Consolidation of Schemes

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..... We have been receiving proposals from mutual funds for merger or consolidation of schemes. For the information of all mutual funds, it is clarified that such consolidations shall be viewed as changes in fundamental attributes of the related schemes and the mutual funds shall comply with the requirements laid down in the SEBI (Mutual Funds) Regulations, 1996, for the purpose. Furth .....

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..... the procedural requirements prescribed vide SEBI Circular No. MFD/CIR No. 22/2311/03 dated January 30, 2003. The letter to the unitholders, giving them option to exit at prevailing NAV without exit load, shall disclose all relevant information enabling them to take well informed decisions, including information on the following aspects: (i) information on the investment ob .....

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..... rmation on total number of unitholders in the schemes and their net assets, number of unitholders who opted to exit and net assets held by them, and number of unitholders and net assets in the consolidated scheme, shall be filed with SEBI. These clarifications and guidelines are issued in accordance with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996. Y .....

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