Top Stories
SEBI plans policy to review MF industry
To attract retail participation in mutual funds, SEBI (Securities and Exchange Board of India) has proposed a long-term policy. This includes tax breaks for investors, higher minimum capitalization rules and an obligation on AMCs (asset management companies) to push their schemes, according to media reports.
In 2009, SEBI banned the entry load which dried up inflows into mutual funds. As a result, in the past two-three years commercial interest of distributors has come down, and they are not motivated to sell mutual funds… Read More
MFs require big push in tier-II & tier-III cities
Over 65% of AUM (assets under management) of fund houses came from just five cities in India, the Association of Mutual Funds in India (AMFI) data indicated in June. The five metro cities included Mumbai, New Delhi, Bengaluru, Kolkata and Chennai which contributed Rs. 46.5 million AUM. The data indicated that fund houses in India have failed to reach investors in smaller cities or rural areas.
Pankaaj Maalde, head-financial planning, ApnaPaisa.com, “The MF industry has failed to increase its network all over India and hence tier-II and tier-III cities are not investing in MFs. Recently, I have witnessed closing down of some branches of the top AMCs (asset management companies) in Mumbai.” … Read More
MFAC suggests lower expense for direct investors
The Mutual Fund Advisory Committee—appointed by SEBI (Securities and Exchange Board of India)—has recommended the regulator to introduce a separate share class structure for direct investors, according to media reports. The committee has also recommended SEBI that AMCs (asset management companies) should charge a uniform fee for retail and institutional plans, the reports added… Read more
Special Story
Increase pension under EPF scheme to Rs. 5,000: Shashi Tharoor
Member of Parliament for Thiruvananthapuram Shashi Tharoor has urged the Indian government to increase the pension under the Employees Provident Fund (EPF) scheme to at least Rs. 5,000.
According to Mr Tharoor, the current minimum pension of EPF is inadequate for around 3.5 million under the scheme who had spent their working life in the most productive sectors of the national economy… Read more
Post office to introduce mobile remittance scheme
The Postal Department of Kerala and BSNL Infrastructure will introduce a mobile remittance scheme soon, Chief Postmaster General (Kerala Circle) Sobha Koshy said. In Phase-I, the scheme will be implemented in Kerala, Bihar, New Delhi and Punjab, Ms Koshy said after releasing a special postal cover in relation with the ruby jubilee celebrations of Kottayam Press Club… Read more
SEBI allows online subscription of bonds
Securities and Exchange Board of India (SEBI) has approved online subscription of bonds. According to the existing regulation, application supported by blocked amount (ASBA) is allowed in case of initial public offer of shares.
“... to facilitate a system for making online applications for public issue of debt securities and to reduce the timelines of the issue process for public issue of debt securities, it has been decided to extend ASBA facility to public issues of debt securities,” the market regulator said in a notification…Read more
Articles
Should you renew your SIP and how?
There are many advantages of starting an SIP (systematic investment plan) in our mutual fund schemes. An SIP provides benefits of rupee cost averaging, disciplined investing and is lighter on wallet. The minimum investment amount for SIP differs from AMC (asset management company) to AMC… Read more
Experts' views on RBI policy review?
