17,000 new credit cards issued by ICICI linked to wrong users

Since May 9, 2019, the fund is being managed by the fund manager Shibani Kurian

Kotak Mahindra Asset Management Company (KMAMC) on June 30 alerted its investors as well as partners regarding fake product notes of Kotak India EQ Contra Fund which has been circulated.

The management stated that the product note is neither prepared nor distributed by the Kotak Mahindra Mutual Fund or its employees. The fake note misleads the investors in various aspects such as asset under management of the fund, risk profile, guaranteed return, performance, and list of authorised distributors.

What should investors know?

The KMAMC has released a circular stating that to view the original authorised note of Kotak India EQ Contra Fund; the investor can check the link: https://bit.ly/3A3K0Dm.

The scheme is incepted as on date July 27, 2005. However, it was renamed from Kotak Classic Equity to Kotak India EQ Contra Fund from June 1, 2018. Since May 9, 2019, the fund is being managed by the fund manager Shibani Kurian.

According to documents, the main aim of the scheme is to generate capital appreciation from a diversified portfolio of equity and equity-related instruments. The scheme has given a return of 62.29% in last 1 year, 16.56% in the last 3 years, and 18.34% in the last 5 years as of June 29, 2021, shows data by Value Research.

Details

The AUM of the scheme as of May 31, 2021 stood at Rs 1,013.82 crore. The fund is benchmarked against Nifty 100 TRI.

Investors should know that the minimum investment amount starts from Rs 5,000 and in multiples of Rs 1 for purchase thereafter.

Although there is no entry load under this scheme, if there are units redeemed or switched out in excess of the limit within 1 year from the date of allotment it will attract a 1% charge. However, over a year, there is no charge if units are redeemed or switched out.