Mumbai: LIC Mutual Fund has decided to convert LIC Infrastructure into an open ended scheme as the closed end scheme completes 36 months. The change will be from March 24, 2011.
After conversion into an open ended scheme, the fund will charge one per cent as exit load if units are redeemed within 1 year from the date of allotment. The minimum investment amount will be Rs 2000 and Rs 100 in the case of SIP. As per the terms of the revision, investors will get the facility to purchase and redeem units at NAV based prices on every business day on an ongoing basis.
All other features including the nature, objective, asset allocation pattern and fundamental attributes of the scheme shall remain unchanged. The scheme is managed by S. Ramasamy. It is benchmarked against BSE 100.
