No Entry Load for Direct Investment in Mutual Funds

Thursday, January 10, 2008

As per SEBI Circular all direct investments in mutual funds is not subject to any entry load. I worked on couple of sites and was shocked to find that Mutual funds are not adhering to dictat and infact they have not done anything to implement the ruling. The most prominent example is SBI Mutual Fund site where they are adding default broker code SBI-12257 and the same cannot be changed by any means.

Indivdual investor on their end is waiting for this to happen but it seems long time before the implementation will happen.

The list of Mutual Fund Houses is given below

ABN AMRO
AIG Investments
Benchmark
Birla Sun Life
BOB
Canbank
DBS Cholamandalam
Deutsche
DSP Merrill Lynch
Escorts
Fidelity
Franklin Templeton
HDFC
HSBC
ICICI Prudential
ING Vysya
JM Financial
Kotak Mahindra
LIC
Lotus India
Morgan Stanley
Mutual Funds India
Principal
Quantum Asset Management
Reliance
Sahara
SBI
Standard Chartered
Sundaram BNP Paribas
Sundaram Finance
TATA
Taurus
UTI

Priya Pai said...: yes, I agree - I recently invested some amount in SBI magnum funds, with blank ARN. I filled out all my applications - and no broker was involved in whatsoever - but the SBI thugs included a default Broker number - SBI0963 and they have charged my teh entry load. This is ridiculous; April 23, 2008 at 1:48 AM