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Friday, September 25, 2009

Taurus Nifty Index Fund files offer document with Sebi

An open-ended Index Linked Equity Scheme

Taurus Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch Taurus Nifty Index Fund, an open-ended Index Linked Equity Scheme. The new fund offer (NFO) price for the scheme is Rs.10 per unit.

The investment objective of the scheme is to replicate the S&P CNX Nifty Index by investing in securities of the CNX Nifty Index in the same proportion/weightage.

The scheme offers investors two plans:

(a) Retail plan

(b) Institutional Plan

Both the Plans will offer the following options dividend option: payout or reinvestment and growth option.

The scheme will follow following asset allocation pattern:

80-100% in securities covered by the Nifty

0-20% in debt & money market instruments

The net assets of the scheme will be invested predominantly in stocks constituting the S&P CNX Nifty and / or in exchange traded derivatives on the S&P CNX Nifty. This would be done by investing in almost all the stocks comprising the S&P CNX Nifty Index in approximately the same weightage that they represent in the S&P CNX Nifty Index and / or investing in derivatives including futures contracts and options contracts on the S&P CNX Nifty Index. A small portion of the net assets will be invested in money market instruments permitted by SEBI/RBI including call money market or in alternative investment for the call money market as may be provided by the RBI, to meet the liquidity requirements of the scheme.

Retail Plan: Rs.5000 and in multiple of Rs.1000 thereof and

Institutional Plan: Rs 1 crore and in multiple of Rs 1000 thereof

The scheme seeks to collect a minimum subscription of Rs.1 Lakh during the New Fund Period.

Entry load: Nil

Exit load: 1.00% if redeemed/ switched out within 15 days from the date of allotment

The schemes performance would be benchmarked against S&P CNX Nifty.

The Fund Manager for the scheme is Prasanna Pathak.

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