Sep 14, 2008

Kotak MF waits for Sebi approval to launch 24 months plan

01 Sep 2008 | 16:39

Kotak MF waits for Sebi approval to launch 24 months plan

Kotak Mutual Fund has filed an offer document with Securities and
Exchange Board of India (SEBI) to launch Kotak 24 M ELN Series 1. It is
a close-ended debt scheme. The new fund offer (NFO) price for the
scheme is Rs 10 per unit

investment objective of the scheme is to generate returns through
investments in equity linked notes and in debt & money market

The scheme offers two plan viz. retail,
institutional and only regular plan with growth and dividend options.
Dividend option further offers dividend payout and dividend
reinvestment options.

The scheme will invest up to 100% in debt
and money market instruments and government secuirities with low to
medium risk profile. Investment in securitised debt shall not exceed
50% of the net assets of the scheme. Investment in equity linked notes
shall not exceed 80% of the net assets of the scheme. The scheme will
not invest in foreign securities.

The scheme will charge an
entry load of 3.00%. No entry load will be charged for all direct
applications received by AMC. Exit load is not applicable since
redemption is possible only by selling on the stock exchange.

minimum application amount under retail plan will be Rs 25, 000 and in
multiples of Re.1 thereafter and Rs 2 crore and in multiples of Rs 1
there after under institutional plan. The fund seeks to raise Rs 2
crore during NFO period.

Benchmark index of the scheme will be Crisil Balanced Fund Index.

Deepak Agarwal and Sajit Pisharodi will be the fund managers for the shceme.

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