Sahara plans two new mutual funds in UP

Sahara Mutual Fund (SMF), the mutual fund arm of Sahara India Parivar, is set to gear up its activities in Uttar Pradesh.

Sahara Mutual, currently managing over Rs 200 crore of its customers nationally, is considering some active plans for the state. This was announced by NK Grag, chief investment officer, SMF, in Lucknow.

SMF operates through 28 centres in Uttar Pradesh alone and aims to increase it in near future. It has, at present, a customer base of around 43 thousand people. SMF will soon launch two new funds called Sahara Real Fund and Sahara Classic Funds in the coming months.

"We look forward to increase our customer base soon and the upcoming two new funds will surely help us achieve our target," Grag said.

Both these funds have acquired approvals from the Securities and Exchange Board of India (SEBI) and are in their last league launch.

"Both these funds have been formed keeping the requirements of our customers in mind. While Real Estate Fund will give investors an opportunity to invest in sectors like auto ancillary, entertainment, logistics and retail, the Classic Fund is a debt-oriented fund with the flavor of equity," said Grag.

Sahara Mutual Fund, at present, offers nine schemes of which five are equity schemes-- Sahara Growth Fund, Sahara Tax Gain, Sahara Midcap Fund, Sahara Wealth Plus Fund, Sahara Infrastructure Fund. And the remaining three are debt-oriented schemes-- Sahara Income Fund, Sahara Liquid Fund and Sahara Gilt Fund.