HSBC Mutual Fund has filed an offer document with SEBI to launch a close ended income scheme with two plans, HSBC Fixed Term Series 87 and 88.
The investment objective of the scheme will be to generate returns by investing in a portfolio of fixed income instruments which mature on or before the maturity date of the plans under the scheme. The two plans in this scheme are HSBC Fixed Term Series 87 and 88. Either of the plans may have a maturity period ranging from 30 days to 375 days.
The plans will allocate a minimum of 60% of its corpus in money market instruments and a maximum of 40% in debt instruments.
The plans will offer growth & dividend payout options. The schemes however require a minimum investment of Rs.10000/-.
The plans will have two applicable benchmarks. For plans with a maturity of upto 6 months the benchmark index will be CRISIL Liquid Fund Index and for plans with a maturity of 6 months and above – CRISIL Short Term Bond Fund Index.
The fund managers are Sanjay Shah, Senior Vice President & Fund Manager, Fixed Income and Kedar Karnik, Associate Vice President & Assistant Fund Manager, Fixed Income. The two are also responsible for many other schemes.
