Axis Mutual Fund now allows you to invest in any of its funds once a year under its yearly SIP scheme. A minimum ₹12,000 each year and at least three instalments are required to be made under this facility. The minimum sum is fixed at ₹6,000 for the ELSS scheme alone — the Axis Long-Term Equity fund. Besides, under all schemes eligible for STP (Systematic Transfer Plans), the fund house has introduced daily and quarterly frequency. Another change is that you can now run SWPs (Systematic Withdrawal Plans) on Axis Liquid Fund.

Banking ETF

Kotak MF has filed an offer document with SEBI for its banking ETF. Benchmarked to the CNX Bank Index, the fund comes with a dividend payment option. The minimum application amount is ₹5,000 and in multiples of ₹1,000 thereafter. The fund will be managed by Deepak Gupta.

New manager

Ritesh Jain, who was earlier with Morgan Stanley AMC and Principal PNB AMC, will also manage the debt portion of equity and hybrid funds such as the Largecap Equity, Midcap Opportunities, Dynamic Asset Allocation and Dynamic Monthly Income Funds. Earlier, all these funds were managed by Mahendra Jajoo.

Earlier, all these funds were managed by Mahendra Jajoo.

Easier exit

Kotak MF has removed the exit load of 1 per cent for redemption within 180 days of allotment, under Kotak Bond Scheme; Exit load of Kotak Medium Term Fund has been revised to 2 per cent for redemption within 18 months alone. Earlier, additional 1.5 per cent exit load was charged for redemption between 18 and 24 months.

Betting on financials

SBI Mutual Fund has filed the draft prospectus for its banking and financial services fund. Named SBI Banking and Financial Services Fund, the scheme will invest in the stocks of companies in the banking and financial services space. The fund performance will be benchmarked to BSE Bankex and will be managed by Sohini Andani.

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