Description
Axis Mutual Fund announces scheme name change and realignment with SEBI's FOF framework effective August 31, 2025.
Summary
Axis Asset Management Company Limited announces changes to the Axis Nasdaq 100 Fund of Fund scheme to align with SEBI’s Framework for launching Fund of Fund (FOF) schemes with multiple underlying funds. The scheme will be renamed to “Axis US Specific Equity Passive FOF” and reclassified under the new FOF framework effective August 31, 2025.
Key Points
- Scheme name changes from “Axis Nasdaq 100 Fund of Fund” to “Axis US Specific Equity Passive FOF”
- Category changes from “Equity oriented FOF (Overseas)” to “Equity FOF”
- Sub-category changes from “Country specific” to “Passive option”
- Changes align with SEBI’s February 06, 2025 framework for FOF schemes
- All other terms and conditions of the scheme remain unchanged
Regulatory Changes
The scheme is being realigned with SEBI’s Framework for launching Fund of Fund (FOF) schemes with multiple underlying funds, which introduces new categorization and nomenclature requirements for FOF schemes.
Compliance Requirements
- Scheme Information Document (SID) and Key Information Memorandum (KIM) will be modified to reflect the changes
- Investors are advised to take note of the scheme name and category changes
- No action required from existing investors as investment strategy remains unchanged
Important Dates
- Effective Date: August 31, 2025
- Notice Date: August 29, 2025
- Circular Number: 58/2025-26
Impact Assessment
The changes are primarily administrative and regulatory compliance-related. While the scheme name and categorization change, the underlying investment strategy and terms remain the same. Existing investors will continue to hold units in the same fund with identical investment objectives, but under the new name and classification framework.
Impact Justification
Scheme name change affects existing investors but no change in investment strategy or terms