Name Change of Mirae Asset Mutual Funds: 6 Changes You Should Be Aware Of!
Mirae Asset Management Company is changing the names and category of few of its mutual funds. Mutual funds of many Asset Management Companies are being changed after a recent circular by Securities and Exchange Board of India. This move by the regulator to make investing simpler for investors.
The new rule states that every mutual fund company can only have one mutual fund offering under each category.
Mirae Asset Mutual Fund Name & Category Changes
Few Mirae Asset Mutual Fund names are changing, few are being merged, and few funds are being recategorized.
Mirae Asset Mutual Fund Name And Category Changes
This table contains the names of the Mirae Asset Mutual Funds whose names have changed:
| Old Name | New Name | Old Category | New Category |
| Mirae Asset China Advantage Fund | – | – | – |
| Mirae Asset Dynamic Bond Fund | Mirae Asset Dynamic Bond Fund | Debt-Income |
Debt-Dynamic
|
| Mirae Asset Emerging Bluechip Fund | Mirae Asset Emerging Bluechip Fund | Equity-Mid Cap |
Equity-Large & Mid Cap
|
| Mirae Asset Great Consumer Fund | Mirae Asset Great Consumer Fund | Equity-Global |
Equity-Sectoral/Thematic
|
| Mirae Asset Prudence Fund | Mirae Asset Hybrid – Equity Fund | Hybrid-Equity Oriented |
Hybrid-Aggressive
|
| Mirae Asset Savings Fund | Mirae Asset Savings Fund | Debt-Ultra Short Term |
Debt-Low Duration
|
| Mirae Asset Tax Saver Fund | Mirae Asset Tax Saver Fund | Equity-Tax – ELSS | Equity-ELSS |
Mirae Asset Mutual Funds Whose Names and Categories Did Not Change
| Old Name | New Name | Old Category | New Category |
| Mirae Asset Cash Management Fund | Mirae Asset Cash Management Fund | Debt-Liquid | Debt-Liquid |
Mirae Asset Mutual Fund Names Changed: What should Investors do?
If Mutual Fund Name & Categories Have Changed
If there is a change in category, an investor might have to change his strategy of investment in these funds. These extreme changes are largely in equity mutual funds. Debt funds category names have changed too but there is not much difference in their investment style.
If an investor is confused, he should contact his mutual fund advisor for his advice on this issue.
If Mutual Funds Are Being Merged
If mutual funds are being merged, investors should not worry as the Asset Management company will take care of the merger. Since in the mergers, there is no real change in category, so investors need not make any changes to his investment strategy.
If Only Mutual Fund Name Has Changed
If only the name of the mutual fund scheme has changed, then there is no need to be concerned or do anything. Investors can simply continue investing as they already were.
Why are Mirae Asset India Mutual Fund Names and Categories Changing?
There are many mutual funds offered by different Asset Management Companies. Many of these are in effect duplicates of each other. Further, they also have names that might confuse and intimidate a new investor.
Keeping this in mind, the Securities Exchange Board of India has decided to recategorize mutual fund schemes. It has also made compulsory that each Asset Management Company can only have one mutual fund under each category.
Thus, all Asset Management Companies are renaming, recategorizing, and merging mutual funds to comply with this directives by the regulator.
To see the best mutual funds to invest from every category, see: The 30 Best Mutual Funds to Invest in 2018 – Groww 30.
Happy investing!
Disclaimer: the views expressed here are of the author and do not reflect those of Groww.