Fortis Quarterly Interval Plan L of Fortis MF failed to adhere to the requirements specified under the SEBI Circular No. 10/22701/03, dated December 12, 2003, and has accordingly been wound-up with effect from November 25, 2008.
The SEBI regulations require all funds to have a minimum of 20 investors and that no single investor should account for more than 25% of the corpus of a scheme/plan(s). The aforesaid scheme, at the end of the last specified transaction period, was not able to meet one or more of these requirements, and has accordingly been wound-up (w.e.f. January 23, 2009) in line with the provisions of the SEBI Regulations.