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Tuesday, September 29, 2009

JM Financial MF Announces Changes

With effect from 1 October 2009

JM Financial Mutual Fund has announced changes in all schemes of JM Financial Mutual Fund. The changes will be effective from 1 October 2009.

Facility of re-registration under Systematic Investment Plan (SIP): No entry load is to be charged for investments into the schemes. Pursuant to the above, all existing SIP investors of fund house are being provided with the facility of re-registering their existing SIP for the remaining installments, without any entry load, by making a request on a prescribed form containing the requisite under taking. However, the other existing terms and conditions (including) broker code, exit load applicability for respective installments etc. as prevailing at the time of original registration of the SIP, shall remain unchanged for the re-registered SIP

Applicability of NAV for subsequent SIPs: In case, an SIP due date falls on a non-business day, the NAV of the next business day shall be applied while processing the respective installment under SIP, even if the investor's account is dedicated on the SIP due date under any of the schemes other than Liquid schemes. For Liquid Schemes, the existing provisions will continue.

KYC requirement for SIPs: It is clarified that in case of SIPs (including Special SIPs but excluding Micro SIPs), alongwith the PAN card, the copy of the KYC acknowledgement would be required for investments of Rs 50,000 or more per installment at time of initial investment.

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