Axis Mutual Fund looks to garner Rs 50 cr from maiden fund offer post ban

view original post

Axis Mutual Fund is targeting to garner Rs 50 crore from the silver ETF and the silver fund of fund announced — its maiden launch after the Sebi lifted its three month ban on NFOs from July

Topics
Axis Mutual Fund | silver ETFs

is targeting to garner Rs 50 crore from the silver ETF and the silver fund of fund announced on Friday — its maiden launch after the lifted its three month ban on NFOs from July.

The fund house said the silver fund of fund will invest in the units of Axis silver ETF (exchange traded fund).

Pratik Tibrewal, fund manager, commodities at Axis AMC told PTI that they have set an internal target of garnering Rs 50 crore during the new fund offer.

Both the funds will be open for subscription from September 2 through September 15, the fund house said in a statement.

While the silver ETF will have no exit load, the silver fund of fund will attract an exit load of 0.25 per cent if redeemed/switched out within seven days from the date of allotment but will have no such charges if redeemed/switched out after sever days of allotment.

The silver ETF will invest in industry standard 30 kg physical silver bullion of 999 parts per 1,000 fineness and storage, transport and insurance will be taken care by Axis AMC.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, September 02 2022. 19:30 IST

Related Posts