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IDFC Mutual Fund has filed offer document with SEBI to launch an open-ended equity scheme named ‘IDFC Banking & Financial Services Fund’. The New Fund Offer price will be Rs 10. Entry load will be nil and exit load if redeemed/switched out within 1 year from the date of allotment will be 1% of applicable NAV; and if redeemed/switched   out   after 1   year from   the   date   of allotment exit load will be Nil. This Scheme provides growth and dividend option for investment and seeks to collect a Minimum Target Amount of Rs 10 crore.

The performance of the scheme will be benchmarked by Nifty Financial Services TRI Index. The minimum application amount is Rs 5000 and any amount thereafter.

The investment objective of the scheme is to generate long-term capital appreciation by investing predominantly in equity and equity related instruments of companies engaged in banking and financial services.