New Delhi: Quant Asset Management Company Ltd which has assets totaling Rs 40,675 Crore has opted to reduce the minimum redemption amount across its mutual fund schemes from Rs 1,000 to a mere Rs 1.
In amount-based redemptions, investors indicate the amount they want to withdraw, and mutual fund companies subsequently sell units equivalent to the Net Asset Value (NAV) on the redemption date. Alternatively, investors can choose to sell by stating the number of units they want to redeem. (Also Read: Zomato CEO Deepinder Goyal Marries Former Mexican Model And Entrepreneur Grecia Munoz: Reports)
The minimum redemption amount for Quant Mutual Fund was set at Rs 1000 or the account balance, whichever was lower. If the account balance dropped below Rs 1,000 when processing the redemption request, it would be redeemed accordingly. (Also Read: IT Dept, Banks To Open On Sunday, March 31: What About Stock Market? Check Here)
Quant Mutual Fund oversees a total of 27 schemes spanning different asset classes. Among these, the largest scheme is Quant Small Cap Fund which had assets under management (AUM) totaling Rs 17,193 Crore as of the end of February. Following closely behind are Quant Active Fund with Rs 8,467 Crore and Quant ELSS Tax Saver Fund with Rs 7,770 Crore.
Furthermore, the fund disclosed the appointment of Khushboo Meshri as the new chief risk officer of Quant Money Managers Limited, starting from March 11. She would be replacing Prabhat Bhardwaj who resigned for personal reasons. Moreover, Harshvardhan Bharatia has been appointed as the new Dealer-Equity of Quant Money Managers Limited, taking over from Nupur Mehta, effective from March 15.
