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  #1  
Old 13th October 2012, 10:23 PM
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Default Fidelity Investors: Chance to Exit



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Investors of Fidelity Mutual Fund will be given a 30-day window from 15 October to redeem their holding without any exit load.
Fidelity Investors: Now is the chance to exit - Moneylife
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  #2  
Old 13th October 2012, 10:42 PM
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Me, my mother and my sister we have investment in fidelity fund.

Bad news for me and my mom is its in ELSS done in last years. Can't change much. Good news in it. Investment not more than or within 15000 rupee(need to check).

My sister investment of 10000 is worth 22000 now. Old entry. But unfortunately my holding in fundsindia for my sister still shows offline.

I'll try to take a pin or password from fidelity after this news. But hope it reaches before 30th.
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  #3  
Old 13th October 2012, 11:46 PM
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Originally Posted by magnet View Post
My sister investment of 10000 is worth 22000 now. Old entry. But unfortunately my holding in fundsindia for my sister still shows offline.

I'll try to take a pin or password from fidelity after this news. But hope it reaches before 30th.
If you want to exit, I suggest not to wait for PIN,

fill up this form -

https://www.camsonline.com/download/...tion_slip.html

and submit it to any cams office here -

https://www.camsonline.com/network.html

More forms and info here - https://www.camsonline.com/offerdocs.html
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  #4  
Old 16th October 2012, 10:37 AM
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Quote:
Originally Posted by Atiker View Post
If you want to exit, I suggest not to wait for PIN,

fill up this form -

https://www.camsonline.com/download/...tion_slip.html

and submit it to any cams office here -

https://www.camsonline.com/network.html

More forms and info here - https://www.camsonline.com/offerdocs.html
I registered online with Fidelity.

Funny part is they enable the folio but only I can purchase more; for redemption, switch I need to send sign pdf to enable the function.

On contrary,in hdfc where I had got the HPIN few years back and forgot that I re-enable that plus new elss folios pin online with folio and email check and I can do all options subject to allowed permissions.

Even principal mutual fund all entries redemption is becoming a problem for me. Even after sending courier to change my bank mandates they never replied or anything. Also my on-line request to transact is locked.

I had to personally visit their center twice with 1000 of security check (as their office is in NSE building)

It's better to have a direct purchase or from online platform like mutualfundsindia or fundsindia.
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  #5  
Old 17th October 2012, 10:57 AM
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Apart from news website, I was not able to find any site (Fidelity, SEBI etc), with official communication on waiver of exit load. So I dropped an email to Fidelity and here is there reply.

Quote:
We refer to your e-mail enquiring about acquisition of Fidelity Mutual Fund to L & T Finance Ltd.

We wish to inform you if you wish to continue your investments with L & T Finance Ltd, hence there would be no action required from your end and we request you to send the Ballot form mentioning the details required in it through Business Reply Envelope (BRE) to mentioned address.

Please note if you do not wish to continue your investments before L & T Finance Ltd. acquires Fidelity Mutual Fund if you redeeming the units during the period 15th October, 2012 to 15th November, 2012 till 3 PM, we will bear the exit load and Security Transaction Charges(STT), however if your tax status is NRI in the folio then you have to bear only Tax Deducted At Sources (TDS) as applicable.

If you have invested in Fidelity Tax Advantage Fund (FTAF) and you have not completed your 3 years lock in period then you will will not be able to redeem the same.

In order to redeem the investment, please print the transaction form, fill in redemption details and sign it in accordance with your mode of holding.

Please specify the scheme details and the amount/number of units you wish to redeem. If you wish to redeem all units, tick against the box provided for the purpose.

Redemption payout would be made only to the Sole/First holder favouring the bank account appearing in our records.

If your redemption request specifies both amount and units for redemption, the latter would be processed.

Redemption will be processed only for such (part or whole) holdings for which purchase proceeds have been realised.

To safeguard investors against fraudulent action on their investments, where a redemption request is received together with a request for Change of Address and/or Change in Bank Details, the AMC may release the payment only after completing necessary additional checks.

