Aug 04, 2009 06:22 PM
4203 Views
Securities Exchange Board of India (SEBI) Issued an Order to remove Entry Load By their Order circular released on June 30, 2009 (SEBI/IMD/CIR No. 4/168230/09) on Mutual Funds investors and allow Brokers like ICICIDIRECT to charge a nominal fees based on their services.The purpose of SEBI was to to incentive's long term investment.
Now ICICIDIRECT instead of reducing Or removing the entry load (which was generally only 2.5% earlier) start charging 100 INR + Service Tax per transaction.
Now consider you invest 500 INR , you have to may more than 610 INR To invest 500 INR which is 22% entry Load.
Mind this You lost 110/- RS.! This is Highly unacceptable to small investors or to long term investors who wish to make small investments. I request ICICICIDIRECT to look into this and correct this mistake.
and SEBI TO look into matter and issue a stick clarifications so these Brokers can not change more than a specified % as entry load/Fees on Mutual funds investments.
