The latest move expands on the earlier curbs announced on May 5, when the asset manager had said it would temporarily suspend fresh inflows into the Axis Global Equity Alpha Fund of Fund, Axis Global Innovation Fund of Fund and Axis Greater China Equity Fund of Fund from May 6.
Under the revised notice dated May 13, the fund house said no lump sum subscriptions, switch-ins, systematic transactions or fresh registrations of systematic transactions into the three schemes will be accepted after 3:00 p.m. on May 13.
Importantly, the latest update also pauses systematic transactions that were already registered earlier — a key change from the previous announcement, where existing SIPs and STPs were allowed to continue uninterrupted.
Axis Mutual Fund said any SIP instalments deducted after the effective date will be refunded within applicable timelines.
However, the company clarified that the suspension does not affect redemptions, switch-outs, switches between plans/options, or SWP registrations, which will continue as usual.
The restrictions come as mutual funds continue to grapple with industry-wide overseas investment limits prescribed by the regulator and the Reserve Bank of India. Several fund houses have either suspended or restricted inflows into international schemes over the past two years after nearing the permitted overseas investment ceiling.
While fresh inflows and systematic transactions have now been paused, investors will continue to have access to redemptions and switch-outs from the affected schemes.