The applicable NAV would be of the day on which the request is received at the ISC, if such requests received before 3 pm.In case where a request received after 3pm on any day, applicable NAV would be of the next business day on which NAV of the Scheme is declared.

Please note that settlement period varies with the scheme type. For redemption in debt funds it is Trade day + 1 business day, for equity schemes Trade day + 3 business days and for Fidelity Global Real Asset fund, Trade day + 6 business days. On such transaction in equity schemes, a Security Transaction Tax (STT) of 0.25% is also applicable.

Please read the instructions carefully before submitting the request at your nearest Investor Service Centre of Fidelity or CAMS .We urge you to strike off sections in the form that are not relevant.

For any further information or assistance, please write back to us or call us on 1-800-2000-500 (toll free) .

Warm regards,

Investor Relations Team
FIL Fund Management Private Ltd.
Visit us at www.fidelity.co.in
Note: "we will bear the exit load and Security Transaction Charges(STT)"
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  #6  
Old 18th October 2012, 10:12 AM
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Quote:
Originally Posted by Atiker View Post
Apart from news website, I was not able to find any site (Fidelity, SEBI etc), with official communication on waiver of exit load. So I dropped an email to Fidelity and here is there reply.

Note: "we will bear the exit load and Security Transaction Charges(STT)"
Exit load applies if sold within 1st year hence understandable. But what about old holdings STT?

Anyways my fidelity account did turn online, hence I guess I'll exit before L&T enters.
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  #7  
Old 18th October 2012, 10:37 AM
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Originally Posted by magnet View Post
it load applies if sold within 1st year hence understandable. But what about old holdings STT?

Anyways my fidelity account did turn online, hence I guess I'll exit before L&T enters.
I have sold my old matured ELSS on Monday, yet to receive the complete statement. Will let you know whether STT was paid and by whom .
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  #8  
Old 18th October 2012, 06:36 PM
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Originally Posted by Atiker View Post
I have sold my old matured ELSS on monday, yet to receive the complete statement. Will let you know whether STT was paid and by whom
I also made a complete exit from Fidelity.

Now problem is to invest that sum in new fund or instrument to further appreciate and compound the return for future .
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  #9  
Old 18th October 2012, 07:08 PM
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Originally Posted by magnet View Post
I also made a complete exit from Fidelity.

Now problem is to invest that sum in new fund or instrument to further appreciate and compound the return for future
I invested in DSP BR Top 100.
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  #10  
Old 18th October 2012, 11:46 PM
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Originally Posted by Atiker View Post
I invested in DSP BR Top 100.
I was thinking about some gilt funds as already I have investment in hdfc top 200 and also I'll be making an exit from dsp tax instrument and might make a switch from there to top 200 fund.

Anyways I'll also post a screen-shot of the detail once I receive the mail which might happen in next couple of day.
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  #11  
Old 19th October 2012, 10:31 PM
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No STT charged.

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  #12  
Old 19th October 2012, 11:04 PM
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Originally Posted by magnet View Post
No STT charged.
But was STT paid by fidelity to govt?

If not then won't there be tax liability on investor.

Long Term/ Short Term Special rate of Taxation is applicable on equity oriented funds is applicable only if STT is paid.
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  #13  
Old 20th October 2012, 09:35 AM
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Originally Posted by Atiker View Post
But was STT paid by fidelity to govt?

If not then wont there be tax liability on investor.

Long Term/ Short Term Special rate of Taxation is applicable on equity oriented funds is applicable only if STT is paid.
Well I feel on ELSS no taxes are due on gains. Also LTCG on mutual fund hold for 1 year is Nil for equity oriented but liquid or debt it applies with indexation benefit.

Plus when one sells a fund and he sees STT charged (deducted). How can one confirm the charge have been forwarded to government or not?

I guess the onus is on the company to prove innocence rather than individual.

For paying STCG and LTCG I can understand it's up to individual plus where off market transaction done STT are not paid than onus comes onto individual.

It's just my thinking ,I may be wrong.
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