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Shriram Mutual Fund on Monday launched Shriram Long Term Equity Fund. The open-ended equity-linked savings scheme will close for subscription on Tuesday. The scheme has a lock-in period of three years for tax benefit. It will invest at least 80 per cent of the assets in equity and equity-related securities, and up to 20 per cent in debt and money market instruments. The benchmark index for the scheme is Nifty 500 Index. The fund follows a top-down and bottom-up approach to select the best quality companies in the sectors that offer best economic potential. The minimum investment amount is ₹500 and in multiples of ₹500 thereafter.
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