Mumbai: SBI Mutual Fund, largest fund house in the country has filed investment strategy information document (ISID) with Securities and Exchange Board of India for specialized investment fund or SIF called as “Magnum Hybrid Long Short Fund”.
Individual retail investors will be able to invest upward of Rs 10 lakh in SIF, a new instrument designed by Sebi for those who can not invest in schemes offered by portfolio management services or PMS where minimum investment amount is Rs 50 lakh.
Proposed SIF of SBI Mutual Fund will have an interval investment strategy investing predominantly in equity and debt securities, including limited short exposure in equity and debt through derivatives
SBI Mutual Fund’s SIF investment strategy will have two plans – Regular plan & Direct plan. Both plans provide two options for investment –Growth Option and Income Distribution cum Capital Withdrawal (IDCW) Option.
The units under the investment strategy are proposed to be listed on NSE and/ or BSE within 5 business days from the date of allotment. Investors can trade on the exchange and investors wishing to exit may do so, through NSE or BSE or any other stock exchange where the investment strategy will be listed.
Investors can subscribe to the investment strategy on a daily basis, whereas redemptions are allowed twice in a week(Monday and Thursday), ISID said.