Escorts Files Application With Sebi For Gold Fund

Escorts Mutual Fund has files application with the Securities and Exchange Board of India for approval to launch gold fund. Escorts Gold Exchange Traded Fund will offer returns in line with domestic price of gold by investing in physical gold as well as gold as an underlying security. The scheme also has a provision to invest up to 10 per cent of the corpus in money market securities. The open-ended scheme will list on the National Stock Exchange. Minimum application in the scheme is Rs 5,000 and in multiples of Rs 1,000 thereafter. The scheme would not levy entry load during new fund offer. On closure of the new fund offer, the scheme would charge 1% entry load. The exit fee would not exceed 0.5%.