Street signs: Mutual funds try to cash in on tax saving season

Last year, the industry had clocked sales of over Rs 4,400 crore in ELSS during March quarter

Asset management companies (AMC) are trying to make the most of the ongoing tax-saving season. To attract investors towards their equity-linked savings scheme (ELSS), AMCs have booked top search slots on popular search engines and social media websites. Besides, they are also promoting their schemes on their own websites. Industry players say they expect highest-ever mobilisation through online channels. They say that the easing of KYC norms and streamlining of their websites and mobile applications make subscription to such schemes a five-minute affair. The January-March 2017 period is the peak time for investing in tax-saving instruments like ELSS. Last year, the industry had clocked sales of over Rs 4,400 crore in ELSS during theMarch quarter.

Chandan Kishore Kant

 
DMart starts buzzing in grey market
 
The initial public offer (IPO) of Avenue Supermarts, the parent company of DMart retail chain, may be a few weeks away. However, its shares have already started buzzing in the grey market. According to market players, operators are willing to pay a premium of more than 50 per cent over Avenue Supermarts' expected issue price of around Rs 300 a share. Investment bankers handling the issue say the company is awaiting some final regulatory clearances and could hit the market by end of this month or early March. They add that the issue is seeing high interest from investors and is expected to do well in terms of subscription figures.

Samie Modak

 
HNIs lap up BSE shares in off-market deals
 
A sizeable number of high net worth individuals bought shares of BSE before its initial public offering (IPO) in off-market deals. The deals were done by investors who feared that they would not get the desired allotment during the IPO in case it was oversubscribed. The shares were sold between Rs 805-815 against the issue price band of Rs 805-806, said a person who deals with unlisted securities. While no securities transaction tax was paid on the purchases, these investors may have to pay long-term capital gains tax at 10 per cent even if their holding period is more than one year owing to a new proposal in the Budget.

Ashley Coutinho