Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
ICICI Prudential Mutual Fund announced on March 12 that it will be temporarily suspending fresh subscriptions through lumpsum mode and switches into ICICI Prudential Small Cap Fund and ICICI Prudential Midcap Fund with effect from March 14, 2024.
However, ongoing SIP/ STP/ special products registered before March 14 shall continue in the schemes, ICICI Prudential MF said. Investors will be allowed to initiate fresh SIP and or STP with a cap of Rs 2,00,000 per scheme.
The company said it is temporarily suspending fresh subscriptions in the schemes because midcap and smallcap stocks have relatively outperformed the large-caps resulting in high valuations. As the share of mid and small-cap stocks in total market cap is growing rapidly, valuations in this space have turned relatively higher
(This is a developing story. Please check back for details)
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!