Lotus India MF commences Quarterly Interval Fund Plan J

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Updated: 14/10/2008 | 12:00 AM IST

Mutual fund

Lotus India MF commences Quarterly Interval Fund - Plan J

Capital Market

Tuesday, October 14, 2008 (New Delhi)

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Lotus India Mutual Fund has launched Lotus India Quarterly Interval Fund - Plan J, a debt oriented interval scheme on 14 October 2008. The new issue will be closed for subscription on 15 October 2008. The NFO price for the fund is Rs 10 per unit.

The objective of the scheme is to seek to generate income by investing in a portfolio of debt and money market instruments normally maturing in line with the duration of the scheme.

The scheme will be having regular and institutional plans with growth and dividend sub plan. Dividend option will offer reinvestment and payout facilities.

The minimum investment amount under regular plan is Rs 5,000 and in multiples of Re 1 thereafter and the investment amount under the institutional plan is Rs 50,000 and in multiples of Re 1 thereafter.

The scheme seeks to collect Rs 50 lakh during the NFO period.

The scheme will invest 0%-85% in the money market instruments including reverse repo. It invests upto 50% in government securities issued by the central government and/ or state government(s). The investments in debt instruments such as bonds and debentures will be fro m 15%-100% and it will invest upto 50% in the securitised debt. Investment in fixed income derivatives may be upto 50% of the net asset of the scheme. Scheme does not intend to invest in foreign securities.

The scheme will not charge any entry load. The scheme charges an exit load of 1%, if the investment is redeemed on any time other than the specified transaction period. There will be no exit load charged if the investment is redeemed on during specified transaction period.

Specified Transaction Period for purchase/switch-in: The first specified transaction period for purchase/switch-in would be the 90th and 91st day from the date of allotment (including the date of allotment). Subsequent Specified Transaction Period for purchase/switch-in would be 90th and 91st day from the closure of previous Specified Transaction Period (including the last day of last Specified Transaction Period).

Specified Transaction Period for redemption/switch out: The first specified transaction period for redemption/switch-out without exit load would be the 90th day from the date of allotment (including the date of allotment). Subsequent Specified Transaction Period for redemption/switch out of units without any exit load will be on 90th day from the closure of last Specified Transaction Period (including the last day of last Specified Transaction Period).

The benchmark for scheme will be Crisil Liquid Fund Index.

Umesh Sharma will be the fund manager for the scheme.

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