Birla Sun Life Focused Equity Fund - An RGESS scheme

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Birla Sun Life Mutual Fund has recently launched a close ended equity scheme which will invest in eligible securities as per Rajiv Gandhi Equity Savings Scheme (RGESS)

 

Like other Rajiv Gandhi Equity Savings Scheme (RGESS) eligible mutual funds, the new RGESS scheme from Birla Sun Life (BSL) Mutual Fund—BSL Focused Equity Fund—would invest over 95% of its portfolio in equity instruments (mainly companies present on the BSE 100 index or the CNX 100 index) that are specified as eligible securities under the RGESS and would have a term of three years.

 

RGESSs are similar to ELSS; however, to claim the tax benefit of investing in the schemes under RGESS, investors should meet the requirements of “new retail investor”. A DEMAT account is compulsory for RGESS, however, a DEMAT account is required only if you are eligible and are looking for tax benefits, else one can invest in this scheme like you would in any other mutual fund scheme.

 

No redemption or repurchase will be permitted prior to maturity of the scheme. The scheme will be listed on BSE, NSE and/or any other recognized stock exchanges as may be decided by fund house from time to time and the unit holders who wish to redeem units may do so through stock exchange at prevailing listed price on such Stock Exchange, subject to lock-in period under RGESS, if any.

 

Eligible Securities as defined under RGESS guidelines means any of the following:

 

(a) equity shares, on the day of purchase, falling in the list of equity declared as "BSE-100" or "CNX-100" by the Bombay Stock Exchange and the National Stock Exchange, as the case may be;

 

(b) equity shares of public sector enterprises which are categorised as Maharatna, Navratna or Miniratna by the Central Government;

(c) Units of Exchange Traded Funds or mutual fund schemes with RGESS eligible securities as underlying, as mentioned in sub-clause (a) or sub-clause (b) above, provided they are listed and traded on a stock exchange and settled through a depository mechanism;

(d) Follow on Public Offer of point (a) and (b) above;

(e) New Fund Offers of point (c) above;

(f) Initial Public Offer of a public sector undertaking wherein the government shareholding is at least fifty-one per cent, which is scheduled for getting listed in the relevant previous year and whose annual turnover is not less than four thousand crore rupees during each of the preceding three years.

 

BSL Mutual Fund is one of the better performing mutual fund houses. However, as in the case of all close-ended equity schemes, the returns you get from these schemes depend on when you invest (at the time of the new fund offer) and when the scheme matures. A lot would depend on the valuation of the market when you invest in the scheme and the market scenario at the maturity of the scheme. Your returns could vary considerably depending on these factors.

 

Anil Shah, who has over 20 years of experience in equity research and investments, would be the fund manager of the scheme.

 

Minimum Application Amount

 

Purchase

Minimum of Rs5,000 and in multiples of Rs10 thereafter during the New Fund Offer period

 

Repurchase

No redemption (repurchase) of units is allowed before the maturity of the scheme. Investors wishing to exit may do so by selling their units through stock exchange

 

Benchmark Index

CNX 100

 

Expense Ratio

A. Maximum total expense ratio (TER) permissible under Regulation 52(6)(c)(i)## Upto 2.50%

B. Additional expenses under regulation 52(6A)(c) Upto 0.20%

C. Additional expense for gross new inflows from specified cities under Regulation 52(6A)(b) to improve geographical Upto 0.30%

 

 

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

 

 

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