Description

Axis Nasdaq 100 Fund of Fund renamed to Axis US Specific Equity Passive FOF with category changes effective August 31, 2025.

Summary

Axis Asset Management Company Limited has announced changes to the Axis Nasdaq 100 Fund of Fund scheme to align with SEBI’s framework for Fund of Fund schemes with multiple underlying funds. The scheme will be renamed to “Axis US Specific Equity Passive FOF” and recategorized effective August 31, 2025.

Key Points

  • Scheme name changed from “Axis Nasdaq 100 Fund of Fund” to “Axis US Specific Equity Passive FOF”
  • Category changed from “Equity oriented FOF (Overseas)” to “Equity FOF”
  • Sub-category changed from “Country specific” to “Passive option”
  • Changes made to comply with SEBI’s framework for FOF schemes with multiple underlying funds
  • All other terms and conditions of the SID/KIM remain unchanged

Regulatory Changes

The changes are made pursuant to SEBI’s letter to AMFI dated February 06, 2025 and subsequent amendments regarding the “Framework for launching of Fund of Fund (FOF) schemes with multiple underlying Funds”. The scheme is being aligned with this new framework which introduces:

  • Clear categorization between Active and Passive FOF options
  • Active option for FOFs investing in multiple active funds
  • Passive option for FOFs investing in multiple passive funds

Compliance Requirements

  • Scheme Information Document (SID) and Key Information Memorandum (KIM) have been modified to reflect the changes
  • Investors are requested to take note of the changes
  • The addendum forms an integral part of the SID/KIM as amended from time to time

Important Dates

  • August 31, 2025: Effective date for all scheme changes
  • August 29, 2025: Date of circular announcement

Impact Assessment

This is primarily an administrative change with minimal market impact. The renaming and recategorization do not affect the underlying investment strategy or portfolio composition of the fund. Existing investors will continue to hold units in the same fund with the new name and category classification. The change helps align the scheme with SEBI’s updated regulatory framework for Fund of Fund products.

Impact Justification

Administrative change affecting scheme nomenclature and categorization with no immediate market impact