Description
Nippon India Annual Interval Fund - Series I (Merging Scheme) will merge into Nippon India Low Duration Fund (Surviving Scheme) effective April 22, 2026, with SEBI no-objection already received.
Summary
Nippon India Annual Interval Fund - Series I (‘Merging Scheme’) will be merged into Nippon India Low Duration Fund (‘Surviving Scheme’) on the NSE MF Invest Platform effective April 22, 2026. The merger was approved by the Board of Directors of Nippon Life India Trustee Limited and Nippon Life India Asset Management Limited, and SEBI communicated its no-objection via email on February 26, 2026.
Key Points
- Nine scheme variants of Nippon India Annual Interval Fund - Series I are being merged into corresponding variants of Nippon India Low Duration Fund
- Merger is applicable on NSE MF Invest Platform from April 22, 2026
- SEBI no-objection received on February 26, 2026 under SEBI (Mutual Funds) Regulations, 1996 (Regulation 18(15A) and Regulation 25(26))
- Both Direct and Regular plan variants (Growth, IDCW Payout, IDCW Reinvestment) are covered
- Retail plan options of the merging scheme will map to standard plan options in the surviving scheme
Regulatory Changes
The merger is executed under Regulation 18(15A) and Regulation 25(26) of SEBI (Mutual Funds) Regulations, 1996. The benchmark for the surviving Nippon India Low Duration Fund is the CRISIL Low Duration Debt A-I Index, replacing the CRISIL Short Term Bond Index associated with the merging scheme.
Compliance Requirements
- NSE to update the MF Invest Platform to reflect the scheme mapping from April 22, 2026
- Existing investors/distributors transacting in the merging scheme variants must note the new ISINs for the surviving scheme
- Intermediaries should update their systems with the new ISIN mappings as listed in Annexure I
Important Dates
- February 26, 2026: SEBI communicated no-objection for the merger
- April 22, 2026: Effective date of merger on NSE MF Invest Platform
Impact Assessment
Existing unitholders of the nine variants of Nippon India Annual Interval Fund - Series I will have their holdings transitioned to the corresponding variants of Nippon India Low Duration Fund. The Retail plan variants (Retail IDCW Payout, Retail IDCW Reinvestment, Retail Growth) will be mapped to the standard (non-retail) plan variants of the surviving scheme. Investors should review the risk profile change: the surviving fund uses the CRISIL Low Duration Debt A-I Index benchmark, which reflects a low duration debt profile as opposed to the interval fund structure. Impact is moderate, primarily affecting existing unitholders and platform intermediaries who need to update ISIN references.
ISIN Mapping Summary
| Merging Scheme ISIN | Merging Scheme | Surviving ISIN | Surviving Scheme |
|---|---|---|---|
| INF204K01B99 | Annual Interval Fund S-I - Direct IDCW Payout | INF204KA1EK7 | Low Duration Fund - Direct IDCW Payout |
| INF204K01C07 | Annual Interval Fund S-I - Direct IDCW Reinvestment | INF204KA1EL5 | Low Duration Fund - Direct IDCW Reinvestment |
| INF204K01B81 | Annual Interval Fund S-I - Direct Growth | INF204K01ZU3 | Low Duration Fund - Direct Growth |
| INF204K01ED4 | Annual Interval Fund S-I - IDCW Payout | INF204KA1EI1 | Low Duration Fund - IDCW Payout |
| INF204K01EE2 | Annual Interval Fund S-I - IDCW Reinvestment | INF204KA1EJ9 | Low Duration Fund - IDCW Reinvestment |
| INF204K01EC6 | Annual Interval Fund S-I - Growth | INF204K01EV6 | Low Duration Fund - Growth |
| INF204K01EA0 | Annual Interval Fund S-I - Retail IDCW Payout | INF204KA1EI1 | Low Duration Fund - IDCW Payout |
| INF204K01EB8 | Annual Interval Fund S-I - Retail IDCW Reinvestment | INF204KA1EJ9 | Low Duration Fund - IDCW Reinvestment |
| INF204K01DZ9 | Annual Interval Fund S-I - Retail Growth | INF204K01EV6 | Low Duration Fund - Growth |
Impact Justification
Affects existing unitholders of Nippon India Annual Interval Fund Series I who will be transitioned to the Low Duration Fund; SEBI approval already received, merger date confirmed as April 22, 2026.