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Mumbai, Dec. 31 The Securities Exchange Board of India (SEBI) has decided to do away with the entry load for direct applications for mutual fund investments. According to the circular released by SEBI on Monday, mutual fund investors will be exempted from payment of entry fee on applications which are received through the Internet, directly submitted to AMCs’ or to the collection centre/investor services centres that are not routed through any distributor, agent or broker.

“The exemption would apply for investment in existing schemes with affect from January 4, and in new schemes to be launched thereafter,” a SEBI circular said. The new rule also applies to additional purchases done directly by the investor under the same folio and to switch-ins to one scheme from another, if such a transaction is done directly by the investor.

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