Mutual fund houses have been lately renaming their schemes to align with the broader objective of simplifying investment choices. One such instance is the recent move by Mirae Asset Mutual Fund to rename seven of its schemes, in response to Securities Exchange Board of India (SEBI) directives, with the ultimate goal of making investments more accessible and comprehensible for investors.
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In a notice-cum-addendum, Mirae Asset Mutual Fund said they will implement changes to the names of seven of its schemes, four debt and three equity, effective from December 15, 2023.
Adhering to SEBI regulations
The move to standardise the naming convention of mutual fund schemes comes in line with the SEBI's master circular, which outlines the categorisation of schemes. The circular stipulates that the scheme name should mirror the scheme category, simplifying the identification process for investors.
Mirae Asset MF's new names
Mirae Asset Mutual Fund has announced the change in names for the following funds, effective from December 15, 2023:
| Existing scheme names | Revised scheme names |
|---|---|
| Mirae Asset Emerging Bluechip Fund | Mirae Asset Large & Midcap Fund |
| Mirae Asset Short Term Fund | Mirae Asset Short Duration Fund |
| Mirae Asset Tax Saver Fund | Mirae Asset ELSS Tax Saver Fund |
| Mirae Asset Cash Management Fund | Mirae Asset Liquid Fund |
| Mirae Asset Hybrid-Equity Fund | Mirae Asset Aggressive Hybrid Fund |
| Mirae Asset Banking and PSU Debt Fund | Mirae Asset Banking and PSU Fund |
| Mirae Asset Savings Fund | Mirae Asset Low Duration Fund |
The fund house said that all other terms and conditions of Scheme Information Document (SID) and Key Information Memorandum (KIM) of the aforementioned schemes will remain unchanged, which means there will be no difference in performance and structure of the scheme. Consequently, investors shouldn't worry.
Recently, around 11 Equity Linked Saving Scheme (ELSS) funds also altered their names, incorporating "ELSS" and "Tax Saver" to ensure consistency and easy identification for investors.
Here is a summary of the name changes for some ELSS funds:
| Old name | New name |
| HSBC ELSS Fund | HSBC ELSS Tax saver Fund |
| ICICI Prudential Long Term Equity Fund (Tax Saving) | ICICI Prudential ELSS Tax Saver Fund |
| Invesco India Tax Plan | Invesco India ELSS Tax Saver Fund |
| JM Tax Gain Fund | JM ELSS Tax Saver Fund |
| Mirae Asset Tax Saver Fund | Mirae Asset ELSS Tax Save Fund |
| DSP Tax Saver Fund | DSP ELSS Tax Saver Fund |
| HDFC Tax Saver | HDFC ELSS Tax Saver Fund |
| Motilal Oswal Long Term Equity Fund | Motilal Oswal ELSS Tax Saver Fund |
| UTI Long Term Equity Fund | UTI ELSS Tax Saver Fund |
| WhiteOak Capital Tax Saver Fund | WhiteOak Capital ELSS Tax Saver Fund |
| Kotak Tax Saver Fund | Kotak ELSS Tax Saver Fund |
An equity-linked savings scheme or ELSS is a mutual fund class that offers tax rebate under Section 80C of the Income Tax Act, 1961.
(Edited by : Amrita)
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