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NFO (New Fund Offer): Meaning, Working, Types and How to Invest?

নিউ ফান্ড অফার (এনএফও) হল একটি অ্যাসেট ম্যানেজমেন্ট কোম্পানি (এএমসি)-এর মাধ্যমে চালু করা ব্র্যান্ড-নিউ মিউচুয়াল ফান্ড স্কিমের জন্য একটি পরিচিতি পর্যায়ের মতো. এএমসি আপনাকে এই স্কিমের প্রাথমিক সাবস্ক্রাইবার হিসাবে এই স্কিমের ইউনিট কেনার সুযোগ দেয়, যাতে তার বিনিয়োগের উদ্দেশ্য অনুযায়ী মার্কেটে সিকিউরিটি কেনার আগেই স্কিমের এইউএম তৈরি করা যায়. এনএফও পিরিয়ডে এই ইউনিটগুলি সাধারণত ₹10 এনএভি-তে বিক্রি করা হয়.

এভাবেই এটি কাজ করে

এনএফও কীভাবে কাজ করে?

The window provided to the investors to subscribe to an NFO is limited; hence, the investors can purchase the units in this pre-defined period only. Once the offer period is over, the units of open-ended schemes can be bought like in the case of other mutual fund schemes at Net Asset Value (NAV) i.e. cost per unit of the scheme, prevalent at that point in time. Units of close-ended schemes are available for purchase on the exchange, however, there may be liquidity issues.

এনএফও হিসাবে যে স্কিমগুলি অফার করা যেতে পারে সেগুলি হল -

ওপেন-এন্ডেড -

These schemes are available for investment and redemption for the investors at any given point in time. After the introductory NFO is withdrawn, the investors are generally free to enter or exit the scheme as per their will and at the applicable NAV and subject to applicable exit load, if any.

ক্লোজড-এন্ডেড -

These schemes are introduced to collect a pool of money for investments in securities, post which, the schemes are closed for further transactions i.e. the entry and exit from the scheme are restricted till the maturity period is over. However, these closed-ended schemes are listed on the stock exchanges by the fund houses, and if you want to exit the scheme, you can trade these units on the exchange.

Difference between IPO and NFO

Both Initial Public Offering (IPO) and NFO represent methods of raising capital from investors. However, there are distinct differences between these two concepts.

More About IPO

Here are some key characteristics of an IPO:

1. Company status

An IPO is primarily used by private companies that wish to transition into publicly traded entities. It allows them to raise funds for expansion, debt repayment, etc.

2. Regulatory compliance

Companies planning an IPO in India must comply with the Securities and Exchange Board of India (SEBI) regulations. They must provide detailed financial information, business prospects, and other relevant disclosures to potential investors.

3. Stock exchange listing

After the IPO, the company's shares are listed and traded on recognized stock exchanges. Interested investors can then buy or sell the shares at market price.

More About NFO

An NFO, as defined above, allows the AMC to raise capital from investors and create a new fund with a specific investment objective. Here are some key points about NFO meaning:

1. Mutual fund launch

An NFO in mutual funds is specific to the mutual fund industry. This is how AMCs introduce new mutual fund schemes with distinct investment strategies, asset allocations, or target markets.

2. Investor participation

NFOs invite investors to subscribe to the newly launched mutual fund scheme during the initial subscription period. They can invest in the scheme by purchasing units at its NAV during the NFO period.

3. NAV calculation

Unlike IPOs, where share prices are determined through a book-building process, NFOs offer units at the NAV, which represents the net value of the fund's assets divided by the number of units outstanding.

4. Market trading

After the NFO period ends, the close-ended mutual fund scheme is listed for trading. Investors can buy or sell mutual fund units per their NFO investment objectives.

Advantages and Disadvantages of an NFO

Advantages:

1. Fresh investment opportunity

As per the NFO meaning in mutual funds, it offers investors a chance to invest in a newly launched mutual fund scheme from the very beginning. This allows them to participate in the potential growth of the fund from its inception.

2. Unique investment objectives

NFOs are typically launched with specific investment objectives, strategies, or themes. This allows investors to diversify their investment portfolio or target specific sectors or asset classes.

Disadvantages:

1. Lack of track record

Since NFOs are newly launched, they may not have a track record of performance. Investors have limited historical data to evaluate the fund's performance or assess the competence of the fund manager.

2. Limited information

Compared to existing funds, NFOs may have limited information available for analysis. Investors may have to rely on the fund's investment strategy, disclosures, and the reputation of the AMC to make an informed decision.

3. Potential performance risks

Investing in an NFO involves inherent risks associated with new and untested investment strategies. There is a possibility that the fund may not perform as expected or fail to achieve its stated objectives. Therefore, it is important for investors to assess the risks associated with the NFO before investing carefully.

