HDFC Mutual Fund has announced conversion of HDFC Long Term Equity Fund, a 5 year close-ended equity scheme into an open-ended equity scheme with effect from February 10, 2011.
Investors who wish to continue can do so without doing anything. However, investors who want to exit from the scheme can redeem their units or they can switch to other eligible schemes of HDFC Mutual Fund from January 10, 2011 to February 9, 2011 without paying any exit load.
New investment in the scheme will be subject to an exit load of 1 per cent if redeemed within 1 year from the date of allotment.
There will be no changes to the fundamental attributes of the scheme.
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