Taurus Parsoli Ethical Fund, five-year close-ended equity oriented scheme, which is the India's first Shari'ah-Compliant mutual fund got nod from the SEBI. Taurus in October 2007 had filed the offer document with Sebi for approval. However, the fund house plans to launch after Muharram or in April. The offer price is Rs 10 per unit.
Taurus Parsoli Ethical Fund is a closed-ended Equity oriented Scheme with automatic conversion into an open ended scheme after 5 years from the date of allotment. The scheme offers two options viz. growth and dividend option. The minimum amount of application of the scheme is Rs 5000 and thereafter in multiples of Rs 1000. The objective of the scheme is to provide capital appreciation along with the income distribution to unit holders through investment in a diversified portfolio of equities, which are Shari'ah compliant. Shari'ah compliance: The scheme only invest in those listed securities, which are shari'ah compliant, and as approved by shari'ah Board.
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