The SEBI has finally tackled the cartel of AMCs which included ICICI, Reliance, HDFC, HSBC and other Mutual Fund houses which came together in June-06 and started charging entry loads of 2.25% on open ended mutual fund investment schemes. Our Analyst had written to SEBI, Finance Ministry and AMFI complaining the same. [PDF] We are releasing the Copy of the Letter.
SEBI has now directed Mutual Fund houses that starting from Jan-4th all Direct investments [internet submitted to the AMC, collection centre or investor service centre] in Mutual Funds will have no entry load.