Reliance Mutual Fund seeks SEBI nod for fund of funds schemes

Reliance Mutual Fund has sought the Securities and Exchange Board of India's approval to launch Reliance Junior BeES FoF, as per the draft offer document on the regulator’s website.

The open-ended fund of funds scheme will deploy up to 90 percent of its assets in units issued by Reliance ETF Junior BeES, and the remaining in reverse repo, collateralised borrowing and lending obligations, short-term fixed deposits, and schemes which invest predominantly in money market securities or liquid schemes.

Other features:
* Plans: Direct and regular
* Options: Growth and dividend
* Minimum application: Rs 5,000 and in multiples of one rupee thereafter
* Performance benchmark: Nifty Next 50 Index
* Exit Load: 1 percent if investments are redeemed or switched out on or            before completion of 1 year  from the date of allotment of units
* Fund manager: Payal Wadhwa Kaipunjal