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Edelweiss Mutual Fund suspends lumpsum investments in 7 international funds
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Edelweiss Mutual Fund suspends lumpsum investments in 7 international funds
Feb 10, 2023 10:59 AM

Edelweiss Mutual Fund has temporarily suspended transactions except for SIPs, and STPs in their international schemes. Seven mutual fund schemes investing in global markets — Edelweiss ASEAN Equity Off-shore Fund, Edelweiss Greater China Equity Off-Shore Fund, Edelweiss US Technology Equity Fund of Fund, Edelweiss Emerging Markets Opportunities Equity Offshore Fund, Edelweiss Europe Dynamic Equity Offshore Fund, Edelweiss US Value Equity Off-Shore Fund and Edelweiss MSCI India Domestic & World Healthcare 45 Index Fund — will be temporarily suspended from February 10, 2023.

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“Investors are now requested to note that the following schemes are now reaching closer to the headroom available for overseas investment limit as set on February 1, 2022, at the mutual fund level and hence it is decided to temporarily suspend the transactions with effect from February 10, 2023, post cut-off timings,” the fund house said in a notice.

The fund house has said that fresh as well as existing SIP/STP/ DTP instalments shall not be affected as of now and shall continue as is. Lumpsum subscription will not be accepted from February 10. Switch-out, redemptions, registration of fresh systematic withdrawal plan, and instalments of existing systematic withdrawal plan will not be impacted.

Also read: Kotak Nasdaq Fund of Fund suspends subscription from today — existing SIPs to pause from March 1

Niranjan Avasthi, Head-Product, Marketing and Digital Business, Edelweiss MF, said that the fund house will be temporarily shutting down the lumpsum inflows into seven international funds. He said that the suspension is temporary in nature and will continue only till further enhancement of the limit by the regulators in this regard.

The AMC re-started all transactions in these schemes in June 2022, after the Securities and Exchange Board of India said that mutual funds can resume subscriptions and make investments in overseas funds/securities up to headroom available without breaching the overseas investment limits as of February 1, 2022, at the mutual fund level.

Sebi had specified an overall industry-level limit of $7 billion for mutual funds to invest in overseas securities and funds and a separate limit of $1 billion for investing in overseas ETFs in January 2022. Due to a sharp fall in international stocks, many fund houses re-opened inflows into these schemes in June 2022.

Also read: BFSI and IT continue to dominate sector allocation for top 10 AMCs: Fisdom

First Published:Feb 10, 2023 7:59 PM IST

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