Religare Mutual Fund has announced that with effect from April 1, 2011, the benchmark index of Religare Infrastructure Fund will be changed from “S&P CNX 500“ to “CNX Infrastructure Index“ to reflect more effectively the investment objective, investment strategy and portfolio mix of the scheme.
The current benchmark index, S&P CNX 500, is a broad based index and has large allocation to sectors which are either non-infrastructure or do not form part of core infrastructure theme. As the portfolio of Religare Infrastructure Fund constitutes of equity and equity related instruments of infrastructure companies; the CNX Infrastructure Index, a dedicated infrastructure index, is an ideal benchmark index to enable comparison of performance of the scheme with infrastructure sector.
Further, the AMC has also announced a change in minimum amount/units for redemption under Religare Tax Plan and Religare AGILE Tax Fund. Under revised provisions, minimum amount/units for redemption under both the schemes will be Rs 500 or 50 units or account balance, whichever is lower.