BSE has informed its members that Axis Mutual Fund has temporarily suspended subscriptions beyond ₹1 Lakh per PAN per month in three overseas fund-of-fund schemes on the BSE StAR MF Platform. The restriction took effect from May 05, 2026, and applies to fresh/additional lumpsum investments, switch-ins, SIP, and STP-in registrations. Redemptions and existing SIP/STP registrations remain unaffected.

Key Points

• Subscription cap of ₹1 Lakh per PAN per month per scheme applies to three Axis overseas fund-of-fund schemes
• Schemes covered: Axis Global Equity Alpha Fund of Fund, Axis Global Innovation Fund of Fund, Axis Greater China Equity Fund of Fund
• Fresh/additional lumpsum, switch-in, SIP, and STP-in registrations are restricted to ₹1 Lakh per PAN per month per scheme
• Existing SIP/STP registrations made before the effective date will continue to be processed without change at the AMC/RTA end
• Redemption, Switch-out, and STP-out transactions are permitted without any amount restriction
• Subscription transactions triggered to the RTA after May 05, 2026, 3:00 PM exceeding the cap will be rejected and amounts refunded

Regulatory Changes

Pursuant to a request from Axis AMC, BSE has implemented investment amount restrictions on the BSE StAR MF Platform for the three affected schemes. This is an operational change driven by the AMC’s overseas investment limits under SEBI’s overseas mutual fund investment cap framework.

Compliance Requirements

• BSE members must strictly adhere to the ₹1 Lakh per PAN per month cap when executing subscription transactions in the three affected schemes
• Members must not process fresh/additional lumpsum, switch-in, SIP, or STP-in registrations exceeding this limit
• Members should note that non-compliant transactions triggered to the RTA post May 05, 2026, 3:00 PM will be rejected and refunded subject to receipt of funds from AMC/RTA

Important Dates

• Effective Date: May 05, 2026
• Cutoff Time for Rejection: May 05, 2026, 3:00 PM (subscription transactions triggered to RTA after this time and exceeding the cap will be rejected)
• Notice Date: May 06, 2026

Impact Assessment

The restriction primarily impacts retail and institutional investors seeking to make fresh or additional investments above ₹1 Lakh per PAN per month in three Axis overseas fund-of-fund schemes. The impact is contained given that: (1) only three specific overseas schemes are affected, (2) existing SIP/STP investors are not disrupted, and (3) redemptions remain fully open. The cap is likely linked to SEBI’s industry-wide overseas mutual fund investment limits. Members on the BSE StAR MF Platform must update their systems to enforce this restriction to avoid transaction rejections and associated operational overhead.