Change in fund managers
UTI Mutual Fund has changed fund managers for the following schemes from August 06, 2014. UTI Fixed Maturity Plans and UTI Fixed Term Income Funds, which were being managed by Manish Joshi, are now being managed by Sunil Patil. UTI Fixed Income Interval Funds (Monthly/Quarterly/Half Yearly/Yearly) which were being managed by Amandeep Chopra are now being managed by Sunil Patil. UTI Capital Protection Oriented Schemes, which were being managed by Sunil Patil, are now being managed by Sunil (debt) and V. Srivatsa (equity). And Amandeep Chopra, who was solely managing UTI Income Opportunities Fund, is now managing it along with Ritesh Nambiar.
New scheme launched
Religare Invesco Mutual Fund launched Religare Invesco Corporate Bond Opportunities Fund, an open ended income scheme. The NFO period is from August 14 to August 28, 2014. Its benchmark index will be composed of the following: 32.5% of CRISIL AAA Long Term Bond Index, 32.5% CRISIL AAA Short Term Bond Index, 17.5% of CRISIL AA Long Term Bond Index and 17.5% of CRISIL AA Short Term Bond Index has. It will be managed by Nitish Sikand.
Change in fundamental attributes and benchmark
Edelweiss Mutual Fund will change the fundamental attributes of Edelweiss Equity Enhancer Fund from September 10, 2014. From that date, the scheme will be renamed as Edelweiss Value Opportunities Fund and its investment objective will be to generate returns through a combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of value stocks. Its performance will be benchmarked against CNX 200 Index. Due to this fundamental change, existing investors can exit without paying any exit load between August 11 and September 9, 2014.
Religare Invesco Mutual Fund changed the benchmark index of Religare Invesco Medium Term Bond Fund and Religare Invesco Credit Opportunities Fund from August 7, 2014. The revised benchmark indices for the respective funds are CRISIL Short-Term Bond Fund Index and CRISIL Liquid Fund Index.
Change in exit loads and dividends declared
HDFC Mutual Fund will change the exit load structure under HDFC Monthly Income Plan – Short Term Plan and HDFC Corporate Debt Opportunities Fund from August 13, 2014. Under both schemes, a load of 2% will be charged if units are redeemed / switched-out within 12 months; 1% if units are redeemed / switched-out after 12 months but within 24 months and 0.50% if units are redeemed / switched-out after 24 months but within 36 months from the date of allotment.
SBI Mutual Fund has changed exit loads under SBI Magnum Balanced Fund, SBI Magnum Global Fund and SBI Magnum Monthly Income Plan - Floater from August 6, 2014. Under Balanced and Global Fund, it will charge 1.5% for redemptions within 18 months from allotment. Under Monthly Income Plan - Floater, it will not charge any load for 10% of investments and will charge 1.5% for remaining investment if units are redeemed within 18 months.
Birla Sun Life Mutual Fund declared dividend under regular plan-dividend option of Birla Sun Life India Reforms Fund. The quantum of dividend is Re 0.80 per unit with the record date set as August 8, 2014.
IDFC Mutual Fund declared dividend under the dividend option of IDFC Equity Opportunity Series 2. The quantum of dividend is Rs 1.5 per unit with the record date set as August 12, 2014.
Religare Invesco Mutual Fund declared dividend under Religare Invesco Mid N Small Cap Fund. The quantum of dividend is Rs 2.50 under the regular plan and Rs 2.55 under the direct plan. The record date is set as August 8, 2014.
