The central bank opened a special 14-day repo window of Rs 20,000 crore to enable banks to raise money and lend to the funds, but received only four bids for Rs 3,500 crore. RBI uses the repo route to lend money to banks and enhance liquidity in the system.
While there is inherently nothing wrong with investing in an IPO, the decision to invest in one should be triggered by its ability to fill a gap in the investor's portfolio.
DSP Merrill Lynch Mutual Fund on Monday launched three new schemes and targets to raise Rs 750 crore (Rs 7.50 billion) through the initial public offering for these schemes.
T S Vijayan, whose five-term as the chairman of government-owned Life Insurance Corporation of India (LIC) ended on Tuesday, is likely to shift to UTI Mutual Fund as the new head.
Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax
Franklin Templeton Mutual Fund, which has closed six debt schemes, has said the winding-up process will be delayed in the absence of authorisation from investors and further steps will be possible only after seeking fresh approval from them. It further said that investors who do not have an e-mail ID or mobile number registered with the fund house will not be able to participate in the voting process. The date on which the voting would start has not been disclosed yet.
Tax Guru Anil Rego answers your personal income tax queries.
Of the 280-odd equity schemes that have been in existence for five years or more, 190 funds or about 70 per cent of those funds have outperformed their respective benchmark indices.
Investing in mutual funds, stocks or any other asset is always rewarding if you hold on to them for at least five years or more.
Steep volatility in the markets has made fund managers cautious, awaiting opportunities to deploy the cash.
ICICI Bank, HDFC Bank, Infosys, SBI and L&T among fund managers' preferred bets.
Market regulator also announces measures for mutual funds sector.
With a slew of measures for mutual fund investors, Sebi has regulated that Selling of bonus units in mutual funds before nine months can lead to more tax liability, but it does not apply to stocks. This is because an amendment was made in the Income Tax Act, which prevents tax payers from 'bonus stripping'. This provision mentions that if there is any loss when the investor redeems bonus units in the first nine months the loss will not be considered as part of taxable income.
The move follows the near Rs 60 crore (Rs 600 million) redemptions every month from the US-64 and ARS bonds in the last couple of years.
While comparing portfolios of various mutual fund schemes, investors must keep the following points in mind. Read on:
The Aditya Birla group, led by Kumar Mangalam Birla, has taken charge of its mutual fund joint venture with Sun Life Financial of Canada by buying 1 per cent stake from the latter.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The financial services sector, including NBFCs and housing finance companies (HFCs), have historically been the largest borrowers from MFs.
Indian asset management companies (AMCs) are likely to see a hefty spike in their valuations, after the last week's 5 per cent equity stake sale by Reliance Mutual Fund to US-based hedge fund Eton Park.
Ten Indian states contribute a lion's share of 95% or Rs 12.25 lakh crore.
'Investors should restrict themselves to a few category schemes with high quality portfolios apart from overnight and liquid funds.'
Union Bank of India said HDFC Mutual Fund tied up with the bank to distribute its mutual fund schemes across India.
The assets under management of mutual funds are likely to cross Rs 600,000 crore (Rs 6 trillion) by the end of this fiscal as the continuing bull run in the stock markets and launch of new schemes by fund houses lures more investors.
Unit Trust of India Mutual Fund, which commenced operations at the beginning of this month, is targeting to double its Assets Under Management to Rs 30,000 crore (Rs 300 billion) in the next 12 months, chairman and managing diector M Damodaran said.
The cinematographer-turned-director has quite two projects lined up.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
In 2013-14, as many as 45 people each earned more than Rs 1 crore (Rs 10 million) commission as a mutual fund (MF) distributor. This is up from 33 in 2012-13 and 22 in 2011-12.
A Sebi concept paper put out today for feedback from the public said investors buying mutual fund products need not pay entry load for applications filed online or through collection centres of asset management companies.
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.
At present, 60 per cent of the mutual fund industry's corpus comes from fixed income schemes, which invest in stable return giving instruments such as government securities and bonds.
UTI Asset Management Company will float an initial public offer by March-end 2008 to help its sponsors State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda -- offload up to 50 per cent stake.
Reserve Bank Governor Shaktikanta Das on Thursday said the central bank's asset purchases, aimed at mitigating COVID-19-related liquidity stress in the system, did not dilute its balance sheet or compromise on core principles of central banking. In the wake of the pandemic, the RBI undertook several conventional and unconventional measures. "Unlike many central banks, the RBI's asset purchases did not dilute its balance sheet and hence, did not compromise on core principles of central banking," Das said while addressing an event organised by the Bombay Chamber of Commerce. These purchases were confined to risk-free sovereign (government) bonds including state government securities only, he said.
The guidelines for Real Estate Mutual Funds, which are being worked out by a panel appointed by the Securities and Exchange Board of India, are likely to contain suggestions for quarterly disclosure of net asset value.
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