HDFC Mid-Cap Opportunities Fund to be converted into an Open-Ended Equity Scheme

HDFC Mutual Fund has announced that HDFC Mid-Cap Opportunities Fund, a three year close ended equity scheme is being converted into an open ended equity scheme with effect from 25 June 2010.

All the provisions pertaining to close-ended scheme shall cease and those pertaining to open-ended scheme viz. subscriptions/ redemptions/switches, minimum number of investors and maximum holding by single investor, cut-off timings for subscriptions / redemptions/switches, facilities such as Systematic Investment Plan (SIP) / Systematic Transfer Plan (STP) / Flex STP / Systematic Withdrawal Advantage Plan (SWAP) / HDFC FLEXINDEX Plan / Dividend Transfer Plan/ purchase and redemptions of units through the stock exchange infrastructure, etc. shall become applicable from the Effective Date. The units of the scheme shall be available for continuous sale and repurchase on every business day at NAV based prices on an ongoing basis from the Effective Date.

HDFC Mutual Fund has decided to carry out the following changes in the scheme effective 25 June 2010 i.e. pursuant to the conversion to open ended equity scheme.

Exit Load Structure: In respect of each purchase / switch - in of units, an exit load of 1% is payable if units are redeemed / switched - out within 1 year from the date of allotment. No exit load is payable if units are redeemed / switched - out after 1 year from the date of allotment.

Investors can purchase/ redeem units of HDFC Mid-Cap Opportunities Fund on BSE StAR MF and MFSS platform from the Effective Date.

Source: http://beta.profit.ndtv.com/news/show/hdfc-mid-cap-opportunities-fund-to-be-converted-into-an-open-ended-equity-scheme-74893