LIC AMC introduces Auto Switch Facility during NFO period
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LICMutual Fund Asset Management (AMC) has announced Modification to Statement of Additional Information (SAI) of LIC Mutual Fund.
LIC Mutual Fund Asset Management has informed that LIC Mutual Fund Asset Management (AMC), Investment Manager to LIC Mutual Fund, has decided to introduce Auto Switch Facility during the New Fund Offers (NFO) by the AMC with immediate effect. Accordingly, the following terms and conditions of the Facility stands incorporated in the SAI of LIC Mutual Fund: “This facility shall be available for existing and new Investors of LIC Mutual Fund wherein the investors can invest in LIC MF Overnight Fund (‘Source Scheme’) during the NFO period of a newly launched Scheme and schedule a switch out of such invested units of the Source Scheme to the newly launched Scheme on the last date of the NFO period.
• Investments shall be allowed only under Growth Option of both Regular and Direct Plan offered by the Schemes (the Source Scheme and Newly launched Scheme).
• The purchase/switch in application should meet the minimum application amount requirement under each Scheme.
• In case the investor has existing investments in the Source Scheme and makes additional purchases through the said facility, the switch will be affected on first in first out (FIFO) basis to the extent of the additional units purchased through this facility.
• Switch out will be subject to applicable taxes and exit Load, if any in the Source Scheme;
• This facility is applicable for units held in non-demat mode.
• Investment in specified source Scheme under this facility shall be accepted till applicable cut-off time of last day of NFO period.
• For complete details in this regard, please refer to the ‘Auto Switch Facility Form’ available on the AMC’s website.
The AMC reserves the right to discontinue or modify the above terms and conditions/ facility at any time. However, the change will be effective only on a prospective basis.”
This Notice cum Addendum forms an integral part of SAI of LIC Mutual Fund. All other terms and conditions of SAI remain unchanged.
