Open-ended equity linked savings scheme from Lotus India

Mumbai: Lotus India Asset Management Company, a joint venture between Fullerton Fund Management Group (wholly owned by Temasek Holdings Pte. Ltd., Singapore) and Sabre Capital Worldwide, has launched its open-ended equity linked savings scheme, Lotus India Tax Plan.

The plan aims to generate long-term capital growth from a diversified portfolio of predominantly equity and equity related securities. The investments made under this scheme will have a lock-in for a period of three years. The new fund offer priced at Rs10 per unit (plus applicable load) will be open for purchase from 20 November, 2006, to 5 December, 2006, and re-open for ongoing purchases and redemptions from January 1, 2007.

Speaking about scheme, Ajay Bagga, chief executive officer, Lotus India AMC says, "We aim to be present in every product category and provide all segments of our investors with a well-diversified investment portfolio. Lotus India Tax Plan will offer retail investors the unique opportunity to invest in a market-linked product and also avail tax benefits."

Lotus India Asset Management Company Private Limited (Lotus India AMC) is a joint venture between Fullerton Fund Management Group (Fullerton) and Sabre Capital Worldwide. Alexandra Fund Management (AFM), the sponsor of Lotus India AMC, is an affiliate of Fullerton (both Fullerton and AFM are wholly owned by Temasek Holdings Pte Ltd, Singapore.)

Lotus India AMC having received the regulatory approval from SEBI for launching its Mutual Fund operations, has recently announced the launch of its maiden offering the Lotus India Liquid Fund. With over 120 employees, across 36 locations and over 5500 distributor tie-ups, Lotus India AMC has established a wide footprint across the country.