In a first of its kind disclosure in the Indian mutual fund (MF) space, all fund houses have begun disclosing investments of group companies in their assets under management (AUMs). Birla Sun Life MF tops the list with Rs 6,585 crore from its related entities.
While Reliance MF became the first fund house to make such disclosures voluntarily earlier this year, it was followed by Religare MF. However, regulator Securities and Exchanges Board of India (Sebi) has now made it mandatory for fund houses to make such disclosures with effect from AUM for the month of March.
According to disclosures made by various fund houses, Birla Sun Life MF is followed by SBI MF (Rs 5,218 crore), ICICI Prudential MF (Rs 4,971 crore), HDFC MF (Rs 4,032 crore) and Reliance MF (Rs 3,650 crore).
In terms of highest AUM contribution from group distributors, SBI MF tops the list with Rs 10,136 crore, followed by HDFC MF (Rs 7,766 crore), Axis MF (Rs 6,116 crore), ICICI Prudential (Rs 5,802 crore) and Birla Sun Life (Rs 5,012 crore).
Reliance MF, the country's third largest fund house after HDFC MF and ICICI Pru, has AUM contribution of only Rs 547 crore (0.5 per cent) from its group distributors. These disclosures are for March, during which the AUM of mutual fund industry normally shrinks by about 20 per cent in the last 15 days due to redemption by corporate and bank investors.