Fund manager and key personnel changes
Reliance Mutual Fund changed fund management responsibilities of some of its schemes from April 2, 2012. Sanjay Parekh will manage Reliance MIP and Reliance Regular Savings Balanced along with Amit Tripathi. Further, Reliance Banking Fund will be managed by Sanjay Parekh and Shrey Loonker.
Birla Sun Life Mutual Fund announced that from April 4, 2012 Satyabrata Mohanty and Kaustubh Gupta will jointly manage Birla Sun Life MIP II - Wealth 25 Plan and Birla Sun Life MIP II - Savings 5 Plan. Previously, these funds were being managed by Satyabrata Mohanty and Nishit Dholakia.
Tata Mutual Fund changed fund managers of some of its schemes from April 2, 2012. Amish Munshi will be the fund manager of Tata Young Citizens' Fund (equity portion) while Atul Bhole will manage Tata Growth Fund and Tata Equity Management Fund.
Bharti AXA Mutual Fund appointed Alok Singh as the Chief Investment Officer - Fixed Income, from April 2, 2012. Earlier, he was the Head-Fixed Income and Structured Products with BNP Paribas Mutual Fund. Overall, he has over 12 years of experience in fixed income fund management.
BNP Paribas Mutual Fund appointed Puneet Pal, currently Deputy Head - Fixed Income, as the Head - Fixed Income from April 1, 2012.
Changes in scheme structure and offering
ICICI Prudential Mutual Fund extended the NFO closure date of ICICI Pru Multiple Yield Fund Series 2 Plan E to April 9, 2012.
IDFC Mutual Fund introduced quarterly and annual dividend options under IDFC Dynamic Bond Fund Plan B from April 6, 2012.
AIG Mutual Fund has allowed purchase and redemption of the units of AIG India Liquid Retail and AIG India Treasury Retail on the NSE - Mutual Fund Service System and BSE StAR MF from April 2, 2012.
AIG Mutual Fund introduced Systematic Investment Plan (SIP) facility in AIG India Treasury Retail and AIG Short-term Retail from April 2, 2012. The minimum SIP installment will be Rs 5,000 and the frequency will need to be either monthly or quarterly.
Daiwa Mutual Fund changed the frequency of dividend declaration from quarterly to monthly under Daiwa Government Securities Short-term Plan from April 1, 2012. The dividend will be declared on a monthly basis on the 25th of every month.
Change in exit load
Birla Sun Life Mutual Fund will charge an exit load of 0.50% under Birla Sun Life Short-term Opportunities if units are redeemed/switched out within 180 days from the date of allotment. Further, it will charge an exit load of 2.50% under Birla Sun Life Medium Term Plan if units are redeemed within 180 days, 2% if redeemed after 180 days but before 365 days and 1% if redeemed after 365 days but before 730 days from the date of allotment. Both these revisions are applicable from April 3, 2012.
JPMorgan Mutual Fund will revise exit loads under JPMorgan India Equity Fund, JPMorgan India Smaller Companies Fund, JPMorgan JF Greater China Equity Off-shore Fund, JPMorgan Emerging Europe, Middle East & Africa Equity Off-shore Fund and JPMorgan JF ASEAN Equity Off-shore Fund from April 9, 2012. Accordingly, an exit load of 2% will be charged if units are redeemed within 6 months from the data of allotment and 1.5% will be charged if units are redeemed after 6 months upto 12 months from the data of allotment while 1% will be charged if units are redeemed after 12 months upto 18 months from the date of allotment under all aforesaid schemes.
JPMorgan Mutual Fund will charge an exit load of 0.60% under JPMorgan India Short Term Income Fund from April 9, 2012 if units are redeemed within 6 months from the data of allotment.
BNP Paribas Mutual Fund will not charge any exit load under BNP Paribas Money Plus Fund from April 9, 2012. Prior to this, it used to charge an exit load of 0.15% if units were redeemed/switched-out within 7 days from the date of allotment.
Dividend declared
IDFC Mutual Fund declared dividend under the dividend option of IDFC Asset Allocation FOF - Conservative Plan A and IDFC Arbitrage Plus Fund - Plan A and Plan B. The quantum of dividend for both schemes will be Rs 0.02 per unit with the record date set as April 10, 2012.