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29 Jun 2012 04:26 PM
Reliance MF files offer document for Reliance Retirement Fund  
 

Reliance MF has filed an offer document with SEBI to launch Reliance Retirement Fund, an open ended notified tax savings cum pension scheme.

The investment objective of the scheme is to provide capital appreciation and consistent income to the investors which will be in line with their retirement goals by investing in a mix of securities comprising of equity, equity related instruments and fixed income securities. The scheme will get tax benefit (upto Rs. 1 Lakh) as a Notified Pension Fund U/S 80C of Income Tax Act 1961, subject to fund being notified by the Central Government under Section 80C(2)(xiiic) of the Income Tax Act 1961.

Under the Wealth Creation Plan, the scheme will invest a minimum of 65% of its assets in equities and equity related securities and a maximum of 35% in debt and money market securities. Under the Income Generation Plan, the scheme will invest a minimum of 5% and a maximum of 30% in equities and equity related securities and a minimum of 70% and a maximum of 95% in debt and money market securities.

The benchmark for the Wealth Creation Plan of the scheme will be BSE 100 and the benchmark for the Income Generation Plan will be CRISIL MIP Blended Index. The fund will be managed by Sanjay Parekh, Anju Chajjer and Jahnvee Shah.

 
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