A quick wrap up of mutual fund industry: June 27, 2011

Change in exit load Change in Exit Load under IDFC Ultra Short Term Fund
IDFC Mutual Fund has revised in exit load structure under IDFC Ultra Short Term Fund, with effect from June 27, 2011.

The revised exit load will be 1.00 per cent of the applicable NAV, if redeemed or switched out within 89 days from the date of allotment for all investments including SIP/Micro SIP/STP.

IDFC Ultra Short Term Fund is an open ended income fund which has the investment objective to offer an investment avenue for short term savings by looking to generate stable returns with a low risk strategy. The scheme consists of portfolio that is invested in good quality debt and money market instruments.

Change in Fund Manger under BNP Paribas Mutual Fund
BNP Paribas Mutual Fund has announced that Overseas Securities of BNP Paribas China India Fund shall be managed by Deepak Shaw. He will be the Fund Manager of this scheme, with effect from June 28, 2011.

Further Chirag Mehta shall cease to be the Fund Manager – Overseas Securities of BNP Paribas China India Fund and the key personnel of the AMC with effect from June 28, 2011.

Religare FMP – Series VIII – Plan E: Extension of NFO
Religare Mutual Fund has announced that, the Closing date of New Fund Offer (NFO) of Religare FMP – Series VIII – Plan E (371 Days) has been extended to July 8, 2011.

The new fund offer (NFO) period would now close on July 8, 2011 instead of June 27, 2011.

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