Fund manager changes
UTI Mutual Fund informed that for UTI Services Industries Fund and UTI Banking Sector Fund, Lalit Nambiar will be the new fund manager from July 29, 2013, replacing Arun Khurana.
Daiwa Mutual Fund has changed the fund manager of Daiwa Industry Leaders Fund post the resignation of David Pezarkar. Vishal Mehra, Junior Portfolio Manager has been appointed as the Fund Manager from July 30, 2013.
Changes in scheme structure and offering
Reliance Mutual Fund will merge Reliance Natural Resources Fund into Reliance Vision Fund from September 7, 2013. Following the merger, the fundamental attributes of Reliance Vision Fund will change somewhat: After merger, the scheme can invest 65-100% of its assets in equity related instruments, against the current 60-100%. Further, debt and money market instruments will form 0-35% of the assets against the current 0-30%. Investors who are not in agreement with this fundamental change can exit without paying the exit load from August 8 to September 6, 2013.
Reliance Mutual Fund will merge Reliance Infrastructure Fund into Reliance Diversified Power Sector Fund from September 7, 2013. Following the merger, the fundamental attributes of Reliance Diversified Power Sector Fund will change somewhat: Its benchmark will change from India Power Index to S&P BSE Power Index. Further, it will be able to invest 80-100% of its assets in equity instruments of power sector companies, with the remaining being invested into debt and money market instruments. Investors who disagree with this change can exit without paying any exit load from August 8 to September 6, 2013.
Reliance Mutual Fund has temporarily suspended the sale of units for subscription in Reliance Gold Savings Fund from August 1, 2013.
SBI Mutual Fund will discontinue the subscription of SBI Regular Savings Fund through Stock Exchange Platforms. However, redemption request will continue to be executed through these platforms.
DSP BlackRock Mutual Fund introduced Daily Dividend Reinvestment Option under both Direct and Regular plans of DSP BlackRock Treasury Bill Fund from August 1, 2013.
JM Financial Mutual Fund declared bonus units under the Bonus option of JM Money Manager Super Plus-Bonus and JM Money Manager Super Plus Direct-Bonus. Both schemes will issue 66 bonus units for every 100 units held with the record date set as August 05, 2013.
Changes in exit loads and bonus declared
ICICI Prudential Mutual Fund changed the exit loads under some of its schemes from August 5, 2013. Under ICICI Prudential Equity - Volatility Advantage Fund and ICICI Prudential Top 100 Fund, it will begin charging an exit load of 1% if units are redeemed or switched out within 18 months from allotment. Under ICICI Prudential Long Term Plan, it will begin charging an exit load of 0.50% if units are redeemed or switched within 3 months from allotment. Under ICICI Prudential Dynamic Bond Fund, it will begin charging an exit load of 0.50% if units are redeemed or switched out within 9 months from allotment. Under ICICI Prudential Short Term Plan, an exit load of 0.50% will be charged if units are redeemed or switched out within 6 months from allotment.
Tata Mutual Fund has begun charging an exit load of 0.25% under Tata Floating Rate Fund- Long Term Plan on redemptions within 30 days of investment from 7 days earlier. Further, no exit load will be charged under Tata Liquidity Management Fund.
Edelweiss Mutual Fund has stopped charging any exit load under Edelweiss Short Term Income Fund from July 30, 2013.
Mirae Asset Mutual Fund changed exit loads under Mirae Asset Ultra Short Term Bond Fund and Mirae Asset Short Term Bond Fund from August 2, 2013. Under the former, it has begun charging an exit load of 0.50% if units are redeemed or switched out within 6 months from the date of allotment and nil thereafter. Meanwhile, under the latter, it has stopped charging any exit load.
L&T Mutual Fund has announced issue of bonus units under the growth option of Regular and Direct plan of L&T Floating Rate Fund in which investors will receive 1 unit for every 2 units held. The record date for the same has been fixed as August 2, 2013.
