ICICI Prudential Mutual Fund to grandfather its 2 fund-of-funds under SEBI framework

ICICI Prudential Mutual Fund has announced to grandfather two of its fund of funds under the Sebi framework with effect from January 27, 2026. The two fund of funds are - ICICI Prudential Passive Multi-Asset Fund of Fund and ICICI Prudential Global Advantage Fund (FOF).

The fund house informed about this to its unitholders through a notice cum addendum.

The notice cum addendum said that pursuant to SEBI’s letter to AMFI dated February 6, 2025, on ‘Framework for launching of Fund of Fund (FOF) schemes with multiple underlying Funds’ read with amendments/clarifications as issued from time to time and SEBI’s letter dated January 20, 2026, permitting grandfathering of the scheme, the scheme will be grandfathered with effect from January 27, 2026, as the scheme with its existing asset allocation and investment objective, could not be classified under any of the categories specified under the framework.


Also Read | Living abroad but investing in India? Rules, taxes and key checks NRIs should know about mutual fund SIPs

Further, the schemes shall be merged and/or wound up upon completion of three years from January 20, 2026.

In terms of grandfathering, investors are requested to note the following:

ICICI Prudential Passive Multi-Asset Fund of Fund

The scheme shall not accept subscription through lumpsum mode and/or through fresh Systematic Investment Plan (SIP) or Systematic Transfer Plan (STP) (Subscription) with effect from January 27, 2026. All purchase or switchin transactions of the scheme timestamped on or before 3.00 PM of January 23, 2026, shall be accepted and processed at applicable NAV.

Existing SIP and/or STP including IDCW reinvestment option and other special products registered under any mode/facility for investing in the Scheme shall stand discontinued effective from February 5, 2026. The IDCW reinvestment option would be changed to IDCW Payout.

Redemptions and/or switch-outs including existing Systematic Transfer Plan (STPOut) and/or Systematic Withdrawal Plan (SWP) registered under any mode/facility for redeeming/switching out from the Scheme shall be continued. Grandfathering has no impact on redemption and/or switch-out of units from the scheme.

The scheme shall continue to adhere to the applicable regulatory guidelines and provisions of the Scheme Information Document (SID) and Key Information Memorandum (KIM).

ICICI Prudential Global Advantage Fund (FOF)

Existing Systematic Investment Plan (SIP) and/or Systematic Transfer Plan (STP IN) including IDCW reinvestment option and other special products registered under any mode/facility for investing in the Scheme shall stand discontinued with effect from February 5, 2026. IDCW reinvestment option would be changed to IDCW Payout.

Also Read | Balanced advantage funds, along with largecap biased flexi caps look better placed for next 6–24 months: PL Capital

Fresh subscriptions through any of the modes such as Lump sum mode & Switch into the Schemes, SIP and/or STP registration (Target scheme) in the Scheme has already been discontinued since August 13, 2024

Redemptions and/or switch-outs including existing STP-Out and/or Systematic Withdrawal Plan (SWP) registered under any mode/facility for redeeming/ switching out from the Scheme shall be continued. Grandfathering has no impact on redemption and/or switch-out of units from the scheme.

The scheme shall continue to adhere to the applicable regulatory guidelines and provisions of the Scheme Information Document (SID) and Key Information Memorandum (KIM).

The notice cum addendum said that investors are further requested to note that all other features of the schemes except for the above will remain unchanged. This notice forms an integral part of the SID and KIM of the schemes, as amended from time to time.