DSP BlackRock to Move Instant Access from Money Manager Fund to Liquid Fund

Manager Fund to liquid fund

After the Securities and Exchange Board of India allowed mutual funds to offer instant redemption facility in liquid funds, two AMCs that offer instant redemption facility in their ultra short term funds are making changes to meet the new norms. DSP BlackRock Mutual Fund has decided to stop instant redemption facility in its DSP BackRock Money Manager Fund.

“DSP BlackRock will move the instant access facility from Money Manger fund to liquid fund once the guidelines are issued, thereby continuing to provide instant access to funds to our investors,” said Ramamoorthy Rajagopal, Chief Operating Officer, DSP BlackRock Investment Managers.

Reliance Mutual Fund is changing the underlying of the fund (Realince Money Manager Fund) to liquid. The Reliance Money Manger Fund, which allowed investors to redeem Rs 2 lakh per day, will now cut that limit to Rs 50,000 per day. “We will be changing the underlying of the fund to liquid and lower the redemption limit from Rs 2 lakh to Rs 50,000 per day,” said Sundeep Sikka, Executive Director and Chief Executive Officer of Reliance AMC, in an exclusive interview to ET Mutual Funds.

SEBI yesterday announced that mutual funds will be allowed to provide instant online access facility to resident individual investors in liquid schemes. However, the market regulator said the maximum an investor can withdraw will be capped at Rs 50,000 or 90 per cent of folio value, whichever is lower.

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DSP BlackRock to move instant access from Money Manager Fund to liquid fund -ET

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