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Friday, June 17, 2016

You can redeem Rs 2 lakh In case of a Mutual Fund Investment Issues

 
In a MF scheme crisis, you can redeem Rs 2 lakh


Investors will be able to redeem up to Rs 2 lakh from a mutual fund scheme if the fund house faces systemic crisis. The market regulator has said fund houses can impose restrictions on redemptions only if there is a systemic crisis or an event that severely constricts market liquidity. The Sebi move comes after the redemption crisis faced by JP Morgan in two of its schemes involving Amtek Auto.

The regulator's latest note, that is effective immediately, stipulates that an AMC can impose restriction only in case of broad liquidity issues that affect "almost all securities rather than any issuer specific security," in the event of market failures or exchange closures or under exceptional problems.

Asset management companies can impose restrictions only for a maximum of 10 working days with prior approval from its board and trustees. If the redemption requests are above `2 lakh, then fund houses would have to redeem the first `2 lakh without any restrictions and only the remaining part would be subject to the restriction.

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