LICMF Infrastructure Fund to be converted into an Open Ended Equity Scheme

LICMF Infrastructure Fund which was launched as a 36 month, close ended equity scheme is being converted into an open ended equity scheme with effect from 24 March 2011.

All the provisions pertaining to close ended scheme shall cease and those pertaining to open ended scheme as applicable for other existing equity schemes shall become effective from the effective date. The units of the scheme shall be available for continuous sale and repurchase on all Business Days at NAV based price on an ongoing basis.

Pursuant to the conversion into open ended equity scheme, the following changes will come into effect.

The exit load charge will be 1% if exited within 1 year from the date of allotment of units and nil if exited after 1 year from the date of allotment of units.

The minimum investment amount will be Rs. 2000 and thereafter in multiples of Rs. 1 except in case of SIP where the minimum amount would be Rs. 100

Source: http://www.indiainfoline.com/Markets/News/LICMF-Infrastructure-Fund-to-be-Converted-into-a-Open-Ended-Equity-Scheme/3614780708