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IL&FS Mutual Revises Cut-off Time & Exit Load


IL&FS Mutual Fund has revised the cut off time for redemption in the Short Term Plan of its Bond Fund. With respect to the applications received on or before 12.00 noon on any business day (except for a business day immediately preceding a holiday), NAV of that business day shall be applicable. But for applications received between 12.00 to 3.30 P.M. on any business day, the NAV of the next business day will be applicable. The earlier cut-off time was 3.30 P.M.

Also, the exit load in the above scheme has been reduced from 0.50% to 0.25% for all redemptions made within 15 days of allotment.

All switch in requests into the IL&FS Liquid Account shall be subject to a 3-day holding period during which no redemption or switch-out request shall be entertained.

Further, switch applications received for the IL&FS Index Fund between 9.30 A.M. and 1.00 P.M. on any business day, the NAV at the close of that business day shall be applicable. And for the switch applications received between 1.00 P.M. to 3.30 P.M. , the NAV at the close of the next business day shall be applicable.

All the above changes will be applicable with effect from June 14, 2002.