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The board of Indiabulls AMC has approved the change in sponsorship from Indiabulls Housing Finance to Nextbillion Technology (NBT), the promoter of investment platform Groww.
Consequently, the names of Indiabulls AMC and Indiabulls Trustee will respectively change to Groww AMC and Groww Trustee, subject to necessary approvals.
Here are the proposed changes to the names:
|
Existing Scheme name |
New Scheme Name |
Category as per SEBI circular |
|
Indiabulls Blue Chip Fund |
Groww Large Cap Fund |
Large Cap Fund |
|
Indiabulls Short Term Fund |
Groww Short Duration Fund |
Short Duration Fund |
|
Indiabulls Tax Savings Fund |
Groww ELSS Tax Saver Fund |
ELSS |
|
Indiabulls Equity Hybrid Fund |
Groww Aggressive Hybrid Fund |
Aggressive Hybrid Fund |
|
Indiabulls Arbitrage Fund |
Groww Arbitrage Fund |
Arbitrage Fund |
|
Indiabulls Dynamic Bond Fund |
Groww Dynamic Bond Fund |
Dynamic Bond |
|
Indiabulls Liquid Fund |
Groww Liquid Fund |
Liquid Fund |
|
Indiabulls Overnight Fund |
Groww Overnight Fund |
Overnight Fund |
|
Indiabulls Value Fund |
Groww Value Fund |
Value Fund |
|
Indiabulls NIFTY50 Exchange Traded Fund |
Groww NIFTY50 Exchange Traded Fund |
Index Fund/ETFs |
In a notice, the fund house said the Groww Mutual Fund will focus on small cities and towns. “NBT has a proven track record of offering digital investment platform & solutions and believes that on the acquisition of Indiabulls MF, it will leverage its ability to increase the penetration of investment in mutual fund scheme(s) across Pan India especially in Tier 2 & Tier 3 cities.”
“The schemes will continue to be governed by the statement of additional information of Indiabulls MF and their respective scheme information documents and there would be no change in any of the fundamental attributes or other terms and conditions governing the schemes as a result of the proposed transaction,” said the fund house.
The fund house has provided its existing investors with an option to exit without exit load. Investors who do not want to stay invested can exercise this option by April 11, 2023.
