Domestic asset management companies (AMC) have launched around 60 new fund offers (NFOs) in the last six months and mobilised around Rs 27,000 crore. Fund houses are rushing to launch new funds amid buoyancy in the equities market.
'We will likely be buffeted by tailwinds from the global economy, geopolitical shifts and robust domestic demand.'
A number of listed companies are not to be found on their registered address. The stock exchange has also been unable to contact them through other means. These 50 companies had been suspended for violations for more than six months. The BSE had reached out to them with show cause notices in December 2020.
A lot of gains have been driven by foreign portfolio investors. Lower interest rates globally have forced foreign investors to seek avenues for growth. They have been net buyers to the tune of Rs 2.5 trillion over the trailing 12 months, including May, reports Sachin P Mampatta.
The regulator is more carefully scrutinising applications by infrastructure investment vehicles that have a limited number of investors. They have been asked to broaden their investor base before application approval, according to two people familiar with the matter. The Securities and Exchange Board of India is concerned about the structure being used for getting around tax requirements, according to one of the sources.
The BSE SmallCap index gained 106 per cent in the one year ended May 12, 2021.
Only 10 per cent of stocks account for 93 per cent of investments.
Top officials said asking employees other than the fund management team to mandatorily invest a fifth of their salary goes against the principle of natural justice.
The government has been in discussions to promote such international financial services centres within India as alternatives to places like Singapore.
Discussions are said to have been heating up over how long a tax indemnity clause, which is part of such deals, should run, according to multiple people familiar with the matter.
Equity flows turning positive could give fund managers firepower to invest in the markets. This could come in handy as flows from foreign investors have tapered off amid rising bond yields in the US.
Industry players say improving the penetration beyond the top centres will require setting up more branch networks and empanelment of distributors.
Stocks mutual funds had invested in had risen almost to pre-pandemic levels in March.
Asset-weighted returns of large cap funds lagged their benchmark by 273 basis points, ELSS funds by 318 bps and mid- and small-cap funds by 230 bps.
An additional factor spurring the FMP launches is MFs' desire to retain investors as many such offerings are set to mature over the next two months.
Any speculation suggesting otherwise, or any rumours around sale of our business in India are incorrect and simply that -- rumours, says head of the US-based asset manager.
Sources said SBI Funds Management will distribute the proceeds to unitholders following liquidation of some securities held under the scheme.
'Money that came into mutual funds near the previous peaks -- the second half of 2017 and 2018 -- has in most cases experienced unflattering returns.' 'A large proportion of redemptions could be such inflows exiting when the market recovered sharply from July 2020 onwards.'
This year is set to be the third consecutive year when India's share of IPOs has fallen relative to the rest of the world.
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