Moneycontrol
Jan 17, 2018 11:16 AM IST | Source: Moneycontrol.com

Indiabulls MF to revise income funds classification as per SEBI norms

Unit holders who do not agree with the changes will have the option to exit the scheme between Jan 18 and Feb 17, without paying any exit load.

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Indiabulls Mutual Fund will revise the classification and investment objective of Indiabulls Income Fund with effect from February 18, as per the new regulatory guidelines, the fund house said in a newspaper notice.

To bring uniformity, standardise scheme categories and enable ease of investment to investors the Securities and Exchange Board of India had mandated that fund houses must categorise all their existing and future schemes into five broad categories and 36 sub-categories.

Subsequently, Indiabulls Income Fund will be an open-ended medium term debt scheme investing in instruments with duration of three-four years. Currently, the scheme is categorised as an open-ended debt scheme.

Unit holders who do not agree with the changes will have the option to exit the scheme between Jan 18 and Feb 17, without paying any exit load.

All other features of the scheme will remain unchanged.
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