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Sunday, April 19, 1998
New subscriptions to Canpremium scheme to open tomorrow
Our Bureau
Mumbai, April 18: Canbank Mutual Fund's close-ended Canpremium scheme, launched on May 16, 1991, was converted into an open-ended income-cum-growth scheme on February 1, 1998. This was done after a majority of its investors opted to continue with the scheme.The open-ended Canpremium scheme has been introduced with new features. Fresh subscriptions to the scheme will open from April 20, 1998. During the initial three months, the units will be available at the net-asset value (NAV) price, i.e., without any sales load. Some of its features are: No entry load during the first three months. Thereafter, a sales load not exceeding 5 per cent will be levied. No exit load, i.e., Repurchase at NAV price. n Easy liquidity. Repurchase facility at all offices of the asset management company, located at important metros and also at the office of R&T agency. Scheme started with NAV of Rs 10 on February 1, 1998 and has achieved an NAV of Rs 10.42 (as on 15.4.98). CAGR of 23.29 per cent for theperiod of 1.2.98 to 15.04.98. A balance fund with a well-diversified portfolio. Investment objective: equity & equity related instruments - up to 40 per cent; debt instruments - up to 60 per cent; money market instruments - up to 15 per cent. Daily announcement of NAVs. Full portfolio disclosure Attractive Tax Benefits - U[s.80L, 54EA & 54EB, 112, Wealth Tax, Gift Tax. NRIs/FIIs permitted to invest in the scheme on repatriation/non-repatriation basis.Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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