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Motilal Oswal Mutual Fund will choose any random days to introduce systematic investment plan (SIP) under six of its schemes with effect from September 11, a notice from the fund house said today.
Currently, investors can enroll for SIP facility with weekly, fortnightly, monthly, quarterly, and annually only by choosing specified dates--1st, 7th, 14th, 21st and 25th or all 5 dates as SIP debit date.
Any day SIP will be introduced under Motilal Oswal MOSt Focused 25 Fund, Motilal Oswal MOSt Focused Midcap 30 Fund,Motilal Oswal MOSt Focused Multicap 35 Fund, Motilal Oswal MOSt Focused Long Term Fund, Motilal Oswal MOSt Focused Dynamic Equity Fund and Motilal Oswal Ultra Short Term Bond Fund.
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However, investors can now choose any day or date as per his/her preference:
SIP Choice of Day/Date
Weekly Any day of the week from Monday to Friday
Monthly Any day of the month except 29th, 30th or 31st
Quarterly Any day of the month for each quarter (January,April,July,October) except 29th, 30th or 31st
In case the chosen date falls on a non-business day then the SIP will be processed on to the immediate next business day.
Also, in case the SIP due date is not specified or in case of ambiguity the SIP transaction will be processed on the 7th of the subsequent month in which application for SIP registration was received.
All other features of the schemes will remain unchanged.
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