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Wednesday, July 15, 2009

ICICI Prudential MF files offer document with Sebi

Plans to launch ICICI Prudential Nifty Junior Index Fund

ICICI Prudential Mutual Fund has filed offer document with Sebi to launch ICICI Prudential Nifty Junior Index Fund. It is an open ended index fund. The face value of the new issue will be Rs 10 per unit.

The investment objective of the scheme is to invest in companies whose securities are included in Nifty Junior Index and to endeavor to achieve the returns of the above index as closely as possible, though subject to tracking error. The fund intends to track only 90-95% of the Index i.e. it will always keep cash balance between 5-10% of the Net Assets to meet the redemptions and other liquidity requirements. However, as and when the liquidity in the Index improves the fund intends to track upto 100% of the Index.

The fund will not seek to outperform the CNX Nifty Junior. The objective is that the performance of the NAV of the fund should closely track the performance of the CNX Nifty Junior over the same period subject to tracking error.

Investment option: The scheme offers three options viz. regular (regular), premium and institutional option I with growth and dividend options. The dividend option further offers dividend payout and dividend reinvest facility. Dividend reinvestment option will be the default option.

Minimum application amount: The minimum investment amount under regular option will be Rs 5000 and in multiples of Re 1 thereafter, under premium option will be Rs 5 lakh and in multiples of Re 1 thereafter and under institutional option I will be Rs 1 lakh and in multiples of Re 1 thereafter.

During the NFO period of the plans under the scheme, each Plan seeks to raise a minimum subscription of Rs. 1 Lakh.

Asset allocation: The scheme will invest 90-95% in Equity & Equity related securities of companies constituting the CNX Nifty Junior and exchange traded derivatives (Including derivatives instruments to the extent of 100% of the net assets as permitted vide Sebi Circular) on the CNX Nifty Junior Index. 5-10% in Debt & Money Market Instruments (including Securitised debt). Investments in securitized debt will not exceed 50% of the debt portfolio.

Load structure: Entry load: Nil for all options

Exit load:

Regular option:

- For investment of Rs.5 crore and above: Nil

- For investment of less than Rs.5 crore: If the amount, sought to be redeemed or switched out, is invested upto one year from the date of allotment: 1.00%

- If the amount, sought to be redeemed or switched out, is invested for more than one year from the date of allotment: Nil

Premium Option Nil

Institutional Option I Nil

Benchmark index: CNX Nifty Junior Index.

Fund Manager: Yogesh Bhatt will be fund manager for the scheme.

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