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Mutual Fund Newsletter - November 05 to November 09, 2012

India Infoline News Service/ 17:23 , Nov 09, 2012

Axis Mutual Fund has announced change in fund management responsibilities of open and close ended debt oriented schemes and Hybrid Scheme. Devang Shah has been appointed as the Fund Manager - Fixed Income for Axis Mutual Fund with effect from 16 October 2012.

Top Stories

Equity MFs redemptions continue for fifth month in a row

Investors continue to redeem their investments in equity mutual fund schemes for the fifth consecutive month till October. The net outflow equity mutual funds in October stood at Rs. 19.84 billion, according to Association of Mutual funds in India (AMFI) data.

With the latest higher redemptions, the current fiscal so far witnessed an overall net outflows of Rs. 92.58 billion which during the same period last year showed positive figures with net inflows of Rs. 37.50 billion.

SEBI, AMCs to play active role in penetration of pension schemes

The International Advisory Board (IAB) appointed by SEBI extensively discussed the issue relating to regulatory gap in respect of various unregulated collective investment schemes and money circulation schemes in India.

In its meeting held on November 3 and 4, IAB members also brought to the table a global perspective to the issue by sharing their experiences from other jurisdictions. The chief of NSE, BSE, MCX-SX and USE had participated in this meeting… Read more

SEBI relaxes debt allocation mechanism for FIIs

India will allow foreign investors to re-invest up to 50% of their debt holdings from the previous calendar year starting in January 2014, Securities and Exchange Board of India (SEBI) said in a circular.

"With a view to provide operational flexibility, beginning January 1, 2014, it has been decided that FIIs/sub-accounts can reinvest during each calendar year to the extent of 50 per cent of their debt holding at the end of previous calendar year," SEBI said in a circular… Read more

Quote, Unquote

“I don’t want to claim that we have the best system in the world, because that will be the wrong way to say it, but still our systems are very robust and that is why many of the outside regulators at looking at our system (to emulate it)”

UK Sinha, chairman, SEBI, to PTI

Domestic News

Number of SEBI-registered fund houses reach 50       

The number of registered asset management companies (AMCs) in India has reached 50, with the addition of PPFAS Mutual Fund on 10th October, the SEBI data indicated.

According to the latest list of SEBI-registered AMCs in India as on October 31, there are 50 AMCs after PPFAS Mutual Fund was granted registration in October… Read more

AMCs hesitant to launch Rs. 20,000 cash pay option: Reports

SEBI (Securities and Exchange Board of India) plans to reach out to small-town investors—who do not have bank accounts—has gone off track as asset management companies (AMCs) have refused to launch the transaction facility that allows them to collect cash investments up to Rs. 20,000 from small retail investors, according to media reports.

In October, SEBI had taken a number of measures for the mutual fund industry. The regulator had allowed people without a bank account or permanent account number to invest up to Rs 20,000 in cash… Read more

Aditya Birla group buys additional 1% stake in Birla Sun Life AMC

The Aditya Birla group, led by Kumar Mangalam Birla, has acquired 1% of its mutual fund joint venture with Sun Life Financial of Canada. No financial details of the deal were provided.

The Aditya Birla group will now own 51% stake in Birla Sun Life Asset Management Co Ltd and Sun Life will be left with 49%. The Birlas and Sun Life had set up the mutual fund venture in 1994.

Quantum MF optimistic about Indian equities in long run

The month of October saw the BSE Sensex falling by 1.3% on total return basis compared to previous month. Other broader indices such as BSE 200 and BSE 500 also declined during the month. Among the sectors, FMCG and Healthcare were the ones which were positive during the month. Power, Real estate, Oil & Gas and Metals were lackluster and lost most during the month. On a year-to-date basis, the Sensex has risen decently by 21.74% in 2012… Read more

Reliance Cap reports Rs. 4.01 billion consolidated net profit in Sept quarter

Reliance Capital Ltd rose over 3% in early trade on Wednesday after the company posted a consolidated net profit of Rs. 4.01 billion for the three-month period ended September 30, 2012.

The entity had net profit of Rs. 330 million in July-September quarter of 2011, Reliance Capital said in a statement. RMF had a wide distribution network with 235 branches across India, as on 30 September 2012… Read more

Mutual funds mobilise Rs. 519 billion in September 2012

During September 2012, mutual funds saw a net outflow of Rs. 519.07 billion (of which Rs. 375.88 billion were from private sector mutual funds and Rs. 42.26 billion from public sector mutual funds) compared to Rs. 198.06 billion net inflow (of which Rs. 167.25 billion were mobilised by private sector mutual funds and Rs. 25.11 billion by public sector mutual funds) during August 2012… Read more

Assets under PMS industry rise 2.1% in Sept 2012

Total assets under management (AUM) of portfolio management services (PMS) industry increased 2.1% to Rs. 5.57 trillion in September 2012 from Rs. 5.46 trillion in August 2012, the SEBI data highlighted.

