Reliance Mutual Fund is merging Reliance Focussed Large Cap Fund and Reliance Mid and Small Cap Fund to form Reliance Focused Equity Fund, an open-ended multicap equity scheme that will invest in maximum 30 stocks, a document from the fund house said. Reliance Focussed Large Cap Fund manages assets worth Rs 1,345 crore, and Reliance Mid and Small Cap Fund manages around Rs 3,320 crore.
The move is in line with Sebi's directive on recategorisation of equity mutual fund schemes. Under the new norms, Sebi has asked fund houses to categorise their existing and new schemes under the 10 new equity categories, 16 debt and six hybrid fund categories. Many fund houses are in process of merging their schemes to comply by the new directive by Sebi. Several fund houses already changed the basic attributes of their existing schemes to comply by the new norms.
