But interlinking Godavari with Krishna to pose many challenges

An irrigation landmark

Business Standard

Understanding fund directory

The listing in the preceding pages gives information on the performance of mutual fund growth schemes based on investment category they belong to and with a corpus of over Rs 2,000 crore. For the full list schemes, visit business-standard.com/mf/2015.htm. Returns (adjusted for pay-outs where applicable) and NAV are for 12 months ended June 30, 2015. Data has been sourced from ICRAOnline.Equity fund returns for periods up to one year have been calculated in absolute terms, while for periods above one year they have been computed on a compounded annualised basis. The same applies to balanced funds. For all long term debt and gilt schemes, returns for periods below one year have been calculated on a simple and on a compounded annualised basis for periods of more than one year.All short-term fund returns are computed on a simple annualised basis.The fund ranking is done separately for the various categories and not across categories. Expense ratios and latest corpus figures are based on th

'We have scratched barely 25-30% of the surface'

Leo Puri

Nilesh Shah

Milind Barve

Sundeep Sikka

A Balasubramanian

(From left) ICICI Prudential AMC MD &amp; CEO Nimesh Shah, UTI Mutual Fund MD Leo Puri, Reliance Mutual Fund CEO Sundeep Sikka, SBI Mutual Fund MD &amp; CEO Dinesh Khara, HDFC Mutual Fund MD Milind Barve, Kotak Mutual Fund MD Nilesh Shah and Birla Su

Nimesh Shah

Dinesh Khara

The past year has been good for the mutual funds sector, with equity folios regaining the 40-million mark and assets under management at a record Rs 13 lakh crore. A panel of chief executives from seven leading fund houses (pictured) that got together at the Business Standard Fund Cafe 2015 was confident the growth could be sustained and pitched for simpler know-your-customer norms to create an equity culture. In fact, they were unanimous that assets would grow to Rs  20 lakh crore in the next three years.On the key enablers for the MF industry's growthSundeep Sikka: It's not just the assets that have increased to Rs 13 lakh crore; a lot of qualitative factors have improved as well. Retail investors are coming back after almost three years of negative flows in the industry. Last year, we saw almost 1.5 million new investor folios and 8 million systematic investment plan (SIP) folios being created and what is important is that the investors coming in from smaller cities and towns is inc

Vibhav Kapoor, Pradip Shah, G N Bajpai, Ashvin Parekh

Apart from the usual quantitative parameters, the Jury looked at qualitative aspects and also checked the methodology thoroughlyMost of us would like to believe that after the strong gains of over 40 per cent by the S&P BSE Sensex during the 12 months ending June 30, 2015 and interest rate cuts by the Reserve Bank of India (RBI), it would have been an easy task for the Jury to pick the winners.Not really! For one, majority of equity mutual funds had outperformed their benchmarks during this period, while after initial rate cuts the RBI disappointed debt markets by taking a pause.The Jury deliberated for nearly an hour and a half to pick out the winners this year.The best performing equity fund managers were R Janakiraman and Roshi Jain of Franklin Templeton Investments, India. The funds under their management, which had a combined AUM of nearly Rs 16,500 crore, outperformed their benchmarks by 12-25 percentage points. In all, there were six funds that Janakiraman managed; Jain was

Picking the winners

With reference to the report, "Why RBI's rate cuts have failed to move banks" (Sept 8), never before have PSU banks found themselves so delicately placed as they are now

Letters: All about management

It was unbecoming of Girish Bapat, a Bharatiya Janata Party minister in Maharashtra, to tell a student convention that he too watched "video clips at night"

Letters: Bad advice

With reference to the column, "GST: Remains of a decade" (September  16), the  author appears to have a rich knowledge of international taxation

Letters: Tax comparisons

Gurmeet Ram Rahim Singh Insan is expected to attend the premiere of the sequel to his film, MSG: The Messenger of God, in Gurgaon

Clearing roadblocks for MSG-2

Considering how frequently it is being tossed about, the term "vote-cutter" will soon secure a place among political swear words

A new political cuss word

Some leaders of Uttar Pradesh's ruling Samajwadi Party are using Prime Minister Narendra Modi's scheduled visit to his parliamentary constituency, Varanasi

Flying high

Janet Yellen

US central bank in the spotlight

Global financial markets are keenly watching whether the US Federal Reserve (central bank) will lift interest rates for the first time in six years

