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Kotak MF suspends subscriptions in two debt funds holding Yes Bank AT1 bonds
Source: Economic Times · 2 hr ago
Summary
Kotak Mahindra Asset Management has temporarily stopped new subscriptions for two of its mutual‑fund schemes that hold Yes Bank AT1 bonds, after those bonds were valued at zero following a major bank restructuring. Tata Mutual Fund has also barred fresh investments in its Tata Gold ETF Fund of Fund, while allowing current holdings and redemptions to proceed.
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From the original report
In a move aimed at protecting investors, Kotak Mahindra Asset Management Company has put a temporary hold on subscriptions for two of its mutual fund schemes. This decision follows the zero valuation of Yes Bank AT1 bonds after a significant bank reconstruction in March 2020.
Excerpt from Economic Times.
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