BNP Paribas MF announces changes in STP facility

BNP Paribas Mutual fund announces changes in the features of Systematic Transfer Plan (STP) facility for all the schemes of the AMC. The revised features as stated below will be applicable with effect from January 02, 2012.

STP offers unit holders the following two facilities:

a. Fixed Systematic Transfer Facility (FSTF) where investor can issue a standing instruction to transfer sums at Weekly/ Fortnightly/ Monthly/ Quarterly (calendar quarter) intervals to plans / options within select schemes of the fund.

b. Capital Appreciation Systematic Transfer Facility (CASTF) where the investor can issue a standing instruction to transfer the entire capital appreciation from Transferor Scheme at Weekly/ Fortnightly/ Monthly/ Quarterly intervals to designated Scheme(s) of the Fund.

Both the facilities will offer transfers at weekly, fortnightly, monthly and quarterly intervals. Unit holder is free to opt for any of the above facilities and also choose the frequency of such transfers.

Date of transfer / minimum amount of transfer:

Weekly: For weekly, the transfer can be done on 1st, 7th, 15th, and 25th of a month with the minimum transfer amount of Rs. 1000 and in multiples of Re. 1 thereafter

Fortnightly: For fortnightly, the transfer can be done on 1st & 15th of a month with the minimum transfer amount of Rs. 1000 and in multiples of Re. 1 thereafter

Monthly: For monthly, the transfer can be done on 1st or 7th or 15th or 25th of a month with the minimum transfer amount of Rs. 1000 and in multiples of Re. 1 thereafter.

Quarterly: For quaterly, the transfer can be done on n 1st or 7th or 15th or 25th of the first month of a quarter (i.e. January, April, July, October) with the minimum transfer amount of Rs. 1000 and in multiples of Re. 1 thereafter.

*The minimum amount of transfer for BNP Paribas Tax Advantage Plan (ELSS) shall be Rs. 500 & in multiples of Rs. 500 thereafter.

1. An investor has to maintain minimum balance of Rs. 6,000 in the opted Transferor scheme at the time of enrolment of STP. If the minimum balance is not maintained, the application will be liable to be rejected.

2. An investor will have to opt for a minimum of 6 installments under Weekly, Fortnightly, Monthly option and 2 installments for Quarterly STP  otherwise the STP enrolment request shall be liable to rejected.

3. An investor has to clearly specify the name & the option of the Transferor & Transferee scheme in the enrolment form.  If name of the Transferor or Transferee Scheme is not stated or incase of any ambiguity STP enrolment request shall be liable to rejected. In absence of information, the default option for Transferee scheme shall be growth option.

4. Load structure of the Transferor Scheme & Transferee Schemes as on the date of enrolment of STP shall be applicable.

5. An investor has to select any one facility i.e. FSTF or CASTF.  In case, investor doesn't select any facility or in case of any ambiguity, the STP  enrolment request shall be rejected.  However, incase investor has selected any one of the facility but has not selected frequency and / or date  or incase of any ambiguity, by default, monthly frequency & 7th day shall be considered as frequency & execution date respectively.

6. In FSTF, in case there is no minimum amount (as specified above) available in the unit holder's account for Transfer into Transferee Scheme, the
transfer shall not be executed and the request of unit holder will stand withdrawn with immediate effect.

7. In CASTF, if there is no minimum appreciation amount in the Transferor scheme for the consecutive three installments, the STP request of the unitholder will stand withdrawn with immediate effect. The capital appreciation, if any, will be calculated from the enrolment date of the CASTF under the folio, till the first transfer date [e.g. if the unit holder has been allotted units on the 23rd of September and the date of enrolment for  monthly CASTF is the 1st of November and the unit holder has opted for 15th of every month as the transfer date, capital appreciation, if any, will be calculated from the 1st of November to the 15th of November (first transfer date). Subsequent capital appreciation, if any, will be the capital appreciation between the previous CASTF date (where transfer has been processed) and the next CASTF date].

8. A request for STP will be treated as a request for redemption from the Transferor scheme and subscription into the selected Transferee scheme(s), at the applicable NAV, subject to load and statutory levy, if any.

9.In case of minor applicant, the guardian can opt for STP only  till  the date of minor attaining majority. AMC shall suspend  the standing  instruction of STP enrollment from the date of minor attaining majority by giving adequate prior notice. Further, once the minor attains majority, the guardian will not be able undertake any financial and non-financial transactions including fresh registration of STP and the folio shall be frozen for the further operation till the time requisite documents for changing the status from minor to major is submitted to the Fund.

10. STP will be automatically terminated if all units are liquidated or withdrawn from the Transferor Scheme or pledged or upon receipt of  intimation of death of unit holder. A request for STP will be treated as a request for redemption from/ subscription into the respective option(s)/ plan(s) of the scheme(s), at the applicable NAV, subject to applicable load. In case the transfer dates fall on a non -business day, the next business day will be considered for this purpose.

11. The  provision  of  'Minimum  redemption  amount'  specified  in  the  Scheme  Information  Document  of  Transferor  Scheme  and  'Minimum application amount' specified in the Scheme Information Documents of the Transferee Schemes will not be applicable for STP.

12. STP Enrolment Form complete in all respects must reach atleast 14 working days in advance of STP date at any of the Official Points of Transactions.

13. Investors could choose to terminate the STP by giving a written notice at least 7 business days in advance to the Official Points of Transactions.

14. The Trustee / AMC reserve the right to change / modify the terms of the STP or withdraw this facility from time to time.