The scheme will deploy its entire assets in overnight securities, which includes debt and money market instruments with residual maturity of a single business day.
LIC Mutual Fund has sought the Securities and Exchange Board of India (SEBI)'s approval to launch LIC Overnight Fund, an open-ended debt scheme investing in overnight securities, according to the draft offer document on the regulator's website.
The scheme will deploy its entire assets in overnight securities, which includes debt and money market instruments with residual maturity of a single business day.
Overnight securities also include synthetic overnight positions such as reverse repo/tri-party repo and other derivative transactions, where the interest rate is reset every business day.
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