Market leaders swap positions in terms of assets, profits. In an interesting turn of events, the two leaders in the mutual fund sector have swapped positions. For four-and-a-half years, there was a single market leader in assets, Reliance Mutual Fund. In the quarter ended September, HDFC MF took that slot. The latter, however, has yielded the slot of the most profitable asset management company to Reliance MF.
The chief executive officers (CEOs) of both asset management companies, which control over a fourth of the industry's overall assets, seemed unconcerned with the latest numbers. Both Reliance AMC's Sundeep Sikka and HDFC's Milind Barve maintained that assets were important but that could not be the only factor. Both said the concept of MFs had to be expanded a lot more. "The top position is nothing to rejoice. The industry needs to aim for deeper penetration and increase the investors' base," said Barve.
News Source – BUSINESS STANDARD.
You can now hold your mutual fund units in a demat form, in the same way you hold your shares. The benefit of this is that it will enable you to get a single consolidated statement for your holding across shares and mutual funds. You can buy mutual funds through the stock exchange on either the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE). To start with, you need to register with your existing stock broker by filling up a two-page form as mandated by the regulator. Once that is done, mutual fund units can be bought through your broker the way you buy and sell shares. Once you buy them, you can hold them in your demat account in the same way you hold your shares.
News Source – ECONOMIC TIMES.
Accordance with the SEBI circular dated 22 August 2011 various fund houses like AIG Mutual fund, Principal Pnb Mutual Fund, Goldman Sachs Mutual Fund, JM Financial Mutual Fund, J.P Morgan Mutual Fund, Bharti AXA Mutual Fund and L&T Mutual Fund, UTI Mutual Fund, SBI Mutual Fund, Franklin Templeton Mutual Fund and others has announced that with effect from 1 November 2011, it shall deduct the transaction charges on purchase / subscription received from first time mutual fund investors and investor other than first time mutual fund investors through the distributor / agent.
News Source – INDIA INFOLINE.
Small and mid cap equity funds outperformed other equity funds for the second consecutive quarter ended September 2011 as per the latest mutual fund rankings released by CRISIL Research, India's largest independent and integrated research house. The same trend was also observed in the previous quarter ended June 2011.
News Source – MONEY CONTROL.
JM Financial Mutual Fund has decided to revise the asset allocation pattern of JM Floater Fund – Short Term Plan I, an open ended liquid scheme, with effect from 5 December 2011. Accordingly, the scheme would allocate 100% of assets in market instruments and short term debt instrument maturing within less than 91 days.
News Source – NAV INDIA.