Reliance Mutual Fund has filed a draft offer document with SEBI for its open ended equity scheme called Reliance Equity Savings Fund.
The scheme aims to generate income by predominantly investing in arbitrage opportunities in the cash and derivative segment of the equity market and enhance returns with a moderate exposure in equity and equity related instruments. Under normal circumstances, the scheme would invest upto 70% in arbitrage opportunities, upto 35% in debt and money market and upto 40% in unhedged equity.
The scheme will be benchmarked against CRISIL Liquid Fund Index, CRISIL Short term Bond fund Index and CNX Nifty. The minimum application amount is Rs 5,000. Sanjay H Parekh, Anju Chajjer and Jahnvee Shah are the fund managers of the scheme.
Recently, Kotak and JP Morgan have launched such schemes.