As on September 28, 2012, AUM of discretionary PMS constitute 82.6% of the total AUM of PMS followed by advisory PMS (13.4%) and discretionary PMS (4%)… Read more

FIIs pump in Rs. 198.84 billion in Sept 2012

There was a net inflow of Rs. 198.84 billion in September 2012 by foreign institutional investors (FIIs) compared to inflow of Rs. 110.69 billion in August 2012, according to SEBI data.

FIIs invested Rs. 192.62 billion in equity in September 2012 against Rs. 108.04 billion invested in August 2012. In addition, FIIs invested Rs. 6.23 billion in debt market in September 2012 compared to Rs. 2.65 billion in August 2012, the SEBI data added… Read more

MFs offload equity worth Rs. 31.99 bn in Sept 2012

Mutual funds made net investment of Rs. 469.11 billion in the secondary market in September 2012 compared to Rs. 272.32 billion in August 2012, according to SEBI data.

During September 2012, mutual funds net sold Rs. 31.99 billion in equity compared to Rs. 16.31 billion sold in August 2012. Further mutual funds net invested Rs. 501.10 billion in debt market in September 2012 as compared to Rs. 288.63 billion invested in August 2012, the SEBI data said.

Special Stories

RBI allows banks to undertake proprietary transactions in bond market

The Reserve Bank of India (RBI) has allowed banks to become members of SEBI-approved stock exchanges to undertake 'proprietary transactions' in the corporate bond market.

"To further enhance transparency, it has been decided to permit scheduled commercial banks (SCBs) to become members of Securities and Exchange Board of India (SEBI) approved stock exchanges for the purpose of undertaking proprietary transactions in the corporate bond market," the RBI said… Read more

SEBI simplifies procedure for changing investor name in accounts

SEBI (Securities and Exchange Board of India) on 1 November relaxed the procedures to be followed by investors while changing names in individual accounts.

In case there is change of name after marriage, the individual investor can submit either a copy of marriage certificate or passport showing husband’s name or document showing the publication of name change in official gazette, the regulator said… Read more

Investors are biggest sufferers of frauds: Ernst & Young

According to a report by Ernst & Young—a consulting firm—over 63% of the total fraud cases in the financial year 2012-13 were reported in the financial services sector, banks being the most common victim of frauds followed by insurance and mutual fund companies.

The report named Fraud Indicator pointed out that the high incidence of fraud in the financial sector was due to oversight from the senior management on deviation from processes, lapses in the system, daily cash transactions, etc… Read more

Our systems are quite advanced & robust: SEBI

Capital market regulator SEBI (Securities and Exchange Board of India) said it has developed a surveillance system that even foreign regulators are looking to emulate, according to media reports.

SEBI Chairman UK Sinha said that some of the foreign regulators are looking at our systems as they are quite advanced and robust. The SEBI Chairman had observed this while attending IOSCO (International Organization of Securities Commissions) meetings, the reports added… Read more

Learning

Tax provisions for investment in mutual funds

Our investment decisions are guided not only by the benefits which a particular financial product offers, but also by the current tax provisions that the instrument is subject to. Like any other financial product, there are tax implications of investing in mutual fund schemes too. Various types of mutual fund schemes are subject to different tax provisions… Read more

New Appointments

Mirae Asset MF announces change in key personnel of AMC

Mirae Asset Mutual Fund has announced change in key personnel of the AMC. Basavraj Shetty ceased to be Head-Offshore Advisory & Key Personnel of the AMC with effect from 31 October 2012 and has been designated as Fund Manager-Offshore Advisory with effect from 1 November 2012… Read more

Edelweiss MF announces change in key personnel

Edelweiss Mutual Fund has announced that S Santhanakrishnan has ceased to be an Independent Director of Edelweiss Trusteeship Company Ltd from 6 November 2012.

Taurus MF announces change in equity research team

Taurus Mutual Fund has announced change in the list of persons involved in equity research. Accordingly, Pranshu Mittal does not figure in the list of persons involved in equity research with effect from 30 October 2012.

Edelweiss MF appoints Himanshu Kaji as director on the board

Edelweiss MF has appointed Himanshu Kaji as an associate director on the board of Edelweiss Trusteeship Company Limited from 29 October 2012… Read more

Axis MF announces change in fund management responsibilities

Axis Mutual Fund has announced change in fund management responsibilities of open and close ended debt oriented schemes and Hybrid Scheme. Devang Shah has been appointed as the Fund Manager - Fixed Income for Axis Mutual Fund with effect from 16 October 2012.

International News

Swiss Re places 1st bonds to combine catastrophe & mortality risks

Swiss Re has obtained USD 200 million in coverage against North Atlantic hurricane and UK extreme mortality risk through its new Mythen Re programme. The bond issuance is the first time hurricane and mortality risks have been combined into a bond offering.