কোনও এনএফও-তে বিনিয়োগ করার সময় যে বিষয়গুলি মনে রাখতে হবে -

1.While NFO is an attractive opportunity to discover a new asset class or new investing strategies, and on the other, you do not have a proven long-term past record of the scheme to study to understand how it has performed in different market cycles. (Past performance may or may not be sustained in the future)

2.যেহেতু স্কিমটি বাজারে লাইভ হওয়ার আগেই এনএফও-তে বিনিয়োগের অ্যামাউন্ট সংগ্রহ করা হয়ে যায়, তাই মার্কেট অনুকূল না হলে আইনগত সীমার মধ্যে থেকে ফান্ডটি ধরে রাখার জন্য ফান্ড ম্যানেজারের কিছু সুযোগ পেতে পারেন. যেহেতু, ফান্ড যে সমস্ত নির্দিষ্ট সিকিউরিটিতে বিনিয়োগ করবে সেগুলি খুব বেশি স্পষ্ট না-ও হতে পারে, তাই আপনাকে স্কিমের ইনভেস্টমেন্ট পোর্টফোলিও সম্পর্কে বিশদ বিবরণ পাওয়ার জন্য অপেক্ষা করতে হতে পারে.

একটি এনএফও-এর ইউনিট কেনার আগে কী কী বিষয় বিবেচনা করতে হবে?

থিম/বিনিয়োগের স্ট্র্যাটেজি:

স্কিমের থিমটির সাথে আপনার নিজস্ব বিনিয়োগ স্ট্র্যাটেজির মিল আছে কিনা, তা আপনি যাচাই করে নিতে পারেন.

এনএফও থেকে বের হওয়ার বিকল্প:

In case of open-ended scheme one can exit the scheme whenever required. Few schemes having lock-in period may be an exception like Equity Linked Savings Schemes, you can exit from these schemes any time after the lock-in period is over. In case the exit happens before the exit load period, it may attract the respective exit load .

ক্লোজ-এন্ডেড স্কিমের ক্ষেত্রে, ম্যাচিওরিটির মেয়াদ শেষ হওয়ার আগে কেউ এই স্কিম থেকে বেরিয়ে যেতে পারবেন না. তবে, এই ক্লোজড-এন্ডেড স্কিমগুলি ফান্ড হাউসের মাধ্যমে স্টক এক্সচেঞ্জে তালিকাভুক্ত করা হয় এবং আপনি যদি এই স্কিম থেকে বেরিয়ে যেতে চান, তাহলে আপনি এই ইউনিটগুলি কারও সাথে এক্সচেঞ্জ করার মাধ্যমে ট্রেড করতে পারেন.

ন্যূনতম বিনিয়োগ:

এনএফও-তে বিভিন্ন পরিমাণে ন্যূনতম বিনিয়োগ করা যায়, বিনিয়োগ শুরু করার সিদ্ধান্ত নেওয়ার আগে আপনি এই বিষয়টি যাচাই করতে চাইতে পারেন.

বিনিয়োগের পরিধি:

অফারের ভিত্তিতে এনএফও স্কিমে বিনিয়োগ করার আগে আপনার নিজস্ব বিনিয়োগের পরিধি অনুযায়ী সেটি সঠিক কিনা, তা যাচাই করার পরামর্শ দেওয়া হয়.

ঝুঁকি নেওয়ার ক্ষমতা:

It is advisable to check the asset classes the NFO is looking to invest in, since, those should be in line with your own risk-taking appetite. For example, if you are a relatively conservative investor with a lower risk appetite, then an NFO that invests in small and mid-cap equity securities may not be suitable for you. The Risk o Meter gives a good idea on the risk the fund will be exposed to.

এনএফও-তে কেন বিনিয়োগ করবেন?

যদি একটি এনএফও কোনও বিনিয়োগের থিম/স্ট্র্যাটেজি চালু করে যা ভারতীয় মিউচুয়াল ফান্ড মার্কেটে নতুন বা আপনার বিনিয়োগের পোর্টফোলিওতে নতুন এবং আপনার ঝুঁকির প্রোফাইলের জন্য উপযুক্ত, তাহলে একটি এনএফও-তে বিনিয়োগ করা একটি ভালো সমাধান হতে পারে.

বিনিয়োগকারীদের পরামর্শ দেওয়া হচ্ছে, কোনও রকম বিনিয়োগ করার আগে অবশ্যই আপনার ট্যাক্স/আর্থিক উপদেষ্টার সাথে আলোচনা করুন.

Additional Read:What is Total Expense Ratio ?

প্রায়শই জিজ্ঞাসিত প্রশ্নাবলী

What Is the Meaning of NFO?

MF NFO or New Fund Offering refers to the launch of a new mutual fund scheme by an AMC where investors have the opportunity to invest in the scheme during the initial subscription period.

How Do I Choose an NFO?

When choosing an NFO, you need to consider factors like investment objective, the fund manager’s expertise, the fund house reputation, and the disclosure/transparency of the NFO.


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