Birla Mutual Fund has announced changes in the terms of Birla Index Fund. These changes would be effective from December 9, 2002.
The cut-off time for all transactions in Birla Index Fund has been changed from 3.30 p.m. to 1:00 pm. Also, the facility of lateral shift from Birla Index Fund to other schemes of Birla Mutual Fund is being discontinued. Moreover, the investors would now receive the redemption cheques within five business days instead of two days.
According to the fund, it is introducing these changes to reduce tracking errors and to enhance performance.