Reliance, ICICI Prudential discontinue 190 schemes to comply with Sebi rules

Five mutual funds, including leading players including Reliance and ICICI Prudential MF, today listed out a total of 190 schemes that would be discontinued for fresh SIP investments to comply with Sebi guidelines.

The move follows new Sebi regulations, which require fund houses to launch only one plan per scheme with effect from this month. Consequently, Reliance MF, ICICI Pru, HSBC, Morgan Stanley and IDFC Mutual Funds today communicated the required changes in their schemes to the BSE, where many of their schemes are listed for trading.

Screengrab from IBN

Together, a total of 190 schemes of these five fund houses would be discontinued for subscription or registration in existing SIPs. SIP (Systematic Investment Plan) offers the mutual fund investors an option to invest as low as Rs 100 per month and have gained popularity in the market in recent past.

However, many fund houses have launched multiple SIP plans under one scheme, prompting market regulator Sebi to ask the fund houses to move to 'single plan per scheme' model in a move to make the investment process simpler for investors.

The five fund houses have also communicated to the BSE a list of 22 schemes where the Minimum Purchase Amount and Additional Purchase Amount have been lowered as per Sebi guidelines.

All the proposed changes would be effective immediately and are part of wide-ranging reforms notified by Sebi recently.


Updated Date: Dec 20, 2014 20:07 PM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See