Reduction in SLR may provide structural support to systemic liquidity
“While the status quo in the key interest rates was expected, the 1% slash in the SLR did come as a surprise. It is evident that inflation concerns of RBI have increased in the past few weeks due to inadequate rain fall, devaluing rupee and late resurgence in crude oil prices, highlights Lakshmi Iyer, Head of Fixed Income and Products, Kotak Mutual Fund… Read more
SLR cut will pain markets in the short run
According to Chaitanya Pande, Head Fixed Income , ICICI Prudential AMC, uncertainty on the monsoons and the lack of any pass-through on petro products, RBI’s hands were more or less tied in pushing out the rate cutting cycle by a quarter… Read more
Peerless MF: Bullish on consumption & investments
Banking is a proxy to our growth story and would form a part of our core portfolio. Going by the global slowdown, we are cautious on commodities and energy space, says Kaushik Dani, Fund Manager-Equity, Peerless Funds Management Co Ltd… Read more
SLR cut could put more pressure on govt
The RBI policy guidance conditions further monetary easing on adequate steps by the government to address the supply side constraints, adds Navneet Munot, Chief Investment Officer, SBI MF… Read more
Higher liquidity will result in lower short-term rates
Alok Singh, CIO-Fixed Income, BOI AXA Investment Managers elaborates “The RBI surprised the market once again by lowering the SLR requirement from 24% to 23%, while keeping the repo, reverse repo and CRR ratio unchanged at 8%, 7% and 4.75% respectively”… Read more
Investors are better off investing in funds focused on short-end of g-sec curve
Santosh Kamath, CIO-fixed income, Franklin Templeton Investments, points out “Given the moderation in economic growth and inability to rein in subsidies so far, there remain concerns about the government's ability to meet fiscal deficit and subsidy targets. We expect the long-end of the g-sec curve to remain volatile and believe investors are better off investing in funds focused on short-end of the curve, corporate bonds and accrual strategy”… Read more
We expect average inflation to be around 7.5%: Quantum MF
The ball is back in the government's court. They need to undertake fiscal measures to be able to provide the space for the RBI to provide some more monetary measures through rate cuts and easing liquidity. The RBI frontloaded in April by cutting 50 bps in April… Read more
Fund Managers’ Speak
China’s Growing Pains: Mark Mobius
Many feel that China is the engine for the world economy, and worry that if it slows down, we may be doomed to a recession or even a depression. However, I don’t feel it’s time to push the panic button, says Mark Mobius… Read more
Why Dividends? Why Global? Why Now?
According to BlackRock, global dividend stocks should represent a core component of a portfolio, as they have shown to be a successful long-term investment… Read more
Customers want simple products: Edelweiss MF
Vikaas Sachdeva, CEO, Edelweiss Asset Management Ltd, says, “At Edelweiss, the core quant philosophy is to build adaptive strategies that beat the market consistently with diversified portfolios.”… Read more
Domestic News
Wealth India Financial raises Rs. 20 crore for growth plans
Chennai-based Wealth India Financial Services Pvt Ltd, promoters of FundsIndia.com, has raised Rs. 20 crore in a second round investment.
The Silicon Valley-based venture capital firm Foundation Capital has invested nearly 75% of the fresh investment. The balance amount was a follow up investment from the current investors Inventus Capital, said the company’s CEO, Mr C.R. Chandrasekar… Read more
Gilt Funds best performers across categories
The latest CRISIL Mutual Fund Rankings released for the quarter ended June 2012 revealed that gilt funds were the best performers across the twenty two mutual fund categories that were ranked. Despite giving superior returns, the growth in assets under management (AUM) of these funds was negative… Read more
Rajiv Gandhi Equity Scheme to be launched by August 15
The Finance Ministry is expected to launch Rajiv Gandhi Equity Savings Scheme (RGESS) by 15th August. Earlier, the Ministry said it would launch RGESS by the end of July.
Officials from the Department of Economic Affairs (DEA) would meet market regulator SEBI (Securities and Exchange Board of India) next week to finalise the details of the scheme, a senior finance ministry official said on 28th July… Read more
NFOs
Taurus Fixed Maturity Plan Series X to Z files offer document with Sebi
Taurus Mutual Fund has filed offer document with Sebi to launch Taurus Fixed Maturity Plan Series X to Z, a close-ended debt scheme. The New Fund Offer price is Rs. 10 per unit. Tenure of the scheme(s) will be 30 days to 400 days from the date of allotment of the respective scheme (including the date of allotment).
