New Delhi,
\nSBI Asset Management Company has reclassified and categorised its several schemes, a move that will reduce clutter and make it simple to compare performance of various other mutual fund schemes.<\/p>\n
Besides, the fund house has given the exit option to existing investors.<\/p>\n
The move is part of the fund house effort to comply with markets regulator Sebi\u2019s directive.<\/p>\n
In a letter to investors, the fund house said, \u201cCertain changes will be carried out in the features of some of our schemes, resulting in changes in fundamental attributes of certain schemes of SBI Mutual Fund (MF)\u201d.<\/p>\n
Some of the existing schemes that will see changes are\u2014Magnum Equity Fund, Magnum Multiplier Fund, Emerging Businesses Fund, FMCG Fund, IT Fund, Pharma Fund and Corporate Bond Fund.<\/p>\n
The fund house said that the proposed changes in type of scheme, investment objective, asset allocation and investment strategy amount to change in the fundamental attributes of the scheme.<\/p>\n
Accordingly, existing unit holders, who are not in agreement with changes, will have the option to redeem or switch their units at applicable net asset value (NAV) without any exit load.<\/p>\n
The option to exit without payment of exit load will be valid from April 16 to May 15. Such exit option will not be available to unit holders, whose units have been pledged.<\/p>\n
\u201cAny redemption or switch request received after May 15 will be subject to the prevailing load structure as applicable and will not qualify for the waiver of the exit load,\u201d it added.<\/p>\n
Further, it said that no action is required in case unit holders are in agreement with the change .This offer to exit or switch is merely an option and is not compulsory.<\/p>\n
\u201cRedemption\/ switch-out by the unit holders due to aforesaid change or due to any other reasons may entail tax consequences. Unit holders are advised to consult their tax advisor for the same,\u201d the fund house said.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi, SBI Asset Management Company has reclassified and categorised its several schemes, a move that will reduce clutter and make it simple to compare performance of various other mutual fund schemes. Besides, the fund house has given the exit option to existing investors. The move is part of the fund house effort to comply […]<\/p>\n","protected":false},"author":1,"featured_media":28129,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-28128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/28128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=28128"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/28128\/revisions"}],"predecessor-version":[{"id":28130,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/28128\/revisions\/28130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/28129"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=28128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=28128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=28128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}