Birla Sun life Asset Management Company limited, a part of Aditya Birla Financial Services Group (ABFSG), and investment manager for Birla Sun life Mutual Fund (BSlMF), announced the launch of the Birla Sun life Focused Equity Fund — Series 2, a close-ended Equity Scheme investing in Eligible Securities as per Rajiv Gandhi Equity Savings Scheme, 2013.
The fund will invest in the equity securities specified as ‘eligible securities’ under the RGESS guidelines which include equity shares of (a) companies falling in list of BSE 100 and CNX 100 and (b) PSUs which are categorised as Navratna, Maharatna or Miniratna by the Central Government.
Speaking on the launch of the scheme, A. Balasubramanian, CEO, Birla Sun life Asset Management Company limited said, “The RGESS structure encourages discipline to stay invested in equities for investors who are new to Mutual Funds. The improving market environment also makes this a good time for retail investors to consider long-term wealth creation through equities. A close-ended equity fund like ours can be well positioned to capture this for investors. The additional Tax benefit u/s 80 CCG, with a higher income eligibility of Rs12 lakhs per annum also makes this a meaningful opportunity for first-time investors.”