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Recent Updates in the Mutual Fund Industry

17 May 20246 mins read by Angel One
Recent updates in mutual funds include DSP’s IDCW, NJ Arbitrage Fund's exit load change, and fund manager changes in AXIS and ICICI Prudential schemes.
Recent Updates in the Mutual Fund Industry
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Mutual funds are changing, reflecting evolving investment firm strategies. Different fund houses make constant efforts to provide their clients with greater diversity in terms of investment options. This article will examine some recent developments in mutual funds.

1. DSP Mutual Fund Declares Monthly Income Distribution cum Capital Withdrawal (IDCW) (16th May 2024):

DSP Mutual Fund has announced 16 May 2024 as the record date for monthly Income Distribution cum Capital Withdrawal (IDCW) under various schemes. The IDCW amount per unit for different schemes and plans is as follows:

DSP ELSS Tax Saver Fund:

  • Regular Plan: Monthly IDCW Option – Rs 0.580
  • Direct Plan: Monthly IDCW Option – Rs 0.580

The fund houses constantly innovating to meet the evolving needs of investors.

2. NJ Arbitrage Fund Announces Change in Exit Load Structure (13th May 2024):

NJ Mutual Fund has announced that the exit load of NJ Arbitrage Fund with effect from May 6, 2024 –

Scheme Name Existing Exit Load Structure Revised Exit Load Structure
NJ Arbitrage Fund 1. NIL Exit load- for 5% of the units up to completion of30 days
The “First In First Out (FIFO)” logic will be applied while selecting the units for redemption.
Waiver of Exit load is calculated for each inflow transaction separately on a FIFO basis and not on the total units through multiple inflows.
The load-free units from purchases made subsequent to the initial purchase will be
available only after redeeming all units from the initial purchase.
2. All units redeemed /switched out more than the 5% load-free units will be subject to the below-mentioned exit load.
1.00% – if Units are redeemed /switched out on or before 30 days from the date of allotment
Nil- if redeemed after 30 days from the date of allotment.
Nil

3. AXIS Mutual Fund Announces Fund Manager Change (13th May 2024):

Axis Mutual Fund has announced a change in fund manager for its schemes effective from 13th May 2024. The following table shows the details –

Scheme Name Existing Fund Managers New Fund Managers
Axis Small Cap Fund Mr. Shreyash Devalkar, Mr. Mayank Hyanki & Ms. Krishnaa N (for Foreign Securities) Mr. Tejas Sheth, Mr. Mayank Hyanki & Ms. Krishnaa N (for Foreign Securities)
Axis Equity Saver Fund Mr. Jayesh Sundar, Mr. Hitesh Das, Mr. Devang Shah & Mr. Hardik Shah Mr. Mayank Hyanki, Mr. Hitesh Das, Mr. Devang Shah & Mr. Hardik Shah

4. ICICI Prudential Mutual Fund Announces Change Fund Manager under its scheme (13th May 2024):

ICICI Prudential Mutual Fund has announced a change in fund manager for its schemes effective from 13th May 2024. The following table shows the details –

Scheme Name Existing Fund Managers Revised Fund Managers
ICICI Prudential Income Optimizer Fund (FOF) Mr. Dharmesh Kakkad, Mr. Manish Banthia, Mr. Ritesh Lunawat Mr. Dharmesh Kakkad, Mr. Manish Banthia
ICICI Prudential Passive Strategy Fund (FOF) Mr. Sankaran Naren, Mr. Dharmesh Kakkad Mr. Sankaran Naren, Ms. Sharmila D’mello
ICICI Prudential Passive Multi-Asset Fund of Funds Mr. Dharmesh Kakkad, Mr. Nishit Patel Mr. Dharmesh Kakkad, Ms. Sharmila D’mello
ICICI Prudential Global Advantage Fund (FOF) Mr. Sankaran Naren, Mr. Dharmesh Kakkad Mr. Sankaran Naren, Ms. Sharmila D’mello
ICICI Prudential India Equity FOF Mr. Dharmesh Kakkad, Ms. Sharmila D’mello, Mr. Sankaran Naren, Mr. Ihab Dalwai, Mr. Manish Banthia Mr. Dharmesh Kakkad, Ms. Sharmila D’mello
ICICI Prudential Multi-Asset Fund Mr. Gaurav Chikane, Mr. Akhil Kakkar, Ms. Sri Sharma, Mr. Sankaran Naren, Mr. Mittul Kalawadia Ms. Sharmila D’mello, Mr. Sankaran Naren
ICICI Prudential Equity & Debt Fund Mr. Manish Banthia, Mr. Akhil Kakkar, Ms. Sri Sharma Ms. Sharmila D’mello

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.

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