Changes in exit load, dividends declared and NFOs launched

Fund Times is a weekly report on developments in the Indian mutual fund industry
By Divyansh Awasthi |  29-09-14 | 
 
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Divyansh Awasthi is an Investment Analyst with Morningstar. He would like to hear from you, but cannot give financial advice.

NFO launch and pre-ponement

JP Morgan Mutual Fund launched JPMorgan India Equity Savings Fund, an open ended equity scheme. The NFO period is from September 22 to October 1, 2014. Its performance will be benchmarked to CRISIL Liquid Fund Index (70%) and CNX Nifty (30%) and will be managed by Amit Gadgil and Karan Sikka (equity) and Namdev Chougule and Ravi Ratanpal (debt).

ICICI Prudential Mutual Fund has preponed the closing date of ICICI Prudential Multiple Yield Fund-Series 7 - 1100 Days Plan F to September 30 against the previous October 9, 2014.

Fund manager changes

IDBI Mutual Fund informed that Sambit Agasti has ceased to be the fund manager of IDBI Gold Fund and IDBI Gold Exchange Traded Fund from September 16, 2014. The schemes are being managed solely by V. Balasubramanian.

JM Financial Mutual Fund informed that Vikas Agarwal will be the fund manager in place of Shalini Tibrewala for JM Money Manager Fund-Super Plus Plan from September 24, 2014.

Changes in offering

ICICI Prudential Mutual Fund introduced systematic transfer plan (STP) facility under ICICI Prudential Target Returns Fund from September 25, 2014. The scheme will act as a target scheme and STP will be available at weekly, monthly and quarterly frequencies. The fund house also introduced half yearly frequency under the dividend option of the regular and direct plan under ICICI Prudential Short Term Plan and ICICI Prudential Income Opportunities Fund from September 24, 2014.

L&T Mutual Fund has introduced dividend transfer plan under all the open-ended schemes from September 24, 2014 except L&T Tax Advantage Fund, L&T Tax Saver Fund and L&T Emerging Business Fund. Under the facility, the investor can opt to transfer the amount of dividend to any other open-ended scheme of the fund.

DSP BlackRock Mutual Fund has decided to temporarily suspend registration of new SIP/STP into DSP BlackRock Micro Cap Fund of single installment amounting to more than Rs 2 lakh from October 1, 2014.

Changes in exit load

HDFC Mutual Fund will change the exit load structure under HDFC Prudence Fund and HDFC Core & Satellite Fund from October 1, 2014. Under Prudence Fund, it will begin charging a load of 1.00% if units are redeemed / switched out within 18 months from the date of allotment. While under Core & Satellite Fund, no exit load is payable if units are redeemed / switched out after 18 months from the date of allotment.

ICICI Prudential Mutual Fund will begin charging an exit load of 3% under ICICI Prudential Child Care Plan-Gift Plan and ICICI Prudential Child Care Plan-Study Plan for redemption within 1 year, 2% for redemption between 1 year to 2 years and 1% for redemption between 2 years to 3 years. The fund house also announced the introduction of lock in feature in the schemes for the unit holders less than 18 years of age. Both changes will take effect from October 1, 2014.

Deutsche Mutual Fund has begun charging an exit load of 1.00% under DWS Premier Bond Fund from September 29, 2014 if units are redeemed / switched out within 18 months from the allotment date.

Principal Mutual Fund has begun charging an exit load of 0.50% under Principal Debt Opportunities Fund-Corporate Bond Plan from September 22, 2014, if units are redeemed on or before 60 days from the date of allotment.

JM Financial Mutual Fund changed the exit load under all equity schemes (except JM Arbitrage Advantage Fund and JM Tax Gain Fund) from September 24, 2014. Thenceforth, if units are redeemed / switched out within 3 months of allotment, then the exit load will be 1.00% of applicable NAV.

Pramerica Mutual Fund will begin charging an exit load of 2% under Pramerica Credit Opportunities Fund from October 1, 2014 for redemption within 548 days, 1% for redemption between 548 days to 1095 days. Currently, the fund charges 2% for redemption within 365 days and 0.50% for redemption between 365 days to 455 days.

Dividends declared

ICICI Prudential Mutual Fund declared dividend under ICICI Prudential Balanced Fund. The quantum of dividend is Rs 2 per unit with the record date set as September 26, 2014.

ICICI Prudential Mutual Fund declared dividend under the dividend option of ICICI Prudential Equity Savings Fund – Series 1 and – ICICI Prudential Value Fund – Series. The quantum of dividend is Rs 0.75 and Rs 2.00 respectively with the record date set as October 1, 2014.

Birla Sun Life Mutual Fund declared dividend under the dividend option of Birla Sun Life 95. The quantum of dividend is Rs 7 per unit with the record date set as October 1, 2014.

Birla Sun Life Mutual Fund declared dividend under Birla Sun Life Focused Equity Series 1. The quantum of dividend is Rs 0.60 per unit with the record date set as September 25, 2014.

SBI Mutual Fund declared dividend under the dividend option in regular plan of SBI Magnum Balanced Fund. The quantum of dividend is Rs 0.85 per unit with the record date set as September 24, 2014.

Tata Mutual Fund declared dividend under the monthly dividend option under Plan A, Direct plan and Plan B of Tata Dynamic Bond Fund. The quantum of dividend is Rs 1.20 per unit under each plan with the record date set as September 25, 2014 as for.

Kotak Mutual Fund declared dividend under the dividend option of Kotak Select Focus Fund. The quantum of dividend is Re 1.00 per unit with the record date set as September 26, 2014.

Deutsche Mutual Fund declared dividend under DWS Global Agribusiness Offshore Fund and DWS Top Euroland Offshore Fund. The quantum of dividend is Rs 1.00 per unit under both schemes with the record date set as September 26, 2014.

HSBC Mutual Fund declared dividend under HSBC Flexi Debt Fund. The quantum of dividend is Rs 0.40 per unit with the record date set as September 25, 2014.

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