Publish Date:
ICICI Prudential Asset Management Company (AMC) has announced changes in Scheme Information Document (SID), Key Information Memorandum (KIM) and Statement of Additional Information (SAI) of the schemes of ICICI Prudential Mutual Fund.
As per the announcement, following provisions pertaining to treatment of purchase/ switch/ Systematic Investment Plan (SIP)/ Systematic Transfer Plan (STP) transactions received through distributors whose AMFI registration/ ARN has been suspended temporarily or terminated permanently by AMFI, shall form part of the SID/ KIM/ SAI of the schemes of the Fund, as applicable:
(a) During the period of suspension, no commission shall be accrued or payable to the distributor whose ARN is suspended. Accordingly, during the period of suspension, commission on the business canvassed prior to the date of suspension shall stand forfeited, irrespective of whether the suspended distributor is the main AMFI Registration Number (‘ARN’) holder or a sub-distributor.
(b) All Purchase and Switch transactions, including SIP/ STP registered prior to the date of suspension and fresh SIP/ STP registrations received under the ARN code of a suspended distributor during the period of suspension, shall be processed under ‘Direct Plan’ of the respective scheme and shall be continued under Direct Plan of the respective scheme perpetually. A suitable intimation in this regard shall be sent to the investor informing them of the suspension of the distributor. If the AMC receives a written request/instruction from the first/sole unit holder to shift to other than Direct Plan under the ARN of the distributor post the revocation of suspension of ARN, the same shall be honored. Investors could be liable to bear capital gains taxes as per their individual tax position for such transactions.
(c) All Purchase and Switch transactions including SIP/ STP transactions received through the stock exchange platforms through a distributor whose ARN is suspended shall be rejected.
(d) In case where the ARN of the distributor has been permanently terminated, the unit holders have the options to switch their existing investments under the other than Direct Plan to Direct Plan (Investors may be liable to bear capital gains taxes as per their individual tax position for such transactions); or to continue their existing investments under the other than Direct Plan under ARN of another distributor of their choice.
All the other provisions of the SID/ KIM/ SAI of the schemes of the Fund, as applicable, except as specifically modified herein above remain unchanged.