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| Sahara Mutual to float new SIP for daily earners soon |
| K Rajani Kanth / Chennai/ Hyderabad Aug 10, 2009, 00:16 IST |
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Sahara Mutual Fund, part of the Sahara Group with about Rs 237 crore assets under management, is planning to launch a daily systematic investment plan (SIP) for daily wage earners in a month’s time, according to its chief executive officer Naresh Kumar Garg.
“We have filed a draft offer document for the fund with the Securities and Exchange Board of India (Sebi) and have already passed through three levels of discussions. We expect to receive a go ahead from the regulator soon and plan to launch the product in about a month,” Garg told Business Standard.
Under the open-ended, 100-per cent debt scheme christened Sahara Daily Fund, one can lock the plan with a minimum application amount of Rs 10.
Integration of the entire network for the mobile technology-based fund, including agreements with banks and partnerships with all the major cellular operators in the country, is already in place, he added.
“The proposed fund is in line with the Centre’s increased focus on financial inclusion. There are many microfinance and micro insurance schemes for the poor but the country hardly has any micro-saving scheme. Our objective is to fill that vacuum. There are about 320 million daily earners and we are targeting this whole set of population with the new fund,” Garg said.
Announcing the launch of its Sahara Star Value Fund, a new equity fund, here today he said the company had set an internal target of garnering 100,000 investors by August 28, when the new fund offer would close for initial subscription.
Sahara Mutual currently manages nine equity funds and six debt funds. “Three more debt funds and two equity fund products are on the drawing board, which will be launched by the end of this financial year,” Garg said.
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