Birla Sun Life Asset Management Co. Ltd changed the names and structure of three of its monthly income plans (MIPs) on 23 May. Birla Sun Life MIP (BMIP) has become Birla Sun Life Long Term Accrual Fund (BLAF), Birla Sun Life Monthly Income (BMI) has changed to Birla Sun Life Low Duration Fund (BLDF) and Birla Sun Life MIP II - Savings 5 Plan (BMI5) has become Birla Sun Life Credit Opportunities Fund (BCOF).
While the three schemes were earlier hybrid schemes—they invested in both equity and debt instruments—the new avatars will be pure debt schemes. Under Sebi’s 1996 rules, a fund house must give an exit option to existing investors if a fundamental attribute (a key feature of a these three schemes.
