DSP BlackRock Mutual Fund seeks regulatory nod for BFSI fund

DSP BlackRock Mutual Fund has sought approval from the Securities and Exchange Board of India to launch DSP BlackRock BFSI Fund, as per draft offer document on the regulator’s website.

The open ended scheme will invest at least 95 percent in securities covered by S&P BSE Diversified Financials Revenue Growth Index and the balance 5 percent in debt and money market instruments, including collateralised borrowing and lending obligation, commercial paper, certificates of deposit, treasury bills, repos, short term bank deposits, short-term government securities.

* Plans: Regular and direct

* Options: Growth and dividend

* Minimum application: Rs 1,000 and any amount thereafter

* Exit Load: 1 percent if redeemed or switched out on or before completion of 12 months from the date of allotment of units.

* Performance benchmark: S&P BSE Diversified Financials Revenue Growth Index

* Fund manager: Gauri Sekaria