TMF to launch retirement fund
PRESS TRUST OF INDIA
New Delhi, Apr 13: Tata Mutual Fund today filed draft prospectus with market regulator Sebi for coming out with Tata Retirement Fund, which is an open ended fund.
New investors willing to put in money into the new fund offer (NFO) will have to make an minimum investment of Rs 5,000 and in multiples of Re one thereafter, the draft document said.
“The objective of the Fund is to provide a financial planning tool for long term financial security for investors based on their retirement planning goals,” the document said.
The Tata Retirement Fund would offer investors option to invest under three plans -- Progressive Plan, Moderate Plan and Conservative Plan. The schemes would offer growth option.
The performance of schemes would be benchmarked against BSE Sensex, Crisil Balanced Index Fund and Crisil MIP Blended Index respectively.
While the ‘Progressive’ and ‘Moderate’ Plan would invest majority of its corpus in equity schemes, Conservative Plan would have higher exposure in debt securities. The fund would provide an investment tool for retirement planning of investors, depending upon their risk appetite. The earnings of the fund from domestic investments is exempt from income tax.
Lastupdate on : Wed, 13 Apr 2011 21:30:00 Makkah time
Lastupdate on : Wed, 13 Apr 2011 18:30:00 GMT
Lastupdate on : Thu, 14 Apr 2011 00:00:00 IST
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