Indiabulls Mutual Fund has wound up 4 open ended debt schemes - Indiabulls Ultra Short Term Fund, Indiabulls Savings Fund, Indiabulls Banking and PSU Fund and Indiabulls Income Fund.
These schemes have been discontinued due to insufficient funds. According to SEBI rules, fund houses have to maintain a minimum of Rs. 20 crore AUM in debt funds on half yearly rolling basis in all open ended debt oriented schemes.
With this, the fund house has discontinued these schemes for any further subscription and redemption with effect from November 23, 2020.
Further, the fund house has asked all investors to cast their vote at the meeting scheduled to be held on December 07, 2020. It needs a simple majority of the unit holders to wind up schemes.
The trustees or authorised person can take steps for winding up of the scheme in absence of unit holders.
“The Trustee or the person so authorized will dispose-off the assets of the scheme in the best interest of the unitholders. The sales proceeds after discharge of all liabilities and expenses will be paid to the unitholders in proportion to their respective interest in the assets of the scheme.”
