Axis Mutual Fund looks to garner Rs 50 cr from maiden fund offer post ban

Axis Mutual Fund is targeting to garner Rs 50 crore from the silver ETF and the silver fund of fund announced -- its maiden launch after the Sebi lifted its three month ban on NFOs from July

Axis
Photo: Bloomberg
Press Trust of India Mumbai
1 min read Last Updated : Sep 02 2022 | 7:30 PM IST

Axis Mutual Fund is targeting to garner Rs 50 crore from the silver ETF and the silver fund of fund announced on Friday -- its maiden launch after the Sebi lifted its three month ban on NFOs from July.

The fund house said the silver fund of fund will invest in the units of Axis silver ETF (exchange traded fund).

Pratik Tibrewal, fund manager, commodities at Axis AMC told PTI that they have set an internal target of garnering Rs 50 crore during the new fund offer.

Both the funds will be open for subscription from September 2 through September 15, the fund house said in a statement.

While the silver ETF will have no exit load, the silver fund of fund will attract an exit load of 0.25 per cent if redeemed/switched out within seven days from the date of allotment but will have no such charges if redeemed/switched out after sever days of allotment.

The silver ETF will invest in industry standard 30 kg physical silver bullion of 999 parts per 1,000 fineness and storage, transport and insurance will be taken care by Axis AMC.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :SEBIAxis Mutual Fundsilver ETFs

First Published: Sep 02 2022 | 7:30 PM IST

Next Story