Motilal Oswal Multicap 35 Fund renamed as Motilal Oswal Flexi Cap Fund1 min read . Updated: 03 Jan 2021, 02:28 PM IST
The change will become effective from February 6.
Motilal Oswal Mutual fund has renamed its flagship scheme Motilal Oswal Multicap 35 Fund as Motilal Oswal Flexi Cap Fund. The scheme has been reclassified from a multi cap fund to a flexi cap fund. The above mentioned change in the fundamental attribute of the scheme will become effective from February 6.
SEBI vide its circular dated November 6, 2020 introduced a new category of equity oriented schemes, 'Flexi Cap' under the SEBI scheme categorization framework in order to give more flexibility to the mutual funds and taking into account the recommendations of Mutual Fund Advisory Committee.
A flexi cap equity mutual fund is required to invest at least 65% of the corpus in equities or equity related instruments with no restrictions on investing in large-, mid- or small-cap company stocks.
Motilal Oswal AMC is providing investors an option to switch-out or redeem the units held in the Scheme at the prevailing net asset value (NAV) within a period of 30 days without any exit load for those investors do not approve of the proposed changes.
At present, Motialal Oswal Multicap 35 Fund manages assets worth ₹11,791 crore. It was launched in April 2014. The scheme has given over 12% in the last one year, 4.5% in the last three years and 12% in the five-year term. It is the fifth largest fund in the multi cap category of equity mutual funds. The scheme has be managed by Akash Singhania since April 2019.