Birla Sun Life launches equity fund 'Series 1'

MUMBAI: Birla Sun Life Asset Management Company today launched Focused Equity Fund - Series 1, a close-ended equity scheme that invests in eligible securities as per Rajiv Gandhi Equity Savings Scheme, 2012.

The fund will invest in the equity securities specified as 'eligible securities' under the RGESS guidelines, which include equity shares of companies falling in list of BSE 100 and CNX 100 and PSUs, which are categorised as Navratna, Maharatna or Miniratna by the government.

"A close-ended equity fund like ours can be well positioned to capture these opportunities for investors. The additional tax benefit with a higher income eligibility of Rs 12 lakh per annum also makes this a meaningful opportunity for first-time investors," Birla Sun Life Asset Management Company CEO A Balasubramanian said.

The New Fund Offer Period opened on January 15, till February 13, with price of units of the scheme at Rs 10 per unit.

The minimum amount that investors can invest in this scheme is Rs 5,000 and in multiples of Rs 10 thereafter during the new fund offer period.

Investing in Birla Sun Life Focused Equity Fund - Series 1 may also entitle the investors to avail tax benefits.

Birla Sun Life Asset Management Company is a part of Aditya Birla Financial Services Group (ABFSG) and investment manager for Birla Sun Life Mutual Fund (BSLMF).