The asset management company said it has taken this step to protect interests of investors.
Aditya Birla Sun Life Mutual Fund has suspended fresh inflows into its two of its debt schemes i.e. Aditya Birla Sun Life Medium Term Plan (ABMTP) and Aditya Birla Sun Life Credit Risk Fund (ACRF) from May 22. These two schemes will not accept any fresh systematic investment plans (SIPs) and systematic transfer plans (STPs), but redemptions will proceed as usual.
The asset management company said that it has taken this step to protect the interests of investors.
"Aditya Birla Sun Life Mutual Fund (ABSLMF) has taken investor friendly move stopping fresh inflow into their credit risk fund and Medium Term fund. We believe that there are substantial gains in our funds, which would be realised by the existing investors over the next few months upon the final resolution. Since we do not wish to dilute this for existing investors by taking more money in these funds, we have stopped fresh subscriptions," Mr Balasubramanian, Managing Director and Chief Executive Officer , Aditya Birla Sun Life AMC Limited said.
Earlier, in April, the US-based Franklin Templeton Mutual Fund had wound up six funds in India.