Investment objective: The investment objective of the scheme is to generate income with minimum volatility through investments in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme…Read more
DWS Fixed Term Fund-Series 87 Announces Dividend
Deutsche Mutual Fund has announced 6 August 2012 as the record date for declaration of dividend on the face value of Rs. 10 per unit under the dividend option of DWS Fixed Term Fund-Series 87. The quantum of dividend will be entire distributable surplus as on the record date. The scheme recorded NAV of Rs. 10.5569 per unit as on 30 July 2012… Read more
SBI MF revises exit load of Magnum Income Fund
SBI Mutual Fund has decided to revise the exit load structure of SBI Magnum Income Fund-Floating Rate Plan-Long Term Plan from 2 August 2012. Accordingly, for exit within six months from the date of allotment, the exit load charge will be 0.5%.
Reliance MF to revise fundamental attributes under Banking Fund
Reliance Mutual Fund has announced the revision of fundamental attributes for Reliance Banking Fund, an open ended banking sector scheme. The changes will be effective from 5 September 2012… Read more
Kotak MF Declares Dividend For Quarterly Interval Plan - Series 6
Kotak Mutual Fund has announced 7 August 2012 as the record date for declaration of dividend on the face value of Rs. 10 per unit under the dividend option of Kotak Quarterly Interval Plan Series 6.
The quantum of dividend will be entire appreciation in Net Asset Value of dividend option until 7 August 2012. The scheme recorded NAV of Rs. 10.2176 per unit as on 31 July 2012…Read more
Axis Long Term Equity Fund Announces Dividend
Axis Mutual Fund has announced 7 August 2012 as the record date for declaration of dividend on the face value of Rs. 10 per unit under the dividend option of Axis Long Term Equity Fund, an open ended equity linked savings scheme.
The quantum of dividend will be Rs. 0.80 per unit as on the record date. The scheme recorded NAV of Rs. 11.7591 per unit as on 31 July 2012…Read more
HDFC Mutual Fund Launches HDFC FMP 373D August 2012 (1)
HDFC Mutual Fund has launched a new plan named as HDFC FMP 373D August 2012 (1), a plan under HDFC Fixed Maturity Plans - Series 22 (a close-ended income scheme). The face value of the new issue will be Rs. 10 per unit. The new issue will be open for subscription from 8 August and will close on 10 August 2012.
The investment objective of the plan is to generate regular income through investments in debt / money market instruments and government securities maturing on or before the maturity date of the plan…Read more
SBI Debt Fund Series-366 Days-11 floats on
SBI Mutual Fund has unveiled a new fund named as SBI Debt Fund Series - 366 Days - 11, a close ended debt scheme with the duration of 366 days. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The new issue will be open for subscription from 6 August and close on 8 August 2012.
The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, PSU & Corporate Bonds and Money Market Instruments maturing on or before the maturity of the scheme…Read more
UTI MF Declares dividend under two schemes
UT Mutual Fund has announced 7 August 2012 as the record date for declaration of dividend on the face value of Rs. 10 per unit under the dividend option of UTI Fixed Income Interval Fund - Annual Interval Plan I and UTI Fixed Term Income Fund - Series X - V (369 Days).
The quantum of dividend will be 100% of distributable surplus as on the record date.
UTI Fixed Income Interval Fund - Annual Interval Plan has the investment objective is to generate regular income by investing in debt / money market instruments and government securities having suitable maturity… Read More
DSP BlackRock MF announces maturity proceedings of FMP-Series 49-3M
DSP BlackRock Mutual Fund has fixed 9 August 2012 as the record date for the purpose of determining the eligible unitholders/beneficial owners holding units (in demat form) of DSP BlackRock FMP-Series 49-3M, a closed-ended income scheme, who would be entitled to the maturity/redemption proceeds on the maturity/final redemption date. The maturity/final redemption date of DSP BlackRock FMP-Series 49-3M is on 13 August 2012… Read more
Reliance MF declares dividend for Qly Interval Fund Series II
Reliance Mutual Fund has announced the declaration of dividend on the face value of Rs. 10 per unit under dividend option in retail and institutional plan of Reliance Interval Fund - Quarterly Interval Fund Series II. The record date for dividend has been fixed as 7 August 2012.
