DSPML Mutual Fund has announced changes in DSPML Liquidity Fund, with effect from October 1, 2001. The fund has introduced an exit load of 0.25%, if the redemption is made within 4 days of the date of investment. The exit load would be applicable only in case of subscription by way of switch-in from other schemes of the Fund. No exit load would be charged in case of fresh subscriptions and switch-outs to other schemes of the Fund.
Investors can also avail of Direct Deposit Application Facility for purchases and redemptions under this scheme. This would be initially available in Mumbai only. The NAV of the scheme would now be calculated for all business days and non-business days excluding Saturdays. For purchases, an application for a high value amount or subscription through Direct Deposit Application Facility, received before 10.15 a.m. would be priced at the immediate preceding day's NAV. Applications for non-high value amount received before 10.15 a.m. and application for any amount received after 10.15 a.m. but before 3.30 p.m. would be priced at that day's NAV. For purchases made on a business day which is followed by a non-business day or a non-working day for a bank, the applicable NAV is the NAV at the close of the day immediately preceding the day which is both a business day and a working day for the banks. For redemptions, the applications received before 12.00 noon and on a day which is followed by a Business day and a working day for the banks, that day's NAV wil be applicable. For redemption requests received on a day which is followed by a non-business day or a non-working day for banks, the applicable NAV is the NAV at the close of the day immediately preceding a day which is both a Business day as well as a working day for banks.