Pursuant to acquisition of Pioneer ITI Mutual Fund, Templeton Mutual Fund now has a variety of funds, some of which may be similar in nature, type, investment objective, category etc. To reduce the overlap and make the offerings more meaningful and easy to understand for investors, they plan to merge some of their schemes.
It has been announced that Franklin India Vista and FT India Index Nifty Fund would be merged into Franklin India Prima Plus and Franklin India Index Fund respectively. All the unit holders of Vista and FT India Index Fund will automatically become investors of Prima Plus and Franklin India Index Fund respectively, at the prevailing NAVs as on March 26, 2004. Further, the portfolio of the respective schemes will be merged. The sales of the units of Franklin India Vista Fund and FT India Index fund will stand suspended with effect from February 25, 2004.
Prior to this merger of FT India Index Nifty with Franklin India Index, the AMC would introduce BSE Sensex Plan under Franklin India Index Fund. The BSE Sensex Plan will have two options: Dividend and Growth. The existing plan in Franklin India Index Fund will be termed as Franklin India Index-NSE Nifty Plan-Dividend Option. A Growth option would also be introduced under the existing Franklin India Index Fund, which would be termed as Franklin India Index-NSE Nifty Plan-Growth Option. All these changes would come into effect on March 26, 2004.