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what is Close ended Funds
These funds are open initially for entry during the Initial Public
Offering (IPO) and thereafter closed for entry as well as exit. These
funds have a fixed date of redemption. One of the characteristics of
the close-ended schemes is that they are generally traded at a
discount to NAV; but the discount narrows as maturity nears. These
funds are open for subscription only once and can be redeemed only
on the fixed date of redemption. The units of these funds are listed
on stock exchanges (with certain exceptions), are tradable and the
subscribers to the fund would be able to exit from the fund at any
time through the secondary market.
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