Description
Mirae Asset Mutual Fund announces name changes for two fund of fund schemes effective May 6, 2025 to streamline schemes under FOF category.
Summary
Mirae Asset Mutual Fund has announced name changes for two Fund of Fund (FOF) schemes effective May 6, 2025. The changes are made to streamline schemes filed under FOF category with multiple underlying funds, following SEBI directive dated February 6, 2025.
Key Points
- Two Mirae Asset FOF schemes have been renamed effective May 6, 2025
- Changes approved by both AMC Board and Trustee Company Board
- Modification follows SEBI letter dated February 6, 2025 for FOF category streamlining
- All other terms and conditions of the schemes remain unchanged
Scheme Name Changes
Previous Names:
- Mirae Asset Equity Allocator Fund of Fund
- Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund
New Names:
- Mirae Asset Diversified Equity Allocator Passive FOF
- Mirae Asset Global Electric & Autonomous Vehicles Equity Passive FOF
Regulatory Changes
The name changes are part of SEBI’s initiative to streamline Fund of Fund schemes with multiple underlying funds, as communicated in their letter dated February 6, 2025.
Compliance Requirements
- Notice cum addendum forms integral part of Scheme Information Documents (SIDs) and Key Information Memorandums (KIMs)
- Updated documentation reflects new scheme names
- Investment terms and conditions remain unchanged
Important Dates
- Effective Date: May 6, 2025
- Notice Date: April 29, 2025
- SEBI Directive Date: February 6, 2025
Impact Assessment
Minimal impact on investors as this is purely an administrative name change. Investment objectives, strategies, and all other terms and conditions of the schemes remain unchanged. Existing investors are not required to take any action.
Impact Justification
Administrative name change for mutual fund schemes with no operational impact on investors