With effect from 20 May 2009
Benchmark Mutual Fund has approved an additional facility, Systematic Investment Plan (STP) in Benchmark Derivative Fund and Benchmark Equity & Derivatives Opportunities Fund with effect from 20 May 2009.
Features of STP:
A unit holder may enroll for Systematic Investment Plan (STP) and choose to switch from one scheme (other than exchange traded fund) of Benchmark Mutual Funds to another scheme (other than exchange traded funds) of Benchmark Mutual Fund, which is available for investment at that time.
This facility enables unit holders to transfer fixed amount periodically from their unit holdings in the scheme to the other schemes of the fund by redeeming units at the applicable NAV, subject to the exit load, if any, from one scheme and investing the proceeds thereof in the other scheme at the applicable NAV, subject to the entry load, if any, at the prevailing terms of both schemes.
Presently, the Fund offers transfer under STP facility ion a monthly basis on 1st or 15th of each month.
The schemes offer STP facility subject to the following conditions:
1. Unit holder can transfer the amount on a monthly basis on 1st or 15th of each month.
2. Minimum amount for each transfer shall be Rs 1000 and in multiples of Re 1 thereafter.
3. Minimum balance of Rs 25000 should be maintained in a particular plan of the scheme at the time of enrolment of STP facility.
4. Minimum number of installments should be 12 installments.
5. The STP facility will not be available for exchange traded funds.
6. The transfer will commence from the date mentioned by the unit holder in the application form for the STP facility and a minimum period of 7 days shall be required for registration under STP.
7. All transaction by way of STP shall, however, be subject to entry and exit load in the relevant scheme and the terms (other than minimum application amount) of the scheme.