The Hindu Business Line : Update

Mutual fund investors investing Rs 50,000 or more will have to obtain a mutual fund identification number (MIN) effective from January 1, 2007. To comply with regulatory provisions, mutual funds have to follow enhanced Know-your-customer norms. For the convenience of investors, all mutual funds have made arrangements with CSDL Ventures, a wholly owned subsidiary of Central Depository Services under the initiative of Association of Mutual Funds of India. To obtain the MIN, investors in mutual fund schemes will have to provide original photographs, identity proof and PAN card. On submission of completed application and documents, the investors will be allotted a provisional MIN.

Birla Mutual Fund has waived the exit load of 1 per cent if the investment is redeemed within six months under its Birla Sun Life Basic Industries and Birla Sun Life Buy India Fund. From January 1, 2007 onwards, the exit load under both funds will be nil. There is no change in the entry load.

With effect from January 2, the exit load for Tata Infrastructure and Tata Equity Opportunities will be revised. The fund will charge an exit load of 1 per cent for an investment amount less than Rs 2 crore if redeemed within six months. For Tata Pure Equity, an exit load of 1 per cent will be levied if an investment less than Rs 1 crore is redeemed in six months.

Franklin Templeton Investment has revised the exit load for all unitholders in Franklin India Prima Plus (FIPP) and Franklin India Opportunities (FIOF) in respect of each purchase of units less than Rs 5 crore in value with effect from January 2. The fund will now charge 0.50 per cent if redeemed or switched-out within six months from the allotment, as against free exit earlier. It has also revised the entry load in Franklin India Tax Shield from January 2, from 2 per cent to 2.25 per cent.

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