Aditya Birla Sun Life Mutual Fund has launched a new close ended income scheme named “Aditya Birla Sun Life Fixed Term Plan – Series PM (1141 days)” with a maturity period of 1141 days from and including the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription on March 15 and will close on March 19. According to the offer document filed with SEBI, the entry load is not applicable and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will be also not applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode. The minimum application amount is Rs 1,000 and in multiples of Rs 10 thereafter. The options available under the plan of the scheme are Growth and Dividend option. The performance of the scheme will be benchmarked against CRISIL Composite Bond Fund Index. Mohit Sharma will be the fund manager of this scheme. The asset allocation of the scheme will be in such a way that the objective of the scheme to generate income will be met by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. Hence, the scheme will allocate 80 to 100 percent of an asset in Debt Securities including Government Securities and 0 to 20 percent of an asset in Money Market Instruments.
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