The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
'Investors should restrict themselves to a few category schemes with high quality portfolios apart from overnight and liquid funds.'
The fund house had offered two options to affected investors -- either monetisation of assets by trustees or hiring a third party to conduct the process.
The improving outlook for the power sector has caught the interest of dividend yield funds. In the first four months of the current financial year (2023-24, or FY24), five of the six largest dividend yield funds have shown a notable increase in their exposure to stocks within the power sector. Some have even introduced new stocks to their portfolios.
State-run insurer LIC and private fund house Franklin Templeton have hiked their stake in Mukesh Ambani-led Reliance Industries by collectively buying about 23 lakh shares, currently worth an estimated Rs 200 crore (Rs 2 billion).
'We know that returning money to unitholders at the earliest is the first and most important step towards resurrecting our brand and regaining investor trust.'
The ED case follows the police complaint for alleged criminal conspiracy and defrauding investors.
Capital markets regulator Sebi has amended norms to bring buying and selling of mutual fund units under the ambit of insider trading rules. At present, insider trading rules are applicable to dealing in securities of listed companies or those proposed to be listed, when in possession of Unpublished Price Sensitive Information (UPSI). The units of mutual funds are specifically excluded from the definition of securities under the rules.
R Sukumar of Franklin Templeton Invetments (India) continues to be positive on the longer term prospects of the market although he feels that rising interest rates and inflation could pose as a problem in the short term.
Bajaj Finance was the top laggard in the Sensex pack, dropping over 9 per cent, followed by Axis Bank, IndusInd Bank, HDFC, ICICI Bank and M&M. Reliance Industries, however, capped the losses by rallying over 3 per cent. Sun Pharma, Hero MotoCorp, L&T, PowerGrid and Bajaj Auto were also among the gainers.
There was no postal intimation to unitholders who didn't have a registered email address, according to a letter that Midas Touch Investors Association sent to Sebi.
After Chanda and Deepak Kochchar, the Kudvas are the second power couple in the financial world to come under the regulatory glare.
'India is an equity market with a breadth and depth of companies to invest in.'
Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) in funding led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion. The company, which competes with Amazon, Reliance Industries' JioMart and others in the burgeoning Indian e-commerce market, said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country. The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
In a statement, the central bank said heightened volatility in capital markets in reaction to Covid-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom.
We expect the Indian equity market to continue attracting interest from local as well as foreign investors. This is because India's economy is expected to continue to record sustained economic growth.
Don't exit from growth-style funds as they may benefit next from a shift in investor preference.
Despite the toned-down estimates, Sukumar Rajah, MD and CIO -- Asian Equities, Franklin Templeton Investments, tells Business Standard that India maintains the lead in economic growth vis-a-vis most of its peers and the regulatory risk will reduce.
Among individual fund houses, SBI MF was the biggest gainer in absolute terms; its AAUM rose Rs 66,090 crore, compared to its asset base in the corresponding period of FY18, reports Jash Kriplani.
There are various mutual fund schemes to choose from, such as equity-diversified funds, mid- or small-cap funds, debt funds and so on.
The Indian markets have risen 5.2 per cent in the last five days, but Mobius, who has one of the largest exposures to India among Brazil, Russia, India, China (BRIC) countries, says he cannot say the correction is over in the Indian markets.
As the stock markets scale new peaks almost every day in a pre-poll rally, a vast majority of Indian investors expect a further rise in equities in the current year, says a survey.
By contrast, the fraud enabled Raju's kin and aides to make hundreds of crores, charges CBI.
Nine lenders have exposure to the promoter entities and had taken listed operating companies' shares as collateral from the promoter companies.
Forget Starbucks coming into India. Witness the expansion of Caf Coffee Day, which is set to mushroom across the country.
The SIP route suits the salaried class, by matching their income flows with investment frequency.
Distressed by the falling spree of Indian equities, fund managers are looking at various avenues of diversification. At a time when emerging markets, including India, are vulnerable to global cues and are more coupled, frontier markets showless or almost no correlation. Franklin Templeton was the first to spot an opportunity and has already filed for a MENA fund (Middle East North Africa Fund), which will invest in some of the frontier markets.
Mark Mobius, the 71-year old investment guru and executive chairman of Franklin Templeton Investments, has a positive view on the Indian market and feels that stock valuations have become attractive after the 27 per cent cut in benchmark equity indices since late January.Stating that it was difficult to predict the end of the current phase, Mobius said he expected the decoupling to continue in the long term.
Experts say the impact on the schemes' NAVs may vary in the coming days, depending upon how fund houses treat the developments on VIL and whether there are any further rating downgrades or credit events.
If you don't have enough time to study the market, go for mutual funds, says personal finance expert Rahul Goel.
Templeton, which holds a 9 per cent stake in Taro, said that Sun's offer of $7.75 a share is too low and unjust to the minority shareholders of Taro.
In fact, the current market scenario provides more value investment opportunities. So, it is positive for mutual funds.
Some historical evidence on why sector funds cannot form the core of your portfolio.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Chief Investment Officer of Prudential ICICI, Nilesh Shah discusses the current situation of the market in terms of inflows, valuations and the general consensus on the market.
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