What are the New Names of the Seven Mirae Asset Mutual Fund Schemes?
Mirae Asset Mutual Fund, a renowned player in the mutual fund industry, is set to make changes that will impact the names of seven of its schemes. These changes come as part of a broader effort to align scheme names with their respective scheme categories, as per guidelines laid out by the Sebi (Securities and Exchange Board of India) Master Circular dated May 19, 2023. The main objective is to simplify the identification process for investors, making it easier for them to choose the right investment options. These changes are scheduled to take effect from December 15, 2023.
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What are the New Names of the Seven Mirae Asset Mutual Fund Schemes?
The mutual fund house informed its investors about these upcoming modifications through a notice-cum-addendum, which was issued on November 2, 2023. While the changes primarily involve renaming the schemes, it’s important to note that the core investment strategies and terms and conditions of these schemes will remain unchanged. So, let’s take a closer look at the new names for the seven Mirae Asset Mutual Fund schemes:
| Old name | New name |
| Mirae Asset Banking and PSU Debt Fund | Mirae Asset Banking and PSU Fund |
| Mirae Asset Cash Management Fund | Mirae Asset Liquid Fund |
| Mirae Asset Savings Fund | Mirae Asset Low Duration Fund |
| Mirae Asset Short Term Fund | Mirae Asset Short Duration Fund |
| Mirae Asset Emerging Bluechip Fund | Mirae Asset Large & Midcap Fund |
| Mirae Asset Tax Saver Fund | Mirae Asset ELSS Tax Saver Fund |
| Mirae Asset Hybrid-Equity Fund | Mirae Asset Aggressive Hybrid Fund |
The decision to rename these schemes is not arbitrary but aligns with regulatory requirements and industry standards. The Sebi Master Circular of May 2023 emphasizes the importance of naming schemes to accurately reflect their categories, simplifying the investment process for investors.
It’s worth noting that among these schemes, the Mirae Asset Emerging Bluechip Fund, which will now be known as the Mirae Asset Large & Midcap Fund, stands out as the largest scheme in the large & mid-cap category in terms of assets managed. This scheme currently manages assets worth Rs 29,024 crore and boasts an impressive 1,534,810 folios.
Additionally, the Mirae Asset Tax Saver Fund, soon to be renamed the Mirae Asset ELSS Tax Saver Fund, is the second-largest scheme in the ELSS category based on assets managed, with assets totaling Rs 17,985.38 crore and 1,705,556 folios.
These changes in scheme names are not expected to impact the fundamental characteristics or performance of these mutual fund schemes. Instead, they aim to enhance clarity and transparency for investors, simplifying their decision-making process when choosing the right investment options.
As these modifications will come into effect on December 15, investors in these Mirae Asset Mutual Fund schemes should take note of the new names to ensure they are aware of the updated nomenclature when making future investments or tracking their existing holdings. Mirae Asset Mutual Fund remains committed to offering investors a clear and straightforward investment experience in line with regulatory guidelines.
