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IL&FS Mutual Plans to Launch an Index Fund

IL&FS Mutual Fund has planned to launch an Index Fund. With this, IL&FS Mutual Fund has extended its equity offerings over and above the existing IL&FS Growth and Value Fund and the eCOM Fund. The initial public offer opens on February 11, 2002 and closes on February 21, 2002. The fund will reopen for subscription and redemption on an on-going basis from February 27, 2002.

The fund will be available in two investment plans: BSE Sensex Plan and the Nifty Plan. The minimum investment amount is of Rs 5,000 and in the multiples of Re1 thereafter. There is no entry / exit load at the time of the initial public offer. The fund would not charge any entry load on new subscriptions even after the IPO while an exit load of 1 per cent will be charged for redemption amount of upto Rs.10 lakh, if redeemed within an year of investment. However, there is no exit load on redemptions above Rs.10 lakh.