MF News:

  • Reliance Mutual Fund has appointed Mr. Manish Gunwani as the fund manager of Reliance Growth Fund, Mr. Sanjay Parekh as the fund manager of Reliance Banking Fund and Mr. Ashutosh Bhargava as the fund manager of Reliance Quant Plus Fund, effective from 16th Sep, 2017.
  • NSE could sell its 45% stake in mutual funds transfer agency Computer Age Management Services (CAMS). The sellout could happen ahead of NSE’s proposed initial public offering.
  • Reliance Mutual Fund has decided to modify certain features in the Reliance SIP Insure that are currently offered in the eligible schemes of RMF with effect from 9th Sep. Accordingly, the minimum monthly SIP amount is revised to Rs. 500 per month, in case of quarterly SIP, the amount is Rs. 1500 per quarter and in case of annual frequency, the minimum SIP amount is Rs. 6000 per year.
  • Reliance Mutual Fund has announced resignation of Mr. Sunil Singhania as the CIO- Equity investment, he is replaced by Mr. Manish Gunwani with effect from 5th Sep.
  • The mutual fund industry has crossed 6 crore milestone to reach 6.08 crore folios as on Aug 31. During the month, the industry has added 14.29 lakh folios. The equity funds have added more than 10 lakh folios in Aug.
  • AUM of the mutual fund industry increased to Rs. 20.59 lakh crore in Aug 2017, from Rs. 19.97 lakh crore in Jul 2017.
  • SEBI is set to introduce rules that will require the mutual fund industry to introduce asset categories, a move that will spark scheme mergers & is aimed at helping investors identify the right platform within the product heap.
  • ICICI Prudential Balanced Fund Monthly Dividend record date is 1st Sep. The dividend amount is 0.24 p.u. NAV is 24.85.
  • With mutual funds gaining traction among retail investors, AMC have filed draft offer documents with SEBI for 85 new schemes so far this year.
  • According to media reports, one of the whole time members of SEBI said that the capital market regulator do not wish to abolish the mutual fund distributor category. However, the market regulator wants investors to invest in mutual funds through advisory route (i.e. Registered Investment Advisors).
  • HDFC Mutual Fund has revised the provisions under the Weekly Interval transfer frequency offered under the STP facility of the schemes of HDFC Mutual Fund with effect from Aug 28, 2017.
  • Karvy Computershare has launched a web-based workflow for independent financial advisors (IFAs) called ‘GST Invoice Management Workflow Solution’. The facility will help mutual fund distributors to raise and submit GST invoice, verify, and e-sign it online

  • AMFI has discontinued the practice of accepting the mark sheet issued by NISM for the purpose of renewal of ARN of the mutual fund distributors.

  • Birla Sun Life Mutual Fund renames all legal entities, prefixes ‘Aditya’, with an immediate effect. The name change will also be applicable for all the scheme names of the fund house.
  • Axis Mutual Fund seeks SEBI’s approval for NFO launch Axis Growth Fund.
  • UTI Mutual Fund has modified the asset allocation pattern for seven of its schemes after SEBI allowed mutual funds to invest in REITs and InvITs.
  • Led by an over 41% surge in inflows from small towns or the B15 cities, Mutual Fund Industry AUM 30.35% to Rs 19.97 trillion in July.
  • UTI Mutual Fund has changed the exit load of UTI-Dynamic Bond Fund, effective from 9th Aug, 2017. As per the change, no exit load will be charged.
  • Birla Sun Life Mutual Fund has appointed Mr. Jayesh Gandhi and Mr. Chanchal Khandelwal to jointly manage Birla Sun Life Resurgent India Fund – Series 4, effective from Aug 10, 2017.
  • Mutual Fund Industry AUM is at Rs. 19.97 lakh cr in July against Rs. 18.96 lakh cr in June.
  • Investors poured Rs. 12727 cr into Equity Mutual Funds in July. This is the second-highest monthly inflow recorded by the industry.
  • Bank sponsored mutual fund houses have paid gross commission of Rs. 800 crore to their banking channel distributors in FY16-17. The commission paid by the asset management companies to their sponsor banks increased by Rs. 362 crore or 83% in the FY16-17.

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