Changes in Scheme Attributes for Axis MF
The main purpose of the circular is to standardize the scheme categories and characteristics of each category.
In Oct 2017, SEBI came out with a circular to address the need of uniformity in the characteristics of similar types of schemes in the mutual fund industry.
The main purpose of the circular is to standardize the scheme categories and characteristics of each category. The circular has suggested 36 sub-categories in total within main categories such as equity schemes, debt schemes, hybrid schemes, solution-oriented schemes and other schemes.
It further emphasized on exactly defining market capitalizations, the process of reducing schemes i.e. only one scheme within each sub-category with some exceptions.
On basis of the circular, AXIS MF has made the following changes in the attributes of few schemes. (Read about Categorization and Rationalization of Mutual Funds Schemes).
The proposed changes in Type of schemes, Investment Objective, Asset Allocation and Investment Strategy amount to change in the fundamental attributes of the schemes in terms of regulation 18(15A) of the SEBI (Mutual Funds) Regulations, 1996. Unitholders, who are not in agreement with aforesaid changes, have the option to redeem/switch their units at applicable NAV without any exit load. The option to exit without payment of exit load is valid from April 18, 2018 to May 17, 2018 (both days inclusive) up to 3.00 p.m.
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