Reliance Mutual Fund has announced the revision of fundamental attributes for Reliance Banking Fund, an open ended banking sector scheme. The changes will be effective from 5 September 2012.
Revised Asset Allocation Pattern:The scheme would allocate 80% to 100% in equity and equity related instruments, 80% to 100% in companies defined in the Banking Regulation Act, 1949 & Reserve Bank of India Act, 1934 as amended from time to time, 0% to 20% in financial services companies which provides non banking financial services like housing finance, stock broking, wealth management, insurance companies and holding companies of insurance companies with medium to high risk profile and 0% to 20% in debt instruments & money market instruments with low to medium risk profile.
Revised Expense Structure:The total recurring expenses for retail and institutional plan will be 2.50% of net assets.
Unitholders will have the option to exit the scheme, without payment of any exit load from 6 August 2012 till 4 September 2012.