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Tuesday, October 21, 2014

LIC Nomura MF Rajiv Gandhi Equity Savings Scheme- Series 3 files offer document with Sebi

A close ended equity scheme which shall invest in eligible securities as per Rajiv Gandhi Equity Savings Scheme, 2012 

LIC Nomura Mutual Fund has filed offer document with Sebi to launch LIC Nomura MF Rajiv Gandhi Equity Savings Scheme- Series 3, a close ended equity scheme which shall invest in eligible securities as per Rajiv Gandhi Equity Savings Scheme, 2012. The New Fund Offer price is Rs 10 per unit. The scheme duration will 3 years from the date of allotment of units. 

Investment objective: The primary investment objective of the scheme is to generate capital appreciation, from a portfolio that is substantially constituted of equity securities which are specified as eligible securities for Rajiv Gandhi Equity Savings Scheme (RGESS). The scheme may also invest a certain portion of its corpus in cash & cash equivalent and money market instruments from time to time. 

Plans/ option(s): Growth and dividend (payout) options under both regular plan and direct plan. 

Benchmark: S&P BSE 100 Index 

Tax Benefit under Section 80CCG: As per Section 80CCG of the Income Tax Act, 1961, investments made by 'New Retail Investor' in this Scheme will qualify for a 50% deduction of the actual amount invested from the taxable income of the financial year. The maximum investment permissible for claiming deduction in a financial year is Rs.50, 000. 

Loads: 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 95-100% in equity securities specified as eligible securities for RGESS and up to 5% in cash & cash equivalents and money market instruments. 

Fund Managers: Nobutaka Kitajima and Ramnath Venkateswaran 
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