The quantum of dividend will be Rs. 0.2060 per unit for retail plan and Rs. 0.2152 per unit for institutional plan. The NAV for retail and institutional plan stood at Rs. 10.2450 per unit and Rs. 10.2554 per unit respectively as on 31 July 2012…Read more
UTI MF Declares Dividend for Fixed Income Interval Fund
UTI Mutual Fund has announced 8 August 2012 as the record date for declaration of dividend on the face value of Rs. 10 per unit under the dividend option of UTI Fixed Income Interval Fund - Monthly Interval Plan II… Read more
Reliance MF declares dividend for Interval Fund-Quarterly Interval Fund-Series II
Reliance Mutual Fund has announced the declaration of dividend on the face value of Rs. 10 per unit under dividend option in retail and institutional plan of Reliance Interval Fund-Quarterly Interval Fund Series II. The record date for dividend has been fixed as 8 August 2012… Read more
L&T Midcap Fund announces dividend
L&T Mutual Fund has announced 8 August 2012 as the record date for the declaration of dividend on the face value of Rs. 10 per unit under the dividend option of L&T Midcap Fund… Read more
Reliance MF floats Fixed Horizon Fund-XXII-Series 21
Reliance Mutual Fund has launched a new fund named as Reliance Fixed Horizon Fund-XXII-Series 21, a close-ended income scheme with the duration of 739 days from the date of allotment. During the new fund offer (NFO) the scheme will offer units at Rs. 10 per unit. The new issue will be open for subscription from 10 August and will close on 16 August 2012… Read more
HDFC MF declares dividend for Qly Interval Fund-Plan C
HDFC Mutual Fund has announced 6 August 2012 as the record date for declaration of dividend under the dividend options of HDFC Quarterly Interval Fund-Plan C - Wholesale and Retail Plan… Read more
Reliance MF declares dividend under Fixed Horizon Fund-XX-Series 23
Reliance Mutual Fund has announced the declaration of dividend on the face value of Rs. 10 per unit under dividend payout option of Reliance Fixed Horizon Fund - XX Series - 23. The record date for dividend has been fixed as 6 August 2012.
The quantum of dividend will be entire distributable surplus available in the scheme as on the record date. The scheme recorded NAV of Rs. 10.9477 per unit as on 30 July 2012… Read more
IDFC FMP Yearly Series-45 Announces Dividend
IDFC Mutual Fund has announced 6 August 2012 as the record date for declaration of dividend on the face value of Rs. 10 per unit under the dividend option of IDFC Fixed Maturity Plan - Yearly Series - 45 (IDFC FMP YS - 45)… Read more
DSP BlackRock Dual Advantage Series 11-15 files offer document with Sebi
DSP BlackRock Mutual Fund has filed offer document with Sebi to launch DSP BlackRock Dual Advantage Fund - Series 11 to 15, close ended income schemes. The New Fund Offer price is Rs. 10 per unit… Read more
JPMorgan India Focus Fund files offer document with Sebi
JPMorgan Mutual Fund has filed offer document with Sebi to launch JPMorgan India Focus Fund, an open ended equity growth scheme. The New Fund Offer price is Rs 10 per unit… Read more
New appointments
Kotak Mutual Fund appoints Harsha Upadhyaya as head of equities
Kotak Mutual Fund, one of the leading mutual fund houses in India, announced the appointment of Harsha Upadhyaya as the Head of Equities and will be based in Mumbai… Read more
Canara Robeco MF announces change in key personnel
Canara Robeco Mutual Fund has announced that M. Paparao has been appointed as Investor Relation Officer (IRO) of Canara Robeco Asset Management Company Ltd, with effect from 1 August 2012. He is aged 47 years and holds Bcom, MBA as his educational qualification.
Principal MF announces appointment of key personnel
Principal Mutual Fund has announced that Bekxy Kuriakose, Head - Fixed Income has been designated as the Key Personnel of Principal Pnb Asset Management Company Limited, with effect from 10 July 2012. She is aged 33 years and holds B.A. (Honours) in Economics, PGDM (IIM Bangalore) as her educational qualification.