Benchmark AMC launches Gold Exchange Traded Fund

Mumbai, Jan 31 (UNI) Benchmark Asset Management Company (AMC) Private Ltd today announced the launch of its much awaited Gold ETF mutual fund scheme called Gold BeES.

Benchmar AMC Executive Director Mr Rajan Mehta told reporters,'' Gold BeES is an Open-Ended Exchange listed Scheme tracking domestic prices of gold through investment in physical gold. The New fund offer (NFO) commences on February 15 and closes on February 23, 2007.

Each unit of Gold BeES will be approx equal to price of one gram of gold. During the NFO their will be entry load ranging from 1.5 per cent to zero per cent and on the ongoing basis there will be no load. Total expense ratio of the fund will not exceed one per cent per annum.

In the New Fund Offer period, the Fund will accept Cash. An investor can start by investing as little as Rs 10,000 and in mutiples of Rs 1,000 thereafter. There is no upper limit for investment. After the NFO, as Gold BeES will be listed on the NSE, investors can buy or sell units of Gold BeES from the secondary market on the Nation Stock Exchange and the minimum number of units that can be bought or sold is one unit.

The custodian for the Scheme will be the Bank of Nova Scotia and fund accounting will be done by Citibank NA, he added.

UNI