JP Morgan India Mutual Fund has filed a draft offer document with SEBI to launch its open ended Banking Income Fund. The scheme seeks to generate income by investing in a portfolio of debt securities and money market instruments issued by banks.
The benchmark of the fund is CRISIL Short Term Bond Fund Index. The minimum application amount will be Rs 5000. The scheme will charge an exit load of 1 percent if redeemed within 12 months from the date of allotment. No exit load will be charged thereafter. Namdev Chougule and Ravi Ratanpal will co-manage the fund.
