Standard Chartered Mutual Fund on Tuesday launched its initial public offering for its PF plan targetted at provident funds, under its Grindlays Government Securities Fund.
The public issue for the PF plan will be open from February 24 to March17.
Application forms have been made available with all leading banks and financial advisory houses, said a StanChart press release.
"Ever since a government order allowed up to 70 per cent of incremental accretions of provident funds to be invested in special mutual funds that invest in 100 per cent government securities, we were waiting for a suitable opportunity to launch this fund," the release said.
The PF plan carries a feature called 'Defined Maturity Date' which has been designed to make transacting with mutual funds easier. This feature will allow PF fund managers to predefine a date for automatic redemption of their units and thus allow better planning of their cash flows.
Provident funds also get the advantage of investing in an open-ended fund along with the benefit of getting a predefined maturity date of their choice.
Standard Chartered Mutual Fund currently manages assets of more than Rs 8,000 crore (Rs 80 billion), the release said.
© 2025