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HDFC MF to suspend subscriptions in HDFC Long Term Advantage Fund

The fund house will continue to manage the scheme for three more years, after which it will be merged with one of the existing open-ended equity schemes of the fund house.

April 30, 2018 / 01:24 PM IST

HDFC Mutual Fund will discontinue subscriptions and systematic investments in HDFC Long Term Advantage Fund with effect from May 16, the fund house said in an addendum.

The suspension follows Securities and Exchange Board of India's guidelines, released on October, 6 directing fund houses to re-categorise all existing and future schemes into five broad categories and 36 sub-categories for ease in investing.

Consequently, HDFC Long Term Advantage Fund will be categorised as an open-ended equity linked savings scheme with a lock-in period of three years and tax benefit.

The fund house will continue to manage the scheme for three more years, it said in the addendum.

After that, the scheme will be merged with one of the existing open-ended equity schemes of the fund house.
Moneycontrol News
first published: Apr 30, 2018 01:24 pm

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