Indiabulls AMC Discontinues 4 Of Its Mutual Fund Schemes
NOTICE is hereby given that pursuant to compliance of SEBI Circular No. Cir/IMD/DF/15/2014 dated June 20, 2014 read with Regulation 39(2)(a) of SEBI (Mutual Funds) Regulations 1996, Indiabulls Trustee Company Limited (“Trustee” of Indiabulls Mutual Fund) has decided to wind up:
1. Indiabulls Income Fund (Medium Duration open ended debt scheme investing in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 3-4 years) (the Scheme) as the Scheme was not able to raise sufficient funds from the investors.
2. Indiabulls Banking & PSU Fund (Open ended debt scheme with minimum investment in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions – 80% of total assets) (the Scheme) as the Scheme was not able to raise sufficient funds from the investors.
3. Indiabulls Ultra Short Term Fund (Open ended debt scheme which invests in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 3 months – 6 months) (the Scheme) as the Scheme was not able to raise sufficient funds from the investors.
4. Indiabulls Savings Fund (Open ended debt scheme investing in money market instruments) (the Scheme) as the Scheme was not able to maintain minimum Asset under management (the AUM) criteria of Rs. 20 crores.
Pursuant to Regulation 41 (1) of SEBI (Mutual Funds) Regulations 1996, a meeting of the unit holders of the Scheme will be held on Monday, December 7, 2020 at 5:00 pm at 18th Floor, Tower 1, One International Centre, Prabhadevi (W), Mumbai – 400 013 to transact the following business:
“To approve by simple majority of the unit holders present and voting at the meeting, a resolution for authorizing the Trustees or any other person so authorized by the Trustee to take steps for winding up of the Scheme”.
In pursuance to Regulation 40 of the SEBI (Mutual Funds) Regulations, 1996, with effect from close of business hours of November 23, 2020 Indiabulls Asset Management Company Limited shall:
(a) cease to carry on any business activity in respect of the Scheme;
(b) cease to create or cancel units in the Scheme;
(c) cease to issue or redeem units in the Scheme.
The Trustee or the person so authorized will dispose-off the assets of the Scheme in the best interest of the unitholders. The sales proceeds after discharge of all liabilities and expenses will be paid to the unitholders in proportion to their respective interest in the assets of the Scheme. In the meanwhile, in reference to SEBI Circular no SEBI/HO/IMD/DF3/CIR/P/2020/086 dated May 20, 2020, upon unitholders approval to wind-up the scheme, AMC shall initiate the listing process, whereby the units shall be made available for trading at the recognized stock exchange in dematerialized form. Unitholders may update their demat account number through account update form to facilitate the transfer of their units held in electronic form (Statement of Account) to dematerialized form.
Accordingly, investment of unitholders whose names appear on the register of unitholders maintained by the Fund/statement of beneficial ownership maintained by the Depositories at the close of business hours on November 23, 2020, shall be entitled to attend and vote at the meeting. If none of the units holder(s) are present at the meeting, the Trustee or the person so authorized shall assume the authority to take steps for winding up of the Scheme. Individual communication is being dispatched to the unitholder (s) disclosing the circumstances leading to the winding up of the Scheme.
Intimation of any change of address/ bank details should be immediately forwarded to the Investor Services Centers of the Fund. For any queries or clarification in this regards, please email us on email@example.com.
Also, at Paytm Money, the buy and sell options for these schemes have been disabled. Besides, all active SIPs in these funds will be discontinued. Additionally, for redeeming units from the scheme, the users will need to wait for further updates from the AMC.