Religare Mutual Fund launched Religare MIP Fund an open-ended debt monthly income scheme on 12 April 2010. The scheme is expected to generate regular income largely through investments made in fixed income securities and small exposure to equity and equity-related instruments. It would be open for subscription from 12 April 2010 to 11 May 2010. The minimum application amount for growth option is Rs 5000 and Rs 25000. The scheme will charge an exit load of a per cent, in case units are redeemed within a year from the date of allotment. Religare MIP Fund would be managed by Ashish Nigam and Vetri Subramaniam and will be benchmarked against CRISIL MIP Blended Fund Index.
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