Fund manager changes and change in offering
L&T Mutual Fund has informed that Shobheta Manglik, the existing fund manager for a few of the debt schemes has ceased to be the fund manager from June 30, 2014. Hence, the fund house changed the fund managers of these schemes from that date. L&T Triple Ace Bond Fund is being managed by Shriram Ramanathan; L&T Liquid Fund is being managed by Shriram Ramanathan and Jalpan Shah; L&T Flexi Bond Fund and L&T Gilt Fund are being managed by Vikram Chopra; L&T Ultra Short Term Bond is being managed by Vikram Chopra and Jalpan Shah and L&T Cash Fund, L&T Floating Rate Fund and L&T Low Duration Fund are being managed by Vikram Chopra and Richa Sharma.
Reliance Mutual Fund has revised the minimum amount for Reliance Step-Up facility to Rs 100 and in multiples of Rs 100, against the previous Rs 500.
Changes in exit load
HDFC Mutual Fund has changed the exit load structure under HDFC Small & Mid Cap Fund (Erstwhile Morgan Stanley A.C.E. Fund) from July 1, 2014. An exit load of 2% is payable if units are redeemed / switched-out within 12 months from the date of allotment and a load of 1% is payable if units are redeemed / switched-out after 12 months but before 18 months from the date of allotment.
UTI Mutual Fund has begun charging an exit load of 1% under UTI Mid Cap Fund, UTI Banking Sector Fund and UTI Infrastructure Fund from July 1, 2014, if units are redeemed within 548 days, against redemptions within 1 year earlier.
UTI Mutual Fund has stopped charging any exit load under UTI MIS Advantage Plan from July 1, 2014. Earlier it used to charge 1.50% for redemption within 90 days, 1.25% for redemption between 90 days to 180 days and 1% for redemption between 180 days to 365 days.
Birla Sun Life Mutual Fund has begun charging an exit load of 0.50% under Birla Sun Life Dynamic Bond Fund from July 3, 2014, if units are redeemed within 270 days of allotment, against redemption within 180 days earlier.
Tata Mutual Fund has begun charging an exit load of 1% under Tata Balanced Fund, Tata Mid Cap Growth Fund and Tata Equity P/E Fund from July 1, 2014 if units are redeemed within 540 days as compared to 365 days earlier. Further, under Tata Income Fund, the fund house has begun charging an exit load of 1% for redemption within 365 days as compared to 90 days earlier.
Kotak Mutual Fund will stop charging any exit load under Kotak Bond Scheme from July 7, 2014.
JM Financial Mutual Fund has stopped charging exit load under JM Money Manager Fund- Regular Plan from July 4, 2014. Earlier it used to charge 0.25% for redemption within 45 days of allotment.
Dividends and bonus units declared
Birla Sun Life Mutual Fund declared dividend under Birla Sun Life Banking & Financial Services Fund and Birla Sun Life Emerging Leaders Fund – Series 1. The quantum of dividend is Rs 1 and Rs 0.90 respectively with the record date set as July 8, 2014.
Sundaram Mutual Fund declared dividend under the dividend option of Sundaram Entertainment Opportunities Fund. The quantum of dividend is Rs 1 per unit with the record date has been fixed as July 4, 2014.
Deutsche Mutual Fund has declared bonus under the bonus option of DWS Insta Cash Plus Fund - Super Institutional Plan. The number of bonus units allotted will be 0.6800 for every unit held with the record date set as July 3, 2014.