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Updates for December

Author: Team Finapolis/Tuesday, December 27, 2016/Categories: MF News / Analysis

Updates for December

Tata Mutual Fund announced that Ritesh Jain resigned from the services and has ceased to be the key personnel of Tata Asset Management Company, with effect from December 16.

Edelweiss Mutual Fund has announced change in fund management structure for Edelweiss Arbitrage Fund, with effect from December 22. The equity portion will be managed jointly by Bhavesh Jain and Kartik Soral, while Dhawal Dalal will manage the debt portion.

Birla Sun Life Mutual Fund announced reassignment of fund management responsibilities for Birla Sun Life Balanced '95 Fund. The scheme will be jointly managed by Mahesh Patil, Dhaval Shah and Pranay Sinha from November 23. All other features and terms and conditions of the scheme remain unchanged.

Mirae Asset Mutual Fund has appointed Harshad Borawake as Head of Research, who has also been designated as the key personnel of the asset management company, with effect from December 5, 2016. Borawake holds a B.E. (Polymers) degree apart from an MBA (Finance).

Union Mutual Fund has changed its exit load structure under the Union Dynamic Bond Fund, with effect from December 12, 2016, so that a levy of 0.5% will be charged on redemptions/ switches within three months from the date of allotment, while after this the load will be nil.

L&T Mutual Fund has extended the maturity of its L&T FMP - Series IX - Plan H (1095 days), by a further 120 days, whereby it stands changed to April 12, 2017. It was set to mature on December 13, 2016. The move comes in light of the current business and operating environment and in and also complies with provisions pertaining to roll-over by the Sebi. As a result of the extension, the tenure of the scheme will increase to 1,215 days (120 days from and including the date of extension i.e. December 14, 2016), while in terms of asset allocation, the scheme will invest 100% of its funds in money-market and debt instruments.

Reliance Mutual Fund has appointed Vishal Jain as a Head - ETF, with effect from December 5, 2016.

Axis Mutual Fund has announced a change in nomenclature of the benchmark for its Axis Small Cap Fund from CNX Smallcap Index to Nifty Free Float Smallcap 100 Index.

Mirae Asset Mutual Fund has appointed Vrijesh Kasera as a Research Analyst – Equity, who has also been designated as Key Personnel of the AMC, with effect from November 28, 2016. Further, Komal Badola has been appointed as Credit Analyst, with effect from November 29, 2016.

Taurus Mutual Fund has appointed Dheeraj Singh as Head of Investments, with effect from November 15, 2016.

Tata Mutual Fund has changed in name of the Tata Income Fund to Tata Long Term Debt Fund, with effect from December 1, 2016.

SBI Mutual Fund has changed the exit load structure for its SBI Magnum InstaCash Fund - Liquid Floater Plan, with effect from November 29, 2016. Accordingly, the revised exit load will be nil.

Franklin Templeton Mutual Fund has appointed Saurabh Gangrade as the AMC’s Compliance Officer, effective December 1, 2016. Aged 37, Gangrade holds a B.Com degree and is also an Associate Member (ACS) with the Institute of Company Secretaries of India. On account of internal promotion, Shilpha Shetty has stepped down as the Compliance Officer, effective November 30, 2016. 

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Mandar Bakre

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