|JM Financial Mutual Fund has launched a new plan named as JM Overnight Fund (an open ended debt scheme investing in overnight securities). The face value of the new issue will be Rs 10 per unit. The new issue will be open for subscription from 03 December 2019 to 03 December 2019.
The investment objective of the plan under the scheme is to provide reasonable returns commensurate with low risk and providing a high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day.
The scheme offers growth option, dividend option under the sub-option daily dividend reinvestment and weekly dividend reinvestment / payout. The plan would invest upto 100% of assets in overnight securities or money market instruments maturing on or before the next business day with low risk profile.
The minimum application amount is Rs 5000 and any amount thereafter.
The minimum additional application amount is Rs 1000 and any amount thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.
Entry and exit load charge will be not applicable for the plan.
Benchmark Index for the plan is Crisil Overnight Index.
The fund manager of the scheme is Shalini Tibrewala.
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