Mumbai: HDFC Mutual Fund has decided to convert HDFC Long Term Equity Fund into an open ended scheme as the close ended scheme completes 5 years.The change will be effective from February 10, 2010.
Investors will get the facility to purchase, redeem, switch in and switch out of units at NAV based prices on every business day on an ongoing basis and also through the electronic trading platforms of BSE (BSE StAR MF) and NSE (MFSS). After the conversion to open ended scheme, the fund will charge 1 per cent exit load if units are redeemed within 1 year from the date of allotment.
Investors who do not wish to continue can redeem or switch their units from January 10, 2011 to February 9, 2011 without paying any exit load. The scheme is benchmarked against S&P Nifty and will be managed by Srinivas Rao Ravuri.
