Birla Sun Life MF launches Focused Equity Fund–Series 2

The New Fund Offer Period opens on February 26, 2014 and is open till March 14, 2014

February 28, 2014 3:25 IST | India Infoline News Service
Birla Sun Life Asset Management Company Limited, a part of Aditya Birla Financial Services Group (ABFSG), and investment manager for Birla Sun Life Mutual Fund (BSLMF), announced the launch of the Birla Sun Life Focused Equity Fund – Series 2, a close-ended Equity Scheme investing in Eligible Securities as per Rajiv Gandhi Equity Savings Scheme, 2013. The fund will invest in the equity securities specified as ‘eligible securities’ under the RGESS guidelines which include equity shares of (a) companies falling in list of BSE 100 and CNX 100 and (b) PSUs which are categorized as Navratna, Maharatna or Miniratna by the Central Government.

Speaking on the launch of the scheme, A. Balasubramanian, CEO, Birla Sun Life Asset Management Company Limited said, “The RGESS structure encourages discipline to stay invested in equities for investors who are new to Mutual Funds. The improving market environment also makes this a good time for retail investors to consider long-term wealth creation through equities. A close-ended equity fund like ours can be well positioned to capture this for investors. The additional Tax benefit u/s 80 CCG, with a higher income eligibility of Rs. 12 Lakhs per annum also makes this a meaningful opportunity for first-time investors.”

The New Fund Offer Period opens on February 26, 2014 and is open till March 14, 2014 with price of units of the scheme at Rs. 10 per unit. The minimum amount that investors can invest in this scheme is Rs. 5,000/- and in multiples of Rs. 10/- thereafter during the New Fund Offer period. Investing in Birla Sun Life Focused Equity Fund – Series 2 may also entitle the investors to avail tax benefits under section 80CCG which is over and above the eligibility under section 80C. Investors who have not opened a Demat account or have not made any transactions in their Demat account will be eligible. Incorrect [tax deductions available under Income Tax Act, 1961 shall be subject to various conditions specified therein from time to time.
The primary investment objective of the Scheme is to generate capital appreciation from a portfolio of equity securities specified as eligible securities for Rajiv Gandhi Equity Savings Scheme, 2013 (RGESS).

The scheme will be listed on BSE and NSE. As the units will be listed on stock exchange/s, Investors/ unit holders can buy / sell units on a continuous basis on the stock exchange/s. The minimum number of Units that can be bought or sold on the Exchange is 1 (one) unit.

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