IDBI Mutual Fund has launched IDBI Gold Exchange Traded Fund, an open ended Gold Exchange Traded Scheme which will invest in physical Gold and Gold related instruments with the objective to replicate the performance of Gold in domestic prices.
The New Fund Offer (NFO) open for subscription from October 19 and close on November 2, 2011.
The New Fund Offer price is Rs 100 for cash at a premium equivalent to the difference between the allotment price and face value of 100/- each. Allotment price would be approximately equal to the price of 1 gram of Gold.
The Scheme does not offer any Plans for investment.
The minimum investment amount is 10,000 and in multiples of Rs. 1 thereafter.
Entry and exit load charge will be nil for the scheme.
The scheme will invest 95% to 100% of assets in gold and gold related instruments and upto 5% of assets in debt and money market instruments.
The Benchmark Index will be domestic price of physical Gold
The scheme will be manage by Mr. Gautam Kaul.
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