SBI MF plans a second equity-linked savings scheme

SBI Mutual Fund will launch a second equity-linked savings scheme called SBI Tax Advantage Fund Series-1. The asset management company had filed a draft prospectus with the Securities and Exchange Board of India last month.

“The assets under management (AUM) of our Magnum Taxgain scheme have grown quite big, so we decided to come out with a second ELSS,” said Syed Shahabuddin, the managing director and CEO of SBI Mutual Fund.

The AUM under the dividend option of Magnum Taxgain is Rs 3,022.75 crore and under the growth option it is Rs 145.79 crore.

Magnum Taxgain’s total AUM is the largest among all schemes of SBI Mutual Fund.

The scheme’s AUM was Rs 969.40 crore at the end of October last year. It has grown rapidly since then.

SBI Mutual Fund’s total AUM stood at Rs 26,593.57 crore as on October 30 this year against Rs 23,738.68 crore on September 30. >>Read More

Source - The Telegraph