Investors can withdraw up to 90% of the value of their units, subject to a limit of Rs 50,000 for instant access facility.
SEBI has provided the facility of instant access, giving relief to the investors. Under this, you can withdraw money from your fund within a few hours or minutes from the redemption request. Investors can withdraw up to 90% of the value of their units, subject to a limit of Rs 50,000 for instant access facility.
SEBI has modified its 2017 circular in this regard. Also, mutual fund houses have been allowed to provide instant access to overnight funds. The new rule has come into force with immediate effect. The instant access facility will be available to those who can access their funds within minutes of the redemption request.
Will invest the fund elsewhere
With effect from December 1, 2021, SEBI will allow unclaimed money and dividends to be invested in overnight schemes, liquid and money market schemes of mutual funds. Earlier such money could be invested in call money, liquid and money market instruments.
Changes regarding demat account
SEBI has made some changes in the rules for those opening new trading and demat accounts. Under this, a nomination form has to be filled before opening the account, through which the investor can make someone a nominee. If they do not want to do so, they will have to fill a declaration form instead. This rule will come into effect from October 1.
