According to the draft filed, the proposed scheme is an open-ended liquid fund that aims to provide income over the short term by investing in debt and money market instruments with maturities of up to 91 days.
The scheme carries a relatively low interest rate risk and moderate credit risk, classified under the Potential Risk Class (PRC) matrix as B-I.
The benchmark for the fund will be the CRISIL Liquid Debt A-I TRI Index, and the units will be offered at ₹100 each during the New Fund Offer (NFO) period.
The opening and closing dates for the NFO will be announced later.
Abakkus Investment Managers will serve as the asset management company (AMC), while Abakkus Trustee Pvt. Ltd. will act as the trustee. The filing notes that the draft has been prepared in accordance with SEBI (Mutual Funds) Regulations, 1996, and includes a due diligence certificate from the AMC.
SEBIs review of the draft is pending, and the regulator has not approved or recommended the scheme at this stage.
This filing comes at a time when equity mutual fund inflows declined 19% month-on-month to ₹24,671 crore in October, down from ₹30,405 crore in September, according to data from the Association of Mutual Funds in India (AMFI). Despite the moderation in flows, the industry’s total assets under management (AUM) rose to a record ₹79.87 lakh crore from ₹75.61 lakh crore a month earlier.
Analysts attributed the softer equity flows to profit booking following a market rally and seasonal liquidity requirements during the festive period, even as overall industry AUM continued to expand.