A family friend who resides overseas owns 1,000 units of SBI Magnum Tax Profit Scheme-1994. What is the present value of this fund? How can these units be redeemed?
— Nandakumar Menon
SBI Magnum Tax Profit scheme-1994 was a 10-year closed-ended tax saving scheme which was redeemed on March 31, 2004, for Rs 14.95. It has been more than eight years since the closure of the scheme. As per Sebi guidelines, unclaimed redemptions and dividends amounts may be deployed by mutual funds in call money or money market instruments as may be permitted by RBI from time to time. Investors claiming these amounts within three years from the due date shall be paid at the prevailing NAV. At the end of three years, the amount can be transferred to a pool account and investors can claim the amount at the NAV prevailing at the end of the third year. You should contact SBI Mutual Fund to claim your units.
This article was originally published on February 27, 2013.
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