ICICI Prudential Mutual Fund has launched a new open ended index scheme, ICICI Prudential Nifty Junior Index Fund. The new fund offer will be available from 10th June, 2010 to 21th June, 2010. The minimum investment amount under the scheme is Rs 1,000. The investment objective is to invest in companies whose securities are included in Nifty Junior Index and to endeavor to achieve the returns of the above index as closely as possible, though subject to tracking error. The scheme will allocate 90 per cent to 95 per cent of assets in equity and equity related securities of companies constituting the CNX Nifty Junior and exchange traded derivatives on the CNX Nifty Junior Index. It will further allocate 5 per cent to 10 per cent of assets in debt and money market instruments. The minimum investment amount under the scheme is Rs. 5,000. The scheme will charge 0.25 per cent exit load, if units are redeemed within 7 days from the date of allotment. The scheme will be managed by Mr. Kayzad Eghlim and will be benchmarked against CNX Nifty Junior Index.
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