LIC Mutual Fund has launched LICMF Children's Fund. The fund is open for initial offer from 26th September 2001 to 16th October 2001. One can invest a minimum of Rs.5000 and thereafter in multiples of Rs. 500.
The fund would invest 80 to 100% of its investment in debt and a maximum of 20% in equity. After the initial offer period, it will charge an entry load of 1%. For repurchases made within 3 years of investment, an exit load of 3% would be charged, and for repurchases made after 3 years of allotment of investment but before the unit holder completes 18 years of age an exit load of 1.5% would be levied.
The fund would not charge any load where the investment has completed 3 years and where the unit holder is over 18 years of age. The scheme has no lock-in period. It offers facilitation like Systematic Investment pan and Systematic Withdrawal Plan. A Free Personal accident cover is also available to domestic resident unit holders equal 10 times the amount invested, subject to a maximum of Rs. 3 Lacs.
IL&FS Mutual Fund has changed the load structure of IL&FS Bond Fund which would be effective for the period October 1, 2001 to December 31, 2001. The fund would charge no entry load but an exit load of 0.50% for redemptions within 90 days from the date of subscription. No exit load is appli-cable for all investments above Rs 10 lakhs.l
With effect from 1st October 2001, all subscriptions in Franklin India Index Fund will be subject to a lock-in period of 10 calendar days from the date of purchase as against the present lock-in period of 20 calendar days from the date of purchase. All subscriptions in this scheme received upto 30th September 2001 will continue to have a lock in period of 20 calendar days.
The load structure in Franklin India Index Fund with effect from 1st October 2001 would be as follows. There will be no entry load but an exit load of 1 % would be charged for redemptions upto Rs 10 lakhs and redeemed within 12 months of investment.
Newsline 4: HFDC Income Fund would now charge an exit load of 0.50% for redemptions upto Rs 10 lakhs and made within six months of the date of investment. While an exit load of 0.25% would be levied for redemptions above Rs 10 lakhs and made within three months of investment. This would come into effect from October 1, 2001.
Newsline 5: Sun F&C Mutual Fund has also announced changes in the load structure of three of its schemes which would come into effect from October 1, 2001. Sun F&C Value Fund has now become a no-load fund.
For exits in case of Sun F&C Money Value Fund, a load of 0.25% would be charged for subscriptions less than Rs 1 crore and redeemed within 3 months of investment. Sun F&C MIP would also charge an exit load of 0.25% for subscriptions less than Rs 1 crore and redeemed within 3 months of investment.
