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.

Know More: New Mutual Fund Rules by SEBI: Categorization and Rationalization Of Mutual Fund Schemes

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, Securities Exchange Board of India has decided to recategorize mutual fund schemes. It has also made compulsary 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.

Read More: Categorization and Rationalization of Mutual Fund Schemes

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.