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SBI Mutual Launches Magnum Index Fund

SBI Mutual Fund has launched an Index Fund : Magnum Index Fund. The fund will be an open-ended passively managed index fund and will track the S&P CNX Nifty Index. The fund is open for initial offer from December 18 to December 31, 2001. It would charge an initial issue expense of 1%. The fund will reopen for continuous sale and repurchase from January 14, 2002. Thereafer, an entry load of 1 per cent would be charged but exit from the fund would be on a no-load basis. Minimum investment is of Rs 5,000 and in multiples of Rs 1,000. With the launch of Magnum Index Fund, SBI Mutual Fund has become the fifth player in the Index fund category. Other players are UTI, Pioneer ITI, IDBI and Templeton.