SBI Asset Management re-classifies schemes

SBI Asset Management Company has re-classified and categorised its several schemes, a move that will reduce clutter and make it simple to compare performance of various other mutual fund schemes.

Besides, the fund house has given the exit option to existing investors. The move is part of the fund house effort to comply with markets regulator Sebi’s directive. In a letter to investors, the fund house said, “Certain changes will be carried out in the features of some of our schemes, resulting in changes in fundamental attributes of certain schemes of SBI Mutual Fund (MF)”. Some of the existing schemes that will see changes are — Magnum Equity Fund, Magnum Multiplier Fund, Emerging Businesses Fund, FMCG Fund, IT Fund, Pharma Fund and Corporate Bond Fund. The fund house said that the proposed changes in type of scheme, investment objective, asset allocation and investment strategy amount to change in the fundamental attributes of the scheme. Accordingly, existing unit holders, who are not in agreement with changes, will have the option to redeem or switch their units at applicable net asset value (NAV) without any exit load.