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Monday, March 02, 2009

Fortis MF winds up Fortis Flexible Short Term Plan-Series B

With effect from 27 February 2009

Fortis Mutual Fund has wound up Fortis Flexible Short Term Plan-Series B with effect from 27 February 2009.

The scheme has been ceased because it was not able to fulfill the provision of the minimum 20 investors in schemes, as stated in Regulation 39 (2)(c) of Securities and Exchange Board of India Regulations, 1996.

A Sebi circular dated 12 December 2003, stated that each scheme and individual plan(s) under the schemes should have a minimum of 20 investors and no single investor should account for more than 25% of the corpus of such scheme/plan(s). In the case of non-fulfillment with above conditions, accordingly schemes /plans shall be wound up by following the guidelines laid down by Sebi.

The fund house ceased to carry any business activities in respect of the scheme. It has also ceased to issue units in the plan and has also ceased to create or cancel units in the plan.

Fortis Flexible Short Term Plan-Series B was launched in May 2007 with an investment objective to seek to generate steady returns through investments made in a basket of fixed income securities, with a provision to offer liquidity at periodic interval.

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