Much to the respite of fund managers, the equity mutual fund schemes have seen net inflows for the second successive month. According to the statistics available from the industry body, Association of Mutual Funds in India (Amfi), the pure equity funds witnessed a net inflow of Rs 1,401 crore during the month. This has taken the overall net inflows in FY12 to Rs 3,104 crore, against a net outflow of a massive Rs 14,624 crore during the same period last year.
News Source – BUSINESS STANDARD.
Over half a dozen Indian banks are gearing up to accept funds from qualified foreign investors (QFI) for investment in equity and debt schemes offered by mutual funds in India. Banks including State Bank of India, HSBC, Citi, Standard Chartered Bank, HDFC Bank and Deutsche Bank have sought permission of the market regulator Security and Exchange Board of India (Sebi) for collecting subscriptions from QFIs to invest in mutual funds.
News Source – FINANCIAL EXPRESS.
Fitch Ratings has changed its Indian mutual fund rating scales in line with the guidelines issued by the Securities and Exchange Board of India (SEBI) dated 15 June 2011. Prior to this change, Fitch had two different rating scales in keeping with its global practices. First, a money market fund (MMF) rating scale (with an 'mmf' suffix) – applicable to funds whose objectives are capital preservation and investor liquidity. Secondly, a bond fund rating scale, where credit and volatility ratings are assigned together to reflect credit and market risks.
News Source – ECONOMIC TIMES.
SBI, Infy and BoB also get attention from the top five fund schemes. India's top valued company, Reliance Industries (RIL), saw renewed interest from mutual fund managers in September. The RIL stock, which hit a 104-week, or, two-year low of Rs 713.55 on August 26, saw buying from the top five mutual fund schemes – HDFC Top 200, HDFC Equity, Reliance Growth, SBI Magnum Taxgain and ICICI Prudential Dynamic. Collectively, these schemes manage close to Rs 35,500 crore, or, a fifth of the industry's overall equity assets of around Rs 175,000 crore.
News Source – BUSINESS STANDARD.
SBI Mutual Fund has declared dividend under dividend option of SBI Debt Fund Series – 180 Days – 17 (close ended debt scheme) on the face value of Rs 10 per unit. The quantum of dividend will be entire distributable surplus as on the record date. The record date for the dividend pay out has been fixed as October, 17, 2011.
News Source – LIVE MINT.
Over the past two decades, there has been a structural shift in the concept of a family. A large proportion of joint families has gradually transformed into multiple nuclear families. This shift has been due to many factors like opportunities across India and the world, the rising purchasing power and, hence, affordability, higher influence of the western cultures, etc. Despite this shift, the Indian parents' thought process about fulfilling their child's dreams has remained the same. The emotional bonding with children still remains far stronger than in most of the western and east Asian countries.
Taurus Mutual Fund has revised the exit load of Taurus Nifty Index Fund with effect from October 12, 2011. The revised exit load will be 0.5% for redemptions or switch outs made within 6 months from the date of allotment. The existing exit load is 0.5% for redemptions or switch outs made within 7 days from the date of allotment.
News Source – VALUE RESEARCH.