will be listed on NSE.

The minimum application amount will be Rs 5,000 and in multiples of Rs 10 for purchases and switch-ins during NFO. The Fund seeks to collect a minimum subscription amount of Rs 2 crore in the New Fund Offer of Kotak FMP 370 days Series 1.

The Scheme's performance will be benchmarked against CRISIL Composite Bond Fund Index.

Deepak Agarwal and Abhishek Bisen will be the fund managers for Kotak FMP 370 days Series 1.

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