Showing its intent to move quickly into the mutual fund space, Axis Asset Management Company (AMC), soon after getting the nod to enter the arena, has filed an offer document, with the Securities and Exchange Board of India (SEBI), for its maiden fund titled Axis Equity Fund.
An open-ended growth scheme, its units will be of valued at Rs 10. The fund intends to attain long-term capital appreciation by investing in a diversified portfolio predominantly consisting of equity- and equity-related securities and derivatives.
Axis AMC is the newest fund in India after Shinsei was launched in February 2009. With this, the total number of fund houses in the country has gone up to 37.
Chandresh Nigam, head equity would be the fund manager. He holds a B. Tech, and a post graduate degree in management from IIM, Kolkata.
Aside from Axis, others waiting in the wings include Motilal Oswal, ASK Investment Holding, Indiabulls, Mahindra & Mahindra Financial Services – their applications are awaiting approval from SEBI.