Mutual Funds

Mutual Funds: Alerts

| Updated on April 06, 2014

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Large appeal

Canara Robeco Nifty Index Fund will be merged with its Large Cap+ Fund effective April 30, 2014. Existing investors of the Nifty Index Fund wanting to redeem their units without paying an exit load should do so on or before April 30. The books of Large Cap+ Fund will be closed during May 1-4, 2014 and reopened on May 5.

New yardstick

SBI Mutual Fund has changed the benchmark for four of its funds — Tax Advantage Series I and II, Magnum Global Fund and Magnum Midcap Fund. S&P BSE 500 Index will be the new benchmark for the two series of SBI Tax Advantage, a change from the erstwhile CNX Midcap and BSE 100 Index, respectively. SBI Magnum Global Fund and SBI Magnum Midcap Fund will be benchmarked to CNX Midcap Index; they earlier had S&P BSE Midcap Index as their benchmark.

Stay invested

ICICI Prudential has introduced an exit load of 1 per cent on redemption of investment in ICICI Prudential Income Plan within 365 days, beginning April 1, 2014. Likewise, on sale of units of ICICI Prudential Short Term Plan within 180 days, investors would have to forego 0.5 per cent of the total proceeds. Until recently, the fund house charged an exit load only if the investment was redeemed before 365 days.

Similarly, redemption of investment in the ICICI Prudential Banking and PSU Debt Fund within 15 days will now attract an exit load of 0.25 per cent. Earlier, the load was limited to withdrawal before 30 days.

No insurance cover

Principal Mutual Fund will no longer offer personal accidental death cover on its tax-saver funds — Principal Personal Tax Saver and Principal Tax Savings Fund. This will apply to new unit purchases, beginning April 1, 2014. But existing unit-holders will be covered for three years from the purchase date to the extent of their investment in the fund.

Published on April 06, 2014

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