Mumbai: Anil Ambani group firm Reliance Mutual Fund today launched a new Gold Savings Fund, a first-of-its-kind investment scheme focused on gold, to tap a market that it expects to become bigger than even equity mutual funds.
The new fund, which is different from gold ETFs (Exchange Traded Funds) that require subscribers to have a demat account, will also offer investors the option to invest as little as Rs 100 per month, the company said here. The company said that its Reliance Gold Savings Fund will enable investments in gold without any locker or demat account - a first in the country.
Announcing the launch of the New Fund Offer - which will be open from February 14-February 28 - Reliance Capital Asset Management CEO Sundeep Sikka said: "We expect this gold investment industry to surpass equity MFs in the next three years."
Sikka said the gold investment opportunity in India was not optimally tapped and the new product will offer a simple,affordable and investor-friendly solution for investing in gold to the masses. "Indians are known for their love for gold. However, with low demat penetration in India, a lot of investors have not been able to participate in this safe mode of investment."...more
04:22 PM, Feb 09, 2011