ICICI Prudential Mutual Fund launches 'ICICI Prudential Regular Savings Fund,' an open-ended income fund, with an aim at drawing risk-averse retail investors into debt market.
The fund will invest in debt and money market securities that offer returns at very little risk. "The fund's core strategy will be to strive for returns from accrual income. It will follow a buy and hold strategy thereby managing a stable duration. Unlike other income and gilt funds, this fund will normally not engage in trading in G-sec (government securities) on a tactical basis. Buying and selling of securities will not be an active part of the overall investment strategy," a press statement from the fund house said.
The new fund would be open for subscription from November 15, 2010 to November 29, 2010. While there is no entry load, the scheme charges an exit load of 2 per cent for redemptions before completion of one year.
Nimesh Shah, managing director, ICICI Prudential Asset Management Company, said "Through this product, ICICI Prudential AMC aspires to draw retail investors towards the debt market. Debt mutual funds facilitate an important asset allocation need of investors, contributing to their objective of wealth creation and in some cases for regular income where needed."
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