Several asset management companies (AMCs) have opened up subscription for international schemes to maximise inflows ahead of new taxation rules for debt mutual funds kicking in from April 1.
The fund houses that resumed their international schemes are — Franklin Templeton Mutual Fund, Mirae Asset Mutual Fund and Edelweiss Mutual Fund.
Edelweiss Mutual has opened its all seven international funds for subscription from this Monday. It has started accepting switch-in or lumpsum transactions in these schemes.
“We had some limits, so we thought of letting investors take benefit of taxation by investing before March 31,” Niranjan Awasthi, Head - Product, Marketing and Digital Business at Edelweiss AMC told PTI.
Mirae Asset has opened subscription in a lump sum manner for three international ETFs and three Fund of Fund (FoF) based on these ETFs from March 27 onwards.
The existing Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP) will reopen from March 29 onwards. However, fresh SIP and STP will not be allowed.
“Since we have limited room available to take fresh inflows, these funds are likely to get closed again in future for subscription, in order to comply with the current regulatory limit and applicable guidelines for the overseas funds,” Siddharth Srivastava, Head - ETF Product & Fund Manager at Mirae Asset Investment Managers (India) Pvt Ltd said.