Axis Equity Mutual Fund opens today

Axis mutual fund has announced the launch of its first diversified mutual fund named Axis Equity Fund. The NFO will be available from November 11, to December 8, 2009. It will re-open for on-going purchase and redemption on January 7, 2009. The face value of the issue will be Rs 10 per unit.

The product aims to offer total investment solutions to consumers and not just individual products. The scheme offers growth and dividend options which will later offer dividend payout and reinvestment.

The minimum investment amount will be Rs 5000 and in multiples of Re 1 thereafter and Rs 100 in multiples of Re 1 thereafter for additional purchase of units.

Entry Load – Nil

Exit Load of 1% if units are redeemed / switched - out within 1 year from the date of allotment of units

The scheme plans to 80-100% in equity and equity related instruments. It would invest 0-20% in debt and money market instruments, including securitized debt (excluding Foreign Securitized Debt) up to 20% of the net assets of the Scheme