The issuance is comprised of two tranches of notes. The USD 120 million Class A notes, rated B+ by S&P, combine PCS North Atlantic hurricane risk with UK extreme mortality risk. The second tranche, rated B- by S&P, provides USD 80 million in protection for North Atlantic hurricane risk… Read more

NFOs

Tata MF announces change in nomenclature of Growth Fund

Tata Mutual Fund has announced change in nomenclature of Tata Growth Fund, with effect from 22 November 2012… Read more

Deutsche MF announces change in name of Money Plus Advantage Fund

Deutsche Mutual Fund has announced change in name of Money Plus Advantage Fund from 26 November 2012… Read more

SBI Debt Fund Series-180 Days-25 announces dividend

SBI Mutual Fund has announced 12 November 2012 as the record date for declaration of dividend under the dividend option of SBI Debt Fund Series-180 Days-25… Read more

Birla Sun Life Infrastructure Debt Fund-Series A to B files offer document with SEBI

Birla Sun Life Mutual Fund has filed offer document with SEBI to launch Birla Sun Life Infrastructure Debt Fund-Series A to B, a close ended infrastructure debt fund… Read more

HDFC FMP 370D November 2011 (1) announces dividend

HDFC Mutual Fund has announced 12 November as the record date for declaration of dividend under normal dividend option and quarterly dividend option of HDFC FMP 370D November 2011 (1) affixed maturity plan under HDFC Fixed Maturity Plans-Series XIX… Read more

UTI Mutual Fund announces dividend under two schemes      

UTI Mutual Fund has announced 12 November 2012 as the record date for declaration of dividend under the dividend options of the following schemes… Read more

Union KBC Fixed Maturity Plan-Series 3 & 4 files offer document with SEBI

Union KBC Mutual Fund files offer document with SEBI to launch Union KBC Fixed Maturity Plan-Series 3 & 4, a close ended income scheme… Read more

Tata Fixed Maturity Plan Series 37 Scheme C announces dividend

Tata Mutual Fund has announced 12 November 2012 as the record date for declaration of dividend under the periodic dividend option of Tata Fixed Maturity Plan Series 37 Scheme C. The rate of dividend per unit on the face value of Rs 10 per unit will be entire distributable surplus.

SBI Magnum Gilt Fund-Long Term revises exit load

SBI Mutual Fund has announced change in exit load structure under SBI Magnum Gilt Fund-Long Term from 7 November 2012… Read more

HDFC MF announces maturity of HDFC FMP 370D November 2011 (1)

HDFC Mutual Fund has announced that the Record Date for the purpose of determining the eligible unit holders/beneficial owners holding units (in demat form) of HDFC FMP 370D November 2011 (1)-HDFC Fixed Maturity Plans-Series XIX, a closed-ended income scheme… Read more

DSP BlackRock Cash Manager Fund files offer document with SEBI

DSP BlackRock Mutual Fund has filed offer document with SEBI to launch DSP BlackRock Cash Manager Fund, an open ended income (liquid) scheme. The New Fund Offer price is Rs 10 per unit... Read more

Peerless Mutual fund declares dividends

Peerless Mutual Fund has declared dividend under the quarterly Dividend Option of Peerless Income Plus Fund (an open ended debt scheme). The record date for dividend was November 2, 2012… Read more

JPMorgan India Income Opportunities Fund files offer document with SEBI

JPMorgan Mutual Fund has filed offer document with SEBI to launch JPMorgan India Income Opportunities Fund, an open ended income scheme… Read more

BNP Paribas MF announces change in transaction facility through stock exchange

BNP Paribas Mutual Fund has announced that maximum limit of Rs. 1 crore for subscription through Stock Exchange Platform in BNP Paribas Bond Fund… Read more

BNP Paribas Money Plus Fund can be transacted through stock exchange

BNP Paribas Mutual Fund has announced that the units of BNP Paribas Money Plus Fund, an open ended income scheme… Read more

Peerless Income Plus Fund declares dividend under Quarterly Dividend Option

Peerless Mutual Fund has declared dividend under the quarterly Dividend Option of Peerless Income Plus Fund (an open ended debt scheme). The record date for dividend was 2 November 2012… Read more

Birla Sun Life MF announces dividend under 3 schemes

Birla Sun Life Mutual Fund has announced 9 November 2012 as the record date for declaration of dividend under the dividend options of the following schemes… Read more

DSP BlackRock FMP-Series 18-12M announces dividend

DSP BlackRock Mutual Fund has announced 8 November 2012 as the record date for declaration of dividend under the dividend payout option of DSP BlackRock FMP-Series 18-12M. the quantum of dividend will be up to 100% of distributable surplus as on record date on the face value of Rs 10 per unit. The maturity date of the scheme is 8 November 2012.        

HDFC Mutual Fund launches HDFC FMP 371D November 2012 (1)

HDFC Mutual Fund has launched a new plan named as HDFC FMP 371D November 2012 (1), a plan under HDFC Fixed Maturity Plans - Series 23 (a close-ended income scheme)... Read more

 



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