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Business News/ Mutual Funds / News/  Mirae Asset Emerging Bluechip Fund reduces SIP amount for new registrations
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Mirae Asset Emerging Bluechip Fund reduces SIP amount for new registrations

The changes will be effective from November 6, after the NAV cut off time of 3.p.m.

Currently, the scheme allows fresh registration through SIP for a maximum up to ₹25,000 through monthly or quarterly mode.Premium
Currently, the scheme allows fresh registration through SIP for a maximum up to 25,000 through monthly or quarterly mode.

Mirae Asset Emerging Bluechip Fund has decided to bring down the limit for fresh registration through Systematic Investment Plan (SIP) in the scheme to 2,500 per month. Currently, the scheme allows fresh registration through SIP for a maximum up to 25,000 through monthly or quarterly mode cumulatively aggregated across all available five SIP dates i.e. 1st, 10th, 15th, 21st or 28th of each month. As per the changed rules, Mirae Asset has temporarily suspended SIP through quarterly mode. Also, the limit of 2,500 per month shall be 'cumulatively aggregated across all available SIP Dates each month.'

The above mentioned changes will be effective from November 6, after the NAV cut off time of 3.p.m.

STP or systematic transfer plan in the scheme also remains suspended temporarily.

Mirae Asset Emerging Bluechip Fund is a large & midcap fund which has to invest minimum 35% of total assets each in equity & equity related instruments of large cap companies mid cap stocks.

Existing registrations through all or any of the systematic route will continue as per the terms applicable at the time of registration.

"Last month we crossed an AUM of 50,000 crore, which was an important milestone for us. We believe Mirae Asset Emerging Bluechip Fund is a scalable product and a gradual inflow may benefit our investors. We would like to give the best investment experience to our investors. Considering the significant monthly inflows which we were getting in the scheme and in order to consolidate inflows in a further graded manner, we have decided to limit the fresh registration in the scheme through SIP," reads an e-mail communication sent to the investors.

Mirae Asset Emerging Bluechip Fund has doubled investors' money in the last five years, when invested in lumpsum. It is the best performing scheme in the large & midcap category, whic has delivered 12.84% annualised SIP returns in the last five years and 11% in the last three years. The scheme was launched in July 2010. The scheme has stayed in the top quartile in three out of last six calendar years.

The scheme is managed by Neelesh Surana and Ankit Jain. Neelesh Surana has been managing the scheme since May 2010.

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Updated: 05 Nov 2020, 11:50 AM IST
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