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.
Allaying investors' fears, Franklin Templeton AMC has said Sebi's order prohibiting the company from launching new debt funds will have no bearing on existing schemes managed by it. Sebi on Monday barred Franklin Templeton Asset Management (India) from launching any new debt scheme for two years and imposed a penalty of Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees of over Rs 512 crore (including interest) collected with respect to the six debt schemes. This amount will be used to repay unitholders, as per Sebi order.
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.
Fundraising via equity NFOs highest since 2008; Over Rs 11K cr collected in first eight months of 2017, says Chandan Kishore Kant
Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
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.
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.
Will 2022 be a year of contrasting narratives -- one filled with caution and the other with continued optimism?
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.
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
The simplified form will comprise details of taxpayers' mutual fund transactions, pending and completed income tax proceedings, status of income tax demand, besides tax deducted at source and tax collected at source. Form 26AS is an annual tax credit statement containing details of various taxes deducted on income.
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.
Sebi on Friday imposed a penalty of Rs 50 lakh on Kotak Mahindra Asset Management Company (AMC) and barred the fund house from launching new fixed maturity plan (FMP) scheme for six months for violating regulatory norms. The markets regulator has directed the fund house to refund a part of the investment management and advisory fees collected from the unitholders of the six FMP schemes along with a simple interest at the rate of 15 per cent per annum. The case relates to the fund house's investment in certain FMPs. These FMPs of Kotak AMC had invested in Zero Coupon Non-Convertible Debentures (ZCNCDs) issued by Essel Group entities.
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.
Market regulator also announces measures for mutual funds sector.
While comparing portfolios of various mutual fund schemes, investors must keep the following points in mind. Read on:
The MRSAM is amongst the most lethal surface-to-air missiles in service anywhere.
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.
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.
Union Bank of India said HDFC Mutual Fund tied up with the bank to distribute its mutual fund schemes across India.
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.
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 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.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The cinematographer-turned-director has quite two projects lined up.
Tax Guru Anil Rego answers your personal income tax queries.
Ten Indian states contribute a lion's share of 95% or Rs 12.25 lakh crore.
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.
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.
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.
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