Moderating food prices help reduce inflation

Disinflation dividends

Doing Business report card a much-needed reality check

Miles to go

To counter the persistent barbs of the Bharatiya Janata Party (BJP)-led National Democratic Alliance against the grand alliance of the Janata Dal (United) [JD(U)], the Rashtriya Janata Dal (RJD) and the Congress in Bihar, senior JD(U) leader and Rajya Sabha MP K C Tyagi has labelled the coming Bihar Assembly polls as "a fight between Nitish Kumar and no Nitish Kumar". The ruling JD(U) is hoping to cash in on the 'development' tag of the 10-year-long Kumar regime. As in 2014, when the choice for the electorate was between "Modi and no Modi", Tyagi said "the Bihar polls are about a choice between Nitish Kumar and no Nitish Kumar". The Opposition BJP in the state has countered the JD(U)'s development pitch by resurrecting the fear of 'jungle raj', which, it said, thrived when the RJD was in power in the state.

Clear option

Some Bharatiya Janata Party (BJP) leaders were frustrated by the media coverage of the recent meat ban. They could not understand why some in the BJP were bent on projecting the party as intolerant of people's food choices, limiting its appeal in regions and among communities where meat eating was common. A minister even likened it to "food terrorism". It is a sentiment echoed by BJP leaders from Maharashtra and West Bengal where people, irrespective of their caste, eat meat. These leaders were hoping the party leadership would ask errant members to pipe down on the issue.

Food 'terrorism'

Potholed roads in Prime Minister Narendra Modi's constituency, Varanasi, are in focus. Ahead of the PM's proposed visit to the city on September 18, the district administration is working overtime to repair the roads the PM would take during his return road journey to the airport. Union Minister Piyush Goyal, on his last visit to the city, had categorically stated that while Modi had been chosen as MP from that constituency, the potholes on its roads could not sully his image because, ultimately, the maintenance of roads was the responsibility of the state government.

Work in progress

With reference to the column, "After OROP, instability" (September 15), the subhead reads, "After OROP, the military will now demand further pay and promotion parity with civilians." My question is why not? Non-Functional Upgrade (NFU) in fact, brings in inefficiency. What NFU really means is all cadres are equal to IAS-2. Isn't this ridiculous?  The armed forces have an efficient functional rank-formation matrix. You cannot promote someone to major general and keep him as a brigadier commander. Look at how the Mumbai police commissioner's post was upgraded in 24 hours to accommodate someone. There are many such examples.Here are some solutions for the 7th Pay Commission. All personnel should get the same pay for the same number of years in service. So if someone becomes a joint secretary in 20 years, then colonels too, should get the same scale as a joint secretary does.The gross pay of everyone, who has been in service for 35 years, should be the same. Let people join the cadre they

Letters: Pay reform

With reference to the report, "RBI may cut rate despite rise in retail inflation" (September 15), the differential between Wholesale Price Index and Consumer Price Index shows that the economy is not in good health.Savings, arrived at as a percentage of gross domestic product, are shrinking and confirms Chief Economic Advisor Arvind Subramanian's fear that the economy is in deflation territory.Prime Minister Narendra Modi in his address to industry captains recently pointed out that they were shy of taking risks. In fact, the stimulus provided by the 2009 Budget was not passed on to consumers by the industry and three rate cuts effected by present RBI Governor Raghuram Rajan were not passed on to clients by the  banks.It's time for the Bharatiya Janata Party-led government at the Centre to take a relook at the economic policy, keeping in mind our strengths, weaknesses and demands.N Ramamurthy   ChennaiLetters can be mailed, faxed or e-mailed to:The Editor, Business StandardNehru House,

Letters: Time for a relook

The column, "CSR spending: For whose benefit" (September 14), offered threadbare analysis. Valid points were critically explained by the writer.It would be in the fitness of things if nomadic tribes were provided basic amenities such as toilets, drinking water, education for their children, provision of protection and insurance of their cattle against theft, ration, solar lamps and stoves and these could be included in amended corporate social responsibility (CSR) initiatives.This would go a long way in mitigating their hardships. Cost-effective tents for use during summer, monsoon and winter could  also be added to the CSR list.N K Bakshi  AhmedabadLetters can be mailed, faxed or e-mailed to:The Editor, Business StandardNehru House, 4 Bahadur Shah Zafar MargNew Delhi 110 002Fax: (011) 23720201E-mail: letters@bsmail.inAll letters must have a postal address and telephone number

Letters: CSR for nomadic tribes

Current account comfort

MSMEs in construction sector counting on govt push

he sample includes MSMEs engaged in construction activity related to roads, bridges, irrigation projects and industrial projects, and excludes real estate projects

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