JM Financial Mutual plans debt interval fund

JM Financial Asset Management Pvt. Ltd on 6 June filed initial papers with India's market regulator to launch a debt-oriented interval fund. JM Interval Fund will invest at least 10% of the assets in money market instruments and the rest in debt instruments, the fund house said in its offer document. The fund will not charge any entry load but levy an exit load of 1% for redemption in period other than the specified transaction period. The fund house managed assets worth about Rs3,800 crore ($938 million) at the end of May, data from Association of Mutual Funds in India showed.