Quant Mutual Fund Slashes Minimum Redemption Amount to ₹1, Facilitating Retail Investors

21 Mar 2024 , 02:22 PM

Quant Asset Management Company Ltd, with assets totaling ₹40,675 Crore, has decided to reduce the minimum redemption amount across all its mutual fund schemes from ₹1,000 to ₹1.

In the previous redemption process, investors had to input the sum they wished to redeem, and the mutual fund would sell corresponding units based on the Net Asset Value (NAV) on the redemption date. Alternatively, investors could specify the number of units they wanted to redeem.

Previously, for Quant Mutual Fund, the minimum redemption amount stood at ₹1,000 or the account balance, whichever was less. If the account balance fell below ₹1,000 upon processing the redemption request, it would be redeemed accordingly.

Typically, the minimum redemption amount set by fund houses ranges between ₹1 and ₹1,000. This change enables investors to redeem decimal units as well, especially beneficial for those holding units in Demat mode where only whole numbers are accepted during redemption.

Quant Mutual Fund manages a total of 27 schemes across various asset classes. Its largest scheme, Quant Small Cap Fund, had an AUM of ₹17,193 Crore at the end of February, followed by Quant Active Fund (₹8,467 Crore) and Quant ELSS Tax Saver Fund (₹7,770 Crore).

Additionally, the fund announced Khushboo Meshri’s appointment as the chief risk officer of Quant Money Managers Limited, effective from March 11, replacing Prabhat Bhardwaj who resigned due to personal reasons. Harshvardhan Bharatia has been appointed as Dealer-Equity of Quant Money Managers Limited, replacing Nupur Mehta, effective from March 15.

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