NISM-Series V-A: Mutual Fund Certification Exam Notes
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Mutual fund Purchase transactions (Lump-sum investments or SIP or STP or switch-ins or dividend reinvestment) would be subject to levy of stamp duty* @ 0.005% of the amount invested. Transferof mutual fund units (such as transfers between demat accounts) are subject to payment of stampduty* @ 0.015%.
Close-ended Schemes have an NFO Open Date and NFO Close Date. But, they have no Scheme Re-opening Date, because the scheme does not sell or re-purchase units. Investors will need to buy or sell units from the stock exchange where the scheme is listed.
Investors have the option to invest (purchase or subscribe to mutual fund units) directly without routing the investment through a distributor (Direct Plan).
The direct plan shall have a lower expense ratio excluding distribution expenses, commission, etc., and no commission shall be paid from such plans.
Mutual funds issue the Statement of Account every month if there is a transaction during the month. It shows for each transaction (sale/re-purchase), the value of the transaction, the relevant NAV and the number of units transacted.
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