Sahara files for open-end fund

Sahara Asset Management Company has filed initial papers for an open-end hybrid fund with market regulator SEBI.

Sahara Asset Management Company Pvt Ltd on Wednesday filed initial papers for an open-end hybrid fund with market regulator Securities and Exchange Board of India.

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Sahara Suraksha Fund will invest at least 80 per cent of its assets in money market and debt instruments. It could also invest up to 20 per cent of the corpus in equity instruments, the offer document said.

The fund will charge 1 per cent as entry load and varying exit loads of 1-3 per cent depending upon time of redemption.

The fund house managed assets worth Rs 1.76 billion at the end of July, data from the Association of Mutual Funds in India showed.