Sebi for uniform exit load from Aug 24

The Securities and Exchange Board of India (Sebi) has asked asset management companies to comply with the guidelines on...

The Securities and Exchange Board of India (Sebi) has asked asset management companies to comply with the guidelines on charging uniform exit load from mutual fund holders with effect from August 24.

Mutual funds can charge the exit load within the stipulated limit of seven per cent and without any discrimination to any specific group of unit holders,Sebi said. Mutual fund companies have to disclose the charge that they levy on their customers at the time of exit. In order to have parity among all classes of unitholders,it has now been decided that no distinction among unit holders should be made based on the amount of subscription while charging exit loads, Sebi had earlier said in a statement.

The regulator today said that all mutual funds shall ensure compliance with the aforesaid circular on or before August 24,2009. The parity among all classes of unit holders in terms of charging exit load should be made applicable at the portfolio level only,Sebi said. It added that any imposition or enhancement in the load should be done on prospective investments only and that should be followed by mutual fund houses. Earlier,the regulator had said that mutual funds are making distinction between the unitholders by charging differential exit loads based on the amount of subscription.

An exit load is the commission that an investor has to pay at the time of selling off the mutual funds. Investors have to pay this amount while exiting the mutual fund scheme.

Amid India’s push to extradite Vijay Mallya and Nirav Modi, British officials visit Tihar jail to inspect conditions

British officials inspect Tihar jail as India pushes to extradite Mallya, Nirav Modi

Cities13 hr ago

A team from the British CPS visited Tihar jail to inspect inmate conditions and security, amidst India's efforts to extradite fugitives Vijay Mallya, Nirav Modi, and Sanjay Bhandari from the UK. They discussed setting up a specialized enclosure for high-profile prisoners and addressed concerns about violence within the jail. As of 2024, India has made 178 extradition requests to various countries.

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