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Reliance Nippon Life Asset Management Company has recently declared the amendment of its scheme information documents (SIDs) in a host of its debt and hybrid funds.

A side pocketing provision has been introduced in the schemes that are 17 in number including Reliance Ultra Short Duration Fund, Reliance Strategic Debt Fund, Reliance Short Term Fund, Reliance Prime Debt Fund, Reliance Money Market Fund, Reliance Low Duration Fund, Reliance Liquid Fund, Reliance Income Fund, Reliance Hybrid Bond Fund, Reliance Floating Rate Fund, Reliance Equity Hybrid Fund, Reliance Equity Savings Fund, Reliance Dynamic Bond Fund, Reliance Credit Risk Fund, Reliance Banking and PSU Debt Fund, Reliance Balanced Advantage Fund and Reliance Arbitrage Fund.

An exit-load free window of 1 month to exit the schemes in question has been given to investors which will end on 24th September 2019. This exit period has to be given because the introduction of a side pocketing provision constitutes a change of fundamental attributes of a mutual fund scheme.

Side pocketing is the creation of segregated portfolios in lieu of bad debt when there is a downgrade in paper held by a scheme below investment grade or when there is a default. A side pocket allows an investor to exit the remaining untainted part of the debt scheme at will and still benefit from any recovery in the bad debt later.

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