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Reliance Mutual Fund (RMF), which launched its maiden Gold Savings Fund here on Wednesday, is open to setting up investment schemes focused on silver and platinum if market regulator SEBI permits it, a top company official said.
“As of today, SEBI does not allow (to launch such investment schemes on silver and platinum). But when there is an opportunity, we will definitely try to explore,” said Mr Sundeep Sikka, CEO, Reliance Capital Asset Management Ltd.
Explaining that the fund allows customers to invest as little as Rs 100 per month, Mr Sikka said that unlike a normal Gold Exchange Traded Fund that requires a demat account, their new scheme does not require one.
“This is a first-of-a-kind scheme. The objective is to give investors an option to invest in gold and to get away from storage and demat issues. It is going to be a game changer for the mutual fund industry,” he said.
The new fund offer, which began on February 14, concludes on February 28. The scheme’s performance will be benchmarked against the price of physical gold, he added.
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