Mirae Asset Mutual Fund has launched a new fund named as Mirae Asset Equity Savings Fund, an open ended equity scheme investing in equity, arbitrage and debt. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 26 November to 10 December 2018.

The investment objective of the scheme is to provide capital appreciation and income distribution to the investors by using equity and equity related instruments, arbitrage opportunities, and investments in debt and money market instruments.

The Scheme will have Regular Plan and Direct Plan Each of the above Regular and Direct Plan under the scheme will have the following Options/Sub-options: (1) Growth Option and (2) Dividend Option. The Dividend Option shall have only Dividend Reinvestment and Payout option.

The scheme would allocate 65%-90% of assets in Indian equities and equity related instruments with medium to high risk profile, invest 20%-45% % of assets in equities and equity related instruments (unhedged) with high risk profile, invest 20%-70% % of assets in equities, equity related instruments and derivatives including index future, stock future, index options & stock options etc. as part of hedged / arbitrage exposure with low to medium risk profile and invest 10%-35% of assets in money market instruments / debt securities, instruments and / or units of debt / liquid schemes of domestic mutual funds with low to medium risk profile.

The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.

The minimum additional application amount is Rs 1000 and in multiples of Re. 1 thereafter.

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.

Entry load: Nil

Exit Load: For investors who have opted for SWP under the plan:

a) 15% of the units allotted (including Switch-in/STP - in) on or before completion of 365 days from the date of allotment of units: Nil.

b) Any redemption in excess of such limits in the first 365 days from the date of allotment shall be subject to the following exit load: (Redemption of units would be done on First In First Out Basis (FIFO):

If redeemed within 1 year (365 days) from the date of allotment: 1%

If redeemed after 1 year (365 days) from the date of allotment: NIL

Other Redemptions: For Investors who have not opted for SWP under the plan (including Switch out, STP out):

If redeemed within 1 year (365 days) from the date of allotment: 1%

If redeemed after 1 year (365 days) from the date of allotment: NIL

Benchmark Index for the scheme is Nifty Equity Savings Index.

The fund managers for the scheme are Sudhir Kedia & Mahendra Jajoo.