Canara Robeco Mutual Fund has sought the Securities and Exchange Board of India's approval to launch Canara Robeco Overnight Fund, an open-ended debt scheme investing in overnight securities, according to the draft offer document on the regulator's website.
The scheme will deploy its entire assets in overnight securities, which includes debt and money market instruments with overnight interest rate risk such as debt instruments with residual maturity of a single business day.
Overnight securities also include synthetic overnight positions such as reverse repo/triparty repo and other derivative transactions, where the interest rate is reset every business day
Other features:
Plans: Regular and direct
Options: Growth and dividend
Minimum application: Rs 5,000 and in multiples of Re 1 thereafter
Exit load: Nil
Fund manager: Suman Prasad
Performance benchmark: CRISIL Overnight Fund Index
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
