JP Morgan Mutual Fund has filed a draft offer document with SEBI to launch its open ended India Monthly Income Fund. The scheme aims to generate regular income by investing primarily in a portfolio of debt and money market securities. The scheme also seeks to generate capital appreciation by investing its small portion in equity and equity related instruments.
The benchmark of the scheme is CRISIL MIP Blended Fund Index. The fund will charge an exit load of one percent if redeemed before 18 months from the date of allotment. No exit load will be charged thereafter. The minimum application amount will be Rs 5000. The fund will be co-managed by Harshad Patwardhan, Amit Gadgil, Namdev Chougule and Ravi Ratanpal.
