Exit load
Market basicsA charge deducted when units are redeemed within a specified period.
In plain terms
Usually 1% inside a year on equity funds. Switching schemes triggers it too.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Switch transaction
Market basicsAlso called: Fund switch
Moving money between mutual fund schemes or plans, executed as a redemption from one and a fresh purchase into the other.
In plain terms
Not an administrative relabelling. It carries any exit load, realises the gain for tax, and starts the holding period again from that day.