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The NFO of the scheme is open for subscription and will close on February 12. The scheme will re-open for continuous sale and repurchase on February 19. The scheme will be managed by Sumit Bhatnagar. The scheme is benchmarked against Nifty Midcap 100 Total Return Index.
Marzban Irani, CIO of LIC Mutual Fund Asset Management, discusses the growth of the mutual fund industry, with a focus on the increase in equity inflows and the crossing of the 50 trillion mark in Average Assets Under Management (AAUM). He predicts that inflows will continue to rise, particularly as investors take tactical calls. The industry is also seeing penetration into small towns, driven by awareness campaigns. Irani expects this year to be favorable for debt instruments due to expected interest rate declines.
Infusion of funds will be done on a preferential basis, LIC said in an exchange filing.
The fund house is undertaking a review of the schemes that got added to its portfolio following the IDBI MF merger.
Anti-monopoly regulator Competition Commission of India (CCI) approved LIC MF’s acquisition of 20 schemes of IDBI MF in March.