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Wednesday, May 28, 2014

SBI Shariah Equity Fund files offer document with Sebi

An open-ended equity scheme 

SBI Mutual Fund has filed offer document with Sebi to launch SBI Shariah Equity Fund, an open-ended equity scheme. The New Fund Offer price is Rs 10 per unit. 

Investment objective: The investment objective of the scheme is to provide medium to long term capital gains by investing in Shariah compliant equity & equity related instruments.
Options/plans: Growth and dividend (payout, reinvestment & transfer of dividend) options under both regular plan and direct plan. 

Benchmark: S&P BSE 500 Shariah Index 

Entry Load - Not Applicable 

Exit Load -
For exit within one year from the date of allotment -1%
For exit after one year from the date of allotment - Nil 

Minimum Application Amount: Rs.5,000 and in multiples of Re 1 thereafter. 

Minimum Target Amount: Rs 10 crore 

Asset Allocation: The scheme shall invest 90-100% in equity and equity related instruments under the shariah compliant universe and up to 10% in cash and money market instruments*. 

* The fund will invest in money market instruments only if they are approved by the Shariah Board. 

The scheme shall not invest in ADR/ GDR/ foreign securities. 

The scheme shall not invest in derivatives. 

The scheme shall not invest in repo in corporate debt 

Fund Manager: Ruchit Mehta
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