Widely read:
Unable to meet the SEBI December 31 deadline on big investors' concentration, HDFC Mutual Fund, Franklin Templeton Mutual Fund, Kotak Mutual Fund, Reliance Mutual Fund, Standard Chartered Mutual Fund and HSBC Mutual Fund have decided to wind up plans not fulfilling the SEBI guidelines.
It may be mentioned here that on December 13, 2003, the regulator had asked all the mutual funds to ensure that they had at least 20 investors in each scheme. Also, the AMCs had been directed to ensure that none of the investors had more than 25 per cent share of assets of the schemes. However, as on September 30, 2004, 91 funds were still to comply with the SEBI regulation.
The HDFC plans that would be closed include HDFC Short Term Plan (Premium Plan), HDFC Short Term Plan (Premium Plus Plan), HDFC Income Fund (Premium Plan), HDFC Income Fund (Premium Plus Plan) and the investment plan of HDFC Cash Management Fund (dividend option).
Franklin Templeton Mutual Fund too has decided to close the institutional plan of Templeton India Income Builder Account and Franklin India Maxima Fund. HSBC Mutual Fund has announced winding up of investment plan of HSBC Institutional Income Fund.
The SEBI direction has also forced Kotak Mutual Fund to announce winding up of six schemes including Kotak Gilt Serial Plan 2005, Kotak Gilt Serial Plan 2007, Kotak Gilt Serial Plan 2011, Kotak Gilt Serial Plan 2013, Kotak Gilt Serial Plan 2019 and Kotak Mahindra Dynamic Income Scheme.
Five Standard Chartered Mutual Fund schemes would be closed from December 31, 2004. The scheme include Grindlays Super Saver Income Fund-Investment Plan-Plan B, Grindlays Super Saver Income Fund-Medium Term Plan-Plan B& Plan C, Grindlays Dynamic Bond Fund-Plan C& Plan D, Grindlays Government Securities Fund-Investment Plan-Plan B and Grindlays Super Saver Income Fund-Short Term Plan-Plan C.
Also, the following schemes of Reliance Mutual Fund would cease to exist from December 31, 2004: Retail-Bonus Plan, Institutional-Bonus Plan, and Institutional-Dividend Plan under the Reliance Short Term Fund, Institutional-Bonus Plan, and Institutional-Dividend Plan under the Reliance Income Fund, Institutional Plan under the Reliance Medium Term Fund, Retain-Dividend and Bonus Plan and Institutional Plan under Short Term Gilt Plan of Reliance Gilt Securities Fund, Institutional Plan and Retail-Bonus Plan under Long Term Gilt Plan of Reliance Gilt Securities Scheme, Retail-Bonus Plan, Institutional Bonus Plan under Treasury Plan of Reliance Liquid Fund, Super Cash Plan of Reliance Liquid Fund and Bonus Plan under Cash Plan of Reliance Liquid Fund, Bonus Plan under Reliance Floating Rate Fund and Bonus Plan under Reliance NRI Income Fund.
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