Mirae Asset Mutual Fund has lifted the restriction on its large- and mid-cap fund and will start accepting lumpsum and SIP investment without any restrictions from August 1.
Fresh and additional subscription through lumpsum including switch-in transaction mode in the scheme shall be allowed from the effective date,” said the fund house in a statement on Friday.
All existing and fresh registrations through SIP shall be allowed for any amount through monthly and quarterly frequency under the scheme from the effective date, it added.
High returns
Mirae Asset Large and Mid-Cap has AUM of ₹37,846 crore as of Thursday. It has delivered return of 65 per cent over three years and 188 per cent over five years.
In 2016, the fund house temporarily suspended lumpsum and additional subscription in Mirae Asset Large & Midcap Fund when the fund had an asset under management (AUM) of ₹11,000 crore. It had capped SIP at ₹25,000 per month per investor.
While restricting the inflows in the scheme, Mirae Asset MF said that it believed that ballooning AUM will have a negative impact on the performance of the scheme. It also believed that the risk-reward profile of the scheme would change if the AUM continued to grow at a faster rate.