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Mutual funds file offer document with SEBI to launch FMPs

The objective of the fund houses is to attract risk-averse investors seeking short-term returns

August 26, 2013 3:18 IST | India Infoline News Service
Mutual fund companies have filed offer documents for over 26 fixed maturity plans (FMPs) with SEBI (Securities and Exchange Board of India) in the last sixty days.

Around 16 draft offers have been filed in August till, while the other 10 were filed in July. These schemes will be opened for subscription soon after the necessary clearances.

The objective of the fund houses is to attract risk-averse investors seeking short-term returns.

The fund houses that have filed offer documents with SEBI to launch FMPs include HDFC, ICICI Prudential, L&T, Peerless, IDFC, Tata, Kotak, IDBI, Baroda Pioneer and Religare.

FMPs mainly invest in specified duration instruments like bank certificates of deposit (CDs) and commercial papers (CPs), which are issued by companies and usually have tenures of a few months or a year.

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