Mutual Fund Newsletter – March 17 to 21, 2014

The SEBI Board met in Mumbai to consider the proposals for fee revision based on recommendation of Committee on Rationalization of Financial Resources

March 22, 2014 1:47 IST | India Infoline News Service
Top Stories

SEBI approves fee hike, budget for FY15
Capital market regulator SEBI (Securities and Exchange Board of India) on Thursday considered the proposal relating to budget estimates for the financial year 2014-15. The SEBI Board met in Mumbai to consider the proposals for fee revision based on recommendation of Committee on Rationalization of Financial Resources. The budget for the financial year 2014-15 has been prepared keeping in view the need to place greater emphasis to achieve the mandated statutory objectives, SEBI said in a notification. Among the activities for FY15, SEBI board will focus on strengthening the investor awareness and education measures. The Board will also enlarge its reach amongst investors through regional and local offices... Read more

SEBI notifies rules to make KYC process easier
Market regulator SEBI (Securities and Exchange Board of India) has notified a set of norms that allow various market entities such as brokers and mutual funds to get details from centralised KYC agencies instead of carrying out a new KYC procedure. The objective is to make know your client process easier for investors. "When the client approaches another intermediary subsequently, the intermediary shall verify and download the client's details from the system of KRA," SEBI said in a notification dated March 13... Read more

Domestic News

SEBI seeks quarterly meetings of state panels
In order to tackle the issue of illegal fund pooling activities, SEBI (Securities and Exchange Board of India) has sought meetings of state-level coordination committees every quarter. Speaking at the inauguration of regulator's local office at Ranchi, SEBI chairman UK Sinha said the periodicity of state-level Coordination Committee meetings should be increased to once a quarter to curb the issue of illegal fund mobilisation activities by unscrupulous firms... Read more

CPSE ETF gets bids of over Rs 2,400 crore till Day 3
CPSE Exchange Traded Fund (ETF) has garnered cumulative bids of over Rs 2,400 crore at the end of third day on Thursday due to strong demand from retail and institutional investors.
The scheme was launched on 18 March 2014 to aid government in meeting its divestment target and the government aims to raise Rs 3000 crore from this scheme. The scheme is now open for non-anchor investor and will close on 21 March 2014 for NFO subscriptions. Scheme will re-open for continuous Subscription and Redemption on or before 11 April 2014...
Read more

Deutsche Asset MF launches fixed maturity plans
Deutsche Asset Management India has launched DWS Fixed Maturity Plan – Series 62, a 367 days close ended debt fund. The AMC has also launched DWS Fixed Maturity Plan – Series 63, a 373 days close ended debt fund. The objective of the schemes is to generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the Scheme. The schemes will invest predominantly in Commercial Papers, Non Convertible Debentures (NCD)/Bonds... Read more

International News

Salespeople in Asia clinch greater proportion of pay from net sales
Cerulli's Global Marketing and Sales Organizations 2013: An Industry Road Map report finds managers from the three regions, with assets under management totaling US$24 trillion as at December 2012, use CRM systems to assess a sales team's success. On average, a US salesperson in charge of wholesaling relationships will derive 40% of their pay from gross sales commission and 17% from net sales. In contrast, European managers place equal importance on tracking net and gross sales for compensation, whereas in Asia, 60% of the managers track net sales for compensation. Meetings with specific firms and key influencers may not rank highly for compensation purposes, but they are monitored to determine the quality of a relationship. Managers in the United States use CRM systems to determine the number of touch points before a sale is made. In Europe, however, these measures are used selectively... Read more

US equity funds estimates inflows of $3.13bn for latest week: ICI
Total estimated inflows to long-term mutual funds were $9.84 billion for the week ending Wednesday, March 12, the Investment Company Institute reported. Flow estimates are derived from data collected covering more than 95 percent of industry assets and are adjusted to represent industry totals. Equity funds had estimated inflows of $3.13 billion for the week, compared to estimated inflows of $5.38 billion in the previous week. Domestic equity funds had estimated inflows of $1.90 billion, while estimated inflows to world equity funds were $1.23 billion. Hybrid funds, which can invest in stocks and fixed-income securities, had estimated inflows of $1.43 billion for the week, compared to estimated inflows of $1.20 billion in the previous week... Read more

Cerulli projects direct retail channel to reach $5.9T in 2016
New research from global analytics firm Cerulli Associates projects direct retail channel assets to reach $5.9 trillion by the end of 2016. "Direct firms continue to benefit from serving a wide array of investors, regardless of wealth or age," comments Roger Stamper, senior analyst at Cerulli. "The majority of these firms have the ability to service both small and large accounts because their platforms are adaptable and scalable." Cerulli's Retail Investor Product Use 2013 report is designed to help product manufacturers and distributors understand retail investors' product preferences, product use, and product needs to better inform development and distribution initiatives... Read more


Be wary of settlements, this can impact your CIBIL score
Have you gone overboard on your credit card dues and do not know how to get out of the whirlwind of mounting debt? Very often, banks offer settlement of debt to their customers in an attempt to relieve them from their overdues. Settlement promises to trim your debt by indulging in a negotiation with your creditor. The process is simple – the creditor/bank offers the customer to pay a lump sum amount, which is usually a portion of the total debt. Thereafter, the bank closes the credit card or loan account. While this is an immediate reprieve to your problems, beware -this is just a transient one!... Read more

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