News: Reliance MF plans open-end income scheme

(RTR 07/08/2006) Mumbai - Reliance Capital Asset Management Ltd. has filed initial papers with India's market regulator to launch an open-end income scheme.

Reliance Liquid Multiplier Fund would have the freedom to invest its entire corpus in debt and money market instruments of up to a year's maturity, but can also invest up to half the money in longer-term securities.

The offer document on Securities and Exchange Board of India's Web site on Monday showed the minimum subscription requirement would be Rs100,000 under the retail plan and Rs 1 crore under the institutional plan.

The fund would charge no entry load but an exit load of 0.15 per cent for redemption within 15 days.