Mutual Funds

Essel Mutual Fund seeks SEBI’s nod for open-ended equity fund

Essel Mutual Fund has sought the Securities and Exchange Board of India’s approval to launch Essel Focused Equity Fund, according to the draft offer document on regulator’s website.

The open-ended equity scheme will invest at least 65 percent of its assets in a maximum of 30 stocks that focus on the multicap category, while up to 35 percent will be invested in the debt and money market instruments.

The scheme also has the provision to invest up to 10 percent of its assets in units issued by real estate and infrastructure investment trusts.

The fund’s performance benchmark is the Nifty 500- TRI,  with Viral Berawala as the Fund Manager.

The fund offers no exit load, regular and direct plans, growth and dividend options,and a minimum investment of Rs 1,000 followed by multiples of one rupee thereafter.

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