Scheme mergers/change in fundamental attributes
UTI Mutual Fund will merge UTI Master Plus Unit Scheme with UTI Leadership Equity Fund on July 10. Existing investors are given an exit option to redeem their units at the prevailing NAV without any load from June 11 to July 10, 2014 (both days inclusive).
Franklin Templeton Mutual Fund will merge Templeton India Government Securities Fund - Treasury Plan into Templeton India Government Securities Fund - Composite Plan from July 18, 2014. Following the merger, there will be no change in the fundamental attributes of the schemes. Existing unit holders who do not approve of the above merger can exit the scheme anytime from June 18 to July 17, 2014 without paying any exit load.
Motilal Oswal Mutual Fund will change the fundamental attributes of Motilal Oswal MOSt Focused Midcap 30 Fund from July 9, 2014. According to the proposed change, minimum 65% of assets will be invested in equity and equity related instruments selected between Top 101 and 200 listed companies by market capitalization. Maximum 25% will be invested in equity and equity related instruments beyond the Top 200 listed companies with market capitalization not lower than Rs 600 Cr and maximum 10% will be invested in debt, money market instruments, G-Sec, Bonds, Cash and equivalents.
Pramerica Mutual Fund will introduce monthly dividend option under Pramerica Income Fund from June 18, 2014. The option will be available under the regular and direct plans of the scheme.
Change in key personnel
Tata Mutual Fund informed that Farokh Subedar has been appointed as Chairman of Tata Asset Management from June 11, 2014. Farrokh Kavarana, who was Chairman, Tata Asset Management for over 12 years, retired having attained the retirement age of 70 years. In addition to his current executive responsibility as Chief Operating Officer of Tata Sons, Mr Subedar is the Vice Chairman of Tata Investment Corporation and a Director on the boards of several Tata companies, including Tata Capital, Tata Capital Financial Services and Tata AIG General Insurance Company in the financial services sector.
Reliance Mutual Fund informed that Sanjay Kumar Singh – Head – Product Development & ETF resigned from the services of Reliance Capital Asset Management from the close of business hours on May 28, 2014. For the interim period, Arun Sundaresan – Deputy Head – Product Management Group has been designated as key personnel from May 29, 2014.
Canara Robeco Mutual Fund appointed Hemant Kapasi as Co-Fund Manager along with Krishna Sanghavi of Canara Robeco F.O.R.C.E Fund from June 2, 2014. Earlier, Sanghavi was the only fund manager of the scheme.
Changes in exit load and dividends declared
Principal PNB Mutual Fund has begun charging an exit load of 0.50% under Principal Index Fund-Nifty from June 9, 2014, if units are redeemed within 365 days of allotment. Earlier there was no exit load.
Motilal Oswal Mutual Fund removed the exit load under Motilal Oswal MOSt Focused Midcap 30 Fund from June 9, 2014. Earlier, it used to charge 2% for redemption within 1 year of allotment.
BNP Paribas Mutual Fund will begin charging an exit load of 1% under BNP Paribas Medium Term Income Fund from June 16, 2014, if units are redeemed within 12 months of allotment. Currently it charges 1% for redemption within 15 months.
Religare Invesco Mutual Fund will begin charging an exit load of 1% under Religare Invesco Medium Term Bond Fund from June 16, 2014 if units are redeemed within 6 months. Earlier, it used to charge 0.45% for redemption within 45 days.
BNP Paribas Mutual Fund declared dividend under the dividend option of BNP Paribas Equity Fund. The quantum of dividend is Rs 1 per unit with the record date set as June 16, 2014.
Franklin Templeton Mutual Fund declared dividend under the dividend option of Franklin India Prima Fund. The quantum of dividend is Rs 4 per unit with the record date set as June 13, 2014.
