PGIM India Mutual Fund has revised the exit load of PGIM India Large Cap Fund, PGIM India Diversified Equity Fund, PGIM India Arbitrage Fund, PGIM India Midcap Opportunities Fund and PGIM India Global Equity Opportunities Fund effective from Jul 20, 2020. Accordingly, the exit load for PGIM India Large Cap Fund, PGIM India Diversified Equity Fund and PGIM India Arbitrage Fund is revised to nil. In case of PGIM India Midcap Opportunities Fund and PGIM India Global Equity Opportunities, exit load will be 1% if the units are redeemed on or before completion of 1 month from the date of allotment of units.

According to media reports, AMFI has revised the AUM transfer norms for mutual fund distributors. Among the key changes are allowing transferring of assets from national distributors to sub distributor, doing away with requirement of obtaining written consent if transfer is due to the death of distributor and suspension of ARN if it is not renewed within six months.

Post the side pocketing enabled by UTI AMC in two of its funds, namely UTI Credit Risk Fund and UTI Medium Term Fund, on Jul 07, 2020, media reports stated that the fund house have received the entire payment along with interest from Zee Learn Limited on Jul 14, 2020, regarding the exposure of the two funds in the instrument issued by the above issuer.

According to media reports, SEBI has directed AMFI to appoint an agency that can value market linked debentures (MLDs). The capital market regulator has decided that valuation of MLDs shall be carried out by an agency appointed by AMFI (also referred as AMFI appointed valuation agency). It shall be mandatory for the issuer to appoint a third-party valuation agency which shall be an AMFI appointed valuation agency.

Axis Mutual Fund has revised the face value and creation unit size for Axis Gold ETF and Axis Nifty ETF, effective from end of business day on Jul 24, 2020. Accordingly, the face value of the 2 funds has been changed to Re. 1 and Rs. 10 per unit, respectively. In case of Axis Gold ETF, each creation unit consists of 1,00,000 units of the fund (each unit of the Axis Gold ETF will be approximately equal to one 0.01 gram of Gold) and Cash Component, if any. For Axis Nifty ETF, the creation unit size is 50,000 units and in multiples thereof.

According to media reports, SEBI has prohibited RTAs, AMCs and digital platforms from promoting their apps to investors who are already managed by distributors.

According to media reports, SEBI has appointed former RBI Deputy Governor Usha Thorat as the new Chairperson of Mutual Fund Advisory Committee. She replaces Arundhati Bhattacharya. The capital market regulator has also reconstituted the committee, increasing the number of members from 18 to 20.

ICICI Prudential Mutual Fund has announced change in the fund management of multiple funds with immediate effect. Among the changes, ICICI Prudential Multicap will be managed by Mr. Sankaran Naren and Mr. Rajat Chandak.

According to data from AMFI, the mutual fund industry AUM size increased 3.83% MoM from Rs. 24.55 lakh crore to Rs. 25.49 lakh crore in June 2020. Over the year, the AUM size increased 5.11% from Rs. 24.25 lakh crore. The industry witnessed a net inflow of Rs. 7265.68 crore during the month. Equity oriented schemes (including ELSS) reported 7.72% MoM growth to Rs. 7.05 lakh crore in June.

According to media reports, UTI Mutual Fund has segregated portfolio in respect of Zee Learn Limited in UTI Credit Risk Fund and UTI Medium Term Fund effective Jul 7, 2020 subject to approval from Board of Trustees, said the company press release. This follows the downgrade of debt instruments of Zee Learn Limited to â??Bâ?? i.e. â??below investment gradeâ?? by CARE Ratings.

According to media reports, SEBI has asked individuals to either become Registered Investment Advisors (RIAs) to provide fee-based services or opt for mutual fund distribution model to charge commission. The market regulator has further explained that consumer discrimination shall not exist at individual RIA level. Regarding fees, SEBI said that it will provide separate guidelines to give details on modes of charging fees, periodicity and so on.

Motilal Oswal Mutual Fund has announced change in the fund manager of Motilal Oswal Midcap 30 Fund. Accordingly, the scheme shall be solely managed by Mr. Niket Shah. The change is effective from Jul 1.