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Tuesday, January 06, 2009

Lotus MF revises exit load

With effect from 02 January 2009

Lotus Mutual Fund has approved changes in the exit load structure of Lotus India Banking Fund, with effect from 02 January 2009.

Entry Load:

For retail plan: Hereafter, applications routed through any distributor/agent//broker will attract the entry load. The scheme will levy 2.25% in respect of each purchase/switch-in of units less than Rs 5 crore in value and nil for each purchase/switch-in of untis equal to or greater than Rs 5 crore in value. Purchase through SIP/STP will also attract 2.25% of an entry load. Nil for the units allotted upon reinvestment of dividends. And nil for the invest he notice all the above mentioned schemes will levy an entry charge of 2.25% for fund-of-funds investors as defined by Sebi and applications not routed through any distributor/agent/broker.

No change in the Institutional plan.

Exit Load:

For Retail plan: For each purchase of /switch-in of units less than Rs 5 crore in value, an exit load of 1% is payable if redeemed/ switched out on or before 6 months from the date of allotment, 0.50% if redeemed/ switched out after 6 months but on or before 1 year from the date of allotment and nil for units are redeemed/ switched out after 1 year from the date of allotment. For each purchase / switch-in of units equal to or greater than Rs 5 crore in value, an exit load of 2% is payable if units are redeemed/ switched-out on or before 1 year from the date of allotment and 1% of an exit load for investment through SIP/STP if units are redeemed/ switched-out within 12 months from the date of allotment.

Earlier, it charges 1% if redeemed on or before the expiry of 6 months from the date of allotment, 0.60% if redeemed after 6 months and on or before the expiry of 1 year from the date of allotment and nil for the redemption after the expiry of 1 year date of allotment. For redemption, where the initial purchase is equal to or greater than Rs 5 crore, if redeemed on or before the expiry of 7 days from the date of allotment an exit load 2% will be charged and 1% of exit load for investment through SIP/STP, if redeemed within 12 months from the date of allotment.

For Institutional Plan: Hereafter, the scheme will not charge any exit load. Earlier, the scheme charges 2.00% for redemption, where the initial purchase is equal to or greater than Rs 5 crore, if redeemed on or before the expiry of 7 days from the date of allotment.
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