ICICI Pru MF has approved the following changes in the fundamental attributes of ICICI Pru Technology Fund:
1. Change in Type of Scheme The scheme will be classified as a Sectoral Fund, and the Benchmark Index will be changed to 'BSE IT' from 'BSE Tech Index'.
2. Investment Strategy The scheme will seek long term capital appreciation by investing in equity and equity related securities of technology and technology dependent companies. A large share of the AUM will be invested in the stocks under the Benchmark Index, however, the scheme may also invest in other companies which form a part of Information Technology Services Industry.
The aforesaid change is effective from January 12, 2009. The changes being fundamental to the nature of the scheme, the investors are given an chance to exit the scheme without paying any exit load anytime between December 12, 2008 to January 10, 2009 at the applicable NAV.