ICICI Prudential launches R.I.G.H.T Fund

By siliconindia   |   Monday, August 31, 2009
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Bangalore: ICICI Prudential Mutual Fund has launched its new equity scheme named as 'ICICI Prudential R.I.G.H.T. Fund (Rewards of Investing and Generation of Healthy Tax Savings)'. This close-ended equity linked savings scheme has been launched to generate long-term capital appreciation from a portfolio that is invested predominantly in equity and equity related securities of large capitalization companies and emerging mid cap companies along with income tax benefit. The investment policies shall be framed in accordance with SEBI (Mutual Funds) Regulations, 1996 and rules and guidelines for ELSS (Equity Linked savings Scheme), 2005. However, there can be no assurance that the investment objective of the scheme will be realized. The minimum investment amount for the scheme is Rs.500 and in multiples of Rs.500 thereafter. The scheme will invest up to 80 percent-100 percent in equity and equity related securities with high risk profile and up to 20 percent of the assets may be invested in debt. The scheme will invest in securitized debt up to 50 percent of debt portfolio, only if it is permitted under the ELSS guidelines in future. Being a close ended ELSS, investors can subscribe to the units under the scheme during the NFO (New Fund Offer) period only. The scheme will charge an entry Load of 2.25 percent for investments of less than Rs.5 crore of applicable NAV (Net Asset Value). For investment of Rs.5 crore and above, there will be no entry load charge. An investor will have to pay two percent of applicable NAV as exit load charge, if he redeemed within two years after completion of three years lock-in period and will not be charged thereafter. Benchmark Index for the scheme is S&P CNX Nifty Index. Prashant Kothari is appointed as the Fund Manager of the scheme.
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