Relaince Capital Mutual Fund is planning to launch three new funds - Reliance Media Fund, Reliance NRI Equity Scheme and Reliance NRI Income Scheme.
Reliance Media Fund would be an open-end media sector fund, the first of its kind in the Indian mutual fund market. The fund would invest 80-100 per cent of its corpus in equities of media and other associated companies. However, the fund manager has the freedom to pare the equity allocation and invest 100 per cent in debt and money market instruments if required. This would be the fourth sectoral offering from Reliance Mutual after Banking, Power and Pharma sector funds.
Reliance NRI Equity Scheme would be an open-end diversified equity fund, investing upto 100 per cent of its corpus in equities of Indian companies, primarily drawn from the BSE 200 index. The debt allocation of the fund is capped at 20 per cent.
Reliance NRI Income Scheme would be nn open-end debt fund, investing 50-100 per cent in debt securities and upto 50 per cent in money market instruments.
Repatriation benefits will be available to NRIs under both the equity and income scheme, subject to the applicable laws and regulations.
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