With effect from 1 November 2011
Accordance with the SEBI circular dated 22 August 2011
various fund houses like AIG Mutual fund, Principal Pnb Mutual Fund, Goldman
Sachs Mutual Fund, JM Financial Mutual Fund, J.P Morgan Mutual Fund, Bharti AXA
Mutual Fund and L&T Mutual Fund, UTI Mutual Fund, SBI Mutual Fund, Franklin
Templeton Mutual Fund and others has announced that with effect from 1 November
2011, it shall deduct the transaction charges on purchase / subscription
received from first time mutual fund investors and investor other than first
time mutual fund investors through the distributor / agent. The charges are as
under:
1) First Time Mutual Fund Investor (across Mutual Funds):
Transaction charges of Rs. 150/- for subscription of Rs. 10,000 and above will
be deducted from the subscription amount and paid to the distributor / agent of
the investor and the balance shall be invested.
2) Investor other than First Time Mutual Fund Investor:
Transaction charge of Rs. 100/- per subscription of Rs. 10,000 and above will
be deducted from the subscription amount and paid to the distributor / agent of
the investor and the balance shall be invested.
However, transaction charges in case of investments through
Systematic Investment Plan (SIP) shall be deducted only if the total commitment
(i.e. amount per SIP installment x No. of installments) amounts to Rs. 10,000/-
or more. The transaction charges shall be deducted in 3 or 4 installments.
3) Transaction charges shall not be deducted / applicable
for:
a) purchase / subscriptions for an amount less than Rs. 10,000/-
b) transaction other than purchases / subscriptions relating to new inflows such as Switch/Systematic Transfer Plan (STP) / Dividend Transfer Plan (DTP), etc;
c) transactions carried out through the stock exchange platforms.
b) transaction other than purchases / subscriptions relating to new inflows such as Switch/Systematic Transfer Plan (STP) / Dividend Transfer Plan (DTP), etc;
c) transactions carried out through the stock exchange platforms.
Source: http://www.indiainfoline.com/Markets/News/Various-Fund-Houses-announces-the-Deduction-of-Transaction-Charge-from-Subscription-Amount-for-Purchase-through-Agents/3996483645
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