Mumbai: Religare Mutual Fund has decided to convert Religare Mid N Small Cap Fund into an open ended scheme as the close ended scheme completes three years. The change will be from March 17, 2011.
After conversion into an open ended scheme, the fund will charge one per cent as exit load if units are redeemed within one year from the date of allotment. Investors will get the facility to purchase, redeem, switch in and switch out of units at daily NAV based prices on an ongoing basis. Investors will also get the facility to purchase through Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP).
Investors, who do not agree with the revision, have an option to redeem or switch their units between February 15, 2011 and March 16, 2011, without paying any exit load. The scheme is managed by Vinay Paharia. It is benchmarked against CNX Midcap.
