CAMS Shoots Off Erroneous Email Regarding Change in TER by Aditya Birla Sun Life MF
Moneylife Digital Team 12 May 2023
In a surprising faux pas, Computer Age Management Services Ltd (CAMS) issued an erroneous mail regarding the change in the total expense ratio of the schemes of Aditya Birla Sun Life mutual fund (ABSLMF). The fund house then tweeted, "CAMS has initiated an unauthorised communication regarding the change in TER of schemes of Aditya Birla Sun Life Mutual Fund. You are requested to please ignore this communication."
 
 
In actual fact, the TER has been changed only for two funds. These are ABSL Nifty 200 Momentum30 ETF, where base TER was revised from 0.43% to 0.30% and ABSL Nifty 200 Quality 30 where base TER was revised from 0.38% to 0.32%.
 
CAMS is a backend processor of many asset management companies, including ABSLMF. 
 
The fund house added in "we regret the inconvenience caused to you on account of this erroneous & unauthorised communication from CAMS." 
 
CAMS later issued an apology saying, "Aditya Birla AMC was intending to announce change in TER and authorised this change for two schemes on 10th May 2023. During this process, CAMS has erroneously initiated a communication (not authorised by ABSL AMC) regarding the change in TER of other schemes of Aditya Birla Sun Life Mutual Fund Investors are requested to ignore the communication received on this subject for now and await an updated communication from our end. We sincerely regret this error and apologise for the inconvenience."
 
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