Axis Mutual Fund removes exit load on largecap, flexicap and 1 more scheme; cuts holding period for midcap fund

Axis Mutual Fund has removed the exit load from its largecap, flexicap and large & midcap fund, whereas it has reduced the holding period for its midcap fund with effect from June 15.

The fund house, through a notice-cum-addendum, said that the change in the load structure will apply to all prospective investments in the schemes made on or after the effective date, including all special products offered under the scheme, including SIP, STP, switches, etc.

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The revised exit load in Axis Large Cap Fund and Axis Large and Midcap Fund will be nil from the effective date. The current exit load in these two schemes is if redeemed / switched-out within 12 months from the date of allotment, the exit load is nil for 10% of investments and 1% for the remaining 90%. The exit load is nil if redeemed / switched-out after 12 months from the date of allotment.

In the case of the Axis Flexicap Fund, the revised exit load will be nil. The current exit load structure is if redeemed / switched-out within 12 months from the date of allotment, the exit load will be nil for 20% of investments and for the remaining investments, the exit load is 1%. The exit load is nil if redeemed / switched-out after 12 months from the date of allotment.

The exit load in case of Axis Midcap Fund is if redeemed / switched-out within 12 months from the date of allotment, the exit load will be nil for 10% of investments and 1% for the remaining investments, and the exit load is nil if redeemed / switched-out after 12 months from the date of allotment.

The holding period in the revised exit load for midcap fund will be reduced to three months. The next applicable exit load will be: If redeemed / switched-out within 3 months from the date of allotment, the exit load will be nil for 10% of investments and 1% for the remaining investments. The exit load will be nil if redeemed / switched-out after 3 months from the date of allotment.

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This addendum shall form an integral part of the SID & KIM of the scheme. All the other terms and conditions of the SID & KIM of the scheme shall remain unchanged.

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