SBI Mutual Fund changes some Schemes | Reclassification of SBI Mutual Fund Schemes
SBI Funds Management Private
Limited, the AMC (Asset Management Company) has re-classified and categorized its
various mutual fund schemes to comply with SEBI's new categorization of mutual
funds.
SEBI (Securities and Exchange Board of India)
has issued a circular in
October last year to re-classify and categorize different open-ended
schemes managed by AMCs in order to ensure that different schemes launched by a
mutual fund are clearly distinct in terms of asset allocation, investment
strategy etc.
SBI Mutual Fund changes some Schemes | Reclassification of SBI Mutual Fund Schemes
On the basis of the SEBI’s
circular, SBI Mutual Fund has made certain changes in the features of some of the
schemes, resulting in changes in fundamental attributes of certain schemes of
SBI Mutual Fund. In this post, let us take a look at SBI Mutual Fund schemes
that have seen changes in their fundamental attributes. (Read about Typesof Mutual Funds | Latest Categorization of Mutual Funds by SEBI).
Revised SBI Mutual Fund Schemes
SBI Mutual Fund has made certain
changes in the features of the following SBI Mutual Fund schemes, resulting in
changes in their fundamental attributes.
Existing SBI Mutual Fund Schemes & Revised SBI Mutual Fund Schemes
1. SBI Magnum Equity Fund will
be
SBI Magnum Equity ESG Fund.
Category: Thematic Fund
Type of Scheme: An open-ended
equity scheme investing in companies following the ESG theme.
2. SBI Magnum Multiplier Fund
will be
SBI Large & Midcap Fund.
Category: Large & Midcap
Fund
Type of Scheme: An open-ended
equity scheme investing in both large and mid-cap stocks.
3. SBI Emerging Businesses
Fund will be SBI Focused Equity Fund. Category:
Focused Fund
Type of Scheme: An open-ended
equity scheme investing in maximum 30 stocks across multicap space.
4. SBI Small & Midcap Fund
will be SBI Small Cap Fund.
Category: Small Cap Fund
Type of Scheme: An open-ended
equity scheme predominantly
investing
in small-cap stocks.
5. SBI FMCG Fund will be SBI
Consumption Opportunities Fund.
Category: Thematic Fund
Type of Scheme: An open-ended
equity scheme following consumption theme.
6. SBI IT Fund will be SBI Technology Opportunities Fund.
Category: Sector Fund
Type of Scheme: An open-ended
equity scheme investing in technology and
technology-related sectors.
7. SBI Pharma Fund will be SBI
Healthcare Opportunities Fund.
Category: Sector Fund
Type of Scheme: An open-ended
equity scheme investing in the healthcare sector.
8. SBI Magnum Balanced Fund
will be SBI Equity Hybrid Fund.
Category: Aggressive Hybrid Fund
Type of Scheme: An open-ended
hybrid scheme investing predominantly in equity and
equity
related instruments.
9. SBI Magnum InstaCash Fund - Liquid Floater Plan will be
SBI Overnight Fund.
Category: Overnight Fund
Type of Scheme: An open-ended
debt scheme investing in
debt scheme investing
in overnight securities.
10. SBI Premier Liquid Fund
will be SBI Liquid Fund.
Category: Liquid Fund
Category: Liquid Fund
Type of Scheme: An open-ended
liquid scheme.
11. SBI Magnum InstaCash Fund will be SBI Magnum Ultra Short Duration Fund.
Category: Ultra Short
Duration Fund
Type of Scheme: An open-ended ultra-short
term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between three months to six months.
12. SBI Ultra Short Term Debt
Fund will be SBI Magnum Low Duration Fund.
Category: Low Duration Fund
Category: Low Duration Fund
Type of Scheme: An open-ended low
duration debt scheme investing in debt instruments such that the Macaulay Duration of the portfolio is between six months to twelve
months.
13. SBI Regular Savings Fund
will be SBI Magnum Medium Duration Fund. Category: Medium Duration Fund
Type of Scheme: An open-ended medium-term
debt scheme investing in
instruments such that the Macaulay Duration of the portfolio is between three
years and four years.
14. SBI Corporate Bond Fund
will be SBI Credit Risk Fund.
Category: Credit Risk Fund
Type of Scheme: An open-ended debt
scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated
corporate bonds).
15. SBI Treasury Advantage Fund
will be SBI Banking and PSU Debt Fund. Category: Banking and PSU
Debt Fund
Type of Scheme: An open-ended debt
scheme predominantly investing in debt instruments of banks, Public Sector Undertakings, Public Financial
Institutions and Municipal bodies.
16. SBI Magnum Gilt Fund - Long Term Plan will be SBI Magnum Gilt Fund. Category: Gilt Fund
Type of Scheme: An open-ended debt
scheme investing in government securities
across maturity.
17. SBI Magnum Gilt Fund -
Short Term Plan will be SBI Magnum Constant Maturity Fund.
Category: Gilt Fund with 10
years constant duration
Type of Scheme: An open-ended debt
scheme investing in government securities having
a constant maturity of
around 10 years.
18. SBI Magnum Monthly Income
Plan will be SBI Debt Hybrid Fund.
Category: Conservative
Hybrid Fund
Type of Scheme: An open-ended hybrid
scheme investing predominantly
in debt instruments.
19. SBI Magnum Monthly Income
Plan Floater will be SBI Multi Asset Allocation Fund.
Category: Multi Asset Allocation Fund
Category: Multi Asset Allocation Fund
Type of Scheme: An open-ended scheme
investing in equity, debt, gold, and gold related instruments.
20. SBI Magnum Children's
Benefit Plan will be SBI Magnum Children's, Benefit Fund.
Category: Solution Oriented
Scheme – Children Fund
Type of Scheme: An open-ended fund
for investment
for children having a lock-in for at least five
years or till the child attains the age of majority (whichever is earlier).
Exit option for SBI Mutual Fund Investors
SBI Mutual Fund is also
giving exit options to its existing mutual fund investors who are not in
agreement with changes to redeem/switch their units at applicable NAV without
any exit load. The option to exit without any exit load is valid from April
16, 2018, to May 15, 2018. Any redemption/switch request received after May
15, 2018, will be subject to the prevailing load structure as applicable and
will not qualify for the waiver of the exit load as mentioned above.
Notable Points
1. Existing SIP / STP / SWP
/ DTP etc. in the schemes will be processed on their respective due dates subsequent
to changes, where investors have not submitted a request for cancellation of
SIP / STP / SWP / DTP.
2. Update your bank account
details, if there is any change in the bank account, before submitting the
redemption request.
3. No action is required for
the investors who are in agreement with the change. This offer to exit or
switch is not compulsory.
4. Redemption / Switch-out
by the investors due to change or any other reasons may entail tax
consequences.
For more information, please visit www.sbimf.com or call at toll-free number 1800 425 5425 or visit your nearest Official Point of Acceptance of SBI Mutual Fund.
Also read: InvesTap | SBI Mutual Funds Investment App
Also read: Benefits of SIP | Advantages of SIP
Also read: Loan against SBI Mutual Funds
Also read: 7 Things to know before investing in ELSS
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SBI Mutual Fund changes some
Schemes | Reclassification of SBI Mutual Fund Schemes
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