Mirae Asset MF has set fresh restriction on SIP inflows in its flagship product, Mirae Asset Emerging Bluechip Fund, an open ended equity fund investing in large and mid-cap companies. Now, the limit on fresh SIP registration has been reduced from Rs.25000 per month to Rs.2500 per month.
While the fund house suspended fresh lumpsum subscription in this scheme on October 25, 2016, the company has restricted SIP inflows with effect from November 6, 2020.
Further, fresh SIP in this large and mid-cap fund will not be available through quarterly mode.
In addition, STP facility will not be available under any frequency in the scheme and is temporarily suspended. Fresh registration through other systematic routes i.e. Mirae Asset Variable Transfer Plan (VTP) and Mirae Asset Trigger Investment Plan (TRIP) have been suspended as well. All existing SIPs, SWPs and STPs remain intact.
Mirae Asset Emerging Bluechip Fund completed 10 years in July this year. And in the last 6 years, AUM of this scheme has grown by nearly 24 times to Rs 11,900 crore as on October 31 this year.
Swarup Mohanty, CEO, Mirae Asset MF said in a note that the decision was taken considering the significant inflows in this scheme. He added that the decision will allow the scheme to consolidate inflows in a further graded manner and give the best investment experience to investors.
