Page 35 - Mutual Funds

Fintech platform Groww adds 1 million new mutual fund SIPs in December

Fintech platform Groww has emerged as the top distributor of mutual funds with the addition of over 1 million new SIPs (Systematic Investment Plans) in December, accounting for 25 per cent of total new SIPs in the country. According to data from Association of Mutual Fund Industry (Amfi), the number of SIP accounts touched 7.63 crore, out of which, 40.3 lakh new SIP accounts were added in December, the highest-ever recorded in a month. Of the 40.3 lakh addition in December, over 10 lakh of these new SIPs were opened on Groww by retail investors across the country. Further, there were about 3.5 crore new SIPs by the industry in the 2023 and Groww contributed to 20 per cent of the new addition, the company said. "The recent surge in SIPs validates that the new investors are responsible and prudent. India has seen over 50 per cent year-on-year growth in new SIPs while on Groww it has doubled in the last 12 months," Harsh Jain, Co-founder and COO, Groww, said. The industry saw SIP ...

CAMS Q3 results: Net profit rises 21% to Rs 89 cr, revenue up 19%

Computer Age Management Services Ltd (CAMS), registrar and transfer agent of mutual funds, on Tuesday reported 21 per cent growth in net profit at Rs 89.29 crore for three months ended December 2023. The company had logged a net profit of Rs 73.72 crore in the same quarter of preceding financial year (FY23), CAMS said in a statement. Revenue in the quarter under review rose 19 per cent to Rs 289.68 crore, as against Rs 243.57 crore in the year-ago period. "Revenue growth at 19 per cent and PAT (profit after tax) growth at 21 per cent year-on-year is the culmination of robust performance across our revenue streams. Mutual funds asset growth trajectory took the overall asset base we service to historic high of Rs 34 lakh crore," company's managing director Anuj Kumar said. CAMS is a financial infrastructure and service partner to the asset management industry and offers platform-based services to the Banking, Financial Services and Insurance (BFSI) segment. With a market share of ov

LIC Mutual Fund Asset Management appoints Ravi Kumar Jha as MD & CEO

LIC Mutual Fund Asset Management on Tuesday announced the appointment of Ravi Kumar Jha as its Management Director and Chief Executive. Jha has worked for over 30 years with LIC and has handled diverse positions. He was serving as executive of corporate strategy till December 2023 at the company. The 57-year-old Jha holds a bachelor's degree in commerce from Ranchi University.

Market regulator Sebi considers tweaks to MF stock categorisation framework

More stocks could get added to large-, mid-cap universe; Move could give fund managers more flexibility

Ageas Federal Life Insurance launches Multicap Fund in ULIP portfolio

This fund is designed to deliver returns by strategically investing in a diversified portfolio of listed companies spanning various market caps

Does your MF scheme hold Paytm? Top 5 MF schemes with the highest holding

Mirae Asset Large Cap Fund led highest investment in Paytm at Rs 430.4 crore, which was 1.13 per cent of its total AUM

SBI Mutual Fund garners over Rs 900 crore from Nifty50 index fund NFO

The largest fund house SBI Mutual Fund has collected over Rs 900 crore through its new fund offer, the AMC said in a statement on Saturday. The fund house said it has received more than 40,000 applications for the Nifty50 equal weight index fund, which closed on January 29. The fund house recorded huge collections on the back of significant contributions from all distribution channels and a strong interest from the direct channel, it added. The new fund is an open-ended scheme replicating or tracking the Nifty50 equal weight index, effectively with relatively lower cost as it is a passive offering. The investment objective of the scheme is to provide returns that correspond to the total returns of the securities as represented by the underlying index, subject to tracking errors. The fund manager is Viral Chhadva.

Nippon India AMC Q3 results: Net profit rises 39% to Rs 284 crore

Compared to the second quarter, the profit is up 16 per cent, while the revenue from operations has risen 6.5 per cent

Aditya Birla Sun Life AMC Q3 results: Profit grows 26% to Rs 209 crore

Aditya Birla Sun Life AMC on Monday reported a 26 per cent rise in its net profit to Rs 209.34 crore in the December quarter. In comparison, the company had posted a net profit of Rs 166.3 crore in the same quarter of the preceding fiscal, the asset management firm said in a regulatory filing. Total income grew to Rs 420.96 crore in the quarter under review as against Rs 363.17 crore in the October-December period of the preceding fiscal (2022-23). Aditya Birla Sun Life AMC, a joint venture between Aditya Birla Capital and Sun Life (India) AMC Investments Inc, is primarily the investment manager of Aditya Birla Sun Life Mutual Fund. It is one of the leading asset management companies in India.

Direct plan SIPs bounce back in 2023 on the equity market euphoria

Direct plan distributors added 12.4 million SIP accounts in 2023, 39% more than in 2022

Mutual fund industry collects Rs 63,854 crore capital through NFOs in 2023

Asset management companies launched 212 new fund offerings mobilising Rs 63,854 crore in 2023, marginally higher from previous year, on the back of significant uptrends in broader markets. In comparison, Asset Management Companies (AMCs) garnered Rs 62,187 crore through 228 New Fund Offerings (NFOs) in 2022. Further, they collected Rs 99,704 crore in 2021 and Rs 53,703 crore in 2020, according to data compiled by Morningstar India. "The trend towards the financialisation of assets in India is unmistakable. Aligned with changing consumption behaviours and a need for a higher standard of living, investors recognise the importance of long-term investing. The COVID-19 pandemic underscored the necessity for financial planning and the creation of liquid assets to address emergencies and pave the way for wealth-building," FYERS Research said in its report. It further said that "despite indices exhibiting strength, propelled by robust economic activity, steady GST collections, and confidenc

Fund Pick: Franklin India Flexi Cap Fund is a diversified outperformer

The fund aims to provide capital growth to investors through a diversified portfolio of equities, fixed-income securities, and money market instruments

Market regulator Sebi planning comprehensive stress tests of equity schemes

Initial round done, more tests planned, particularly of schemes with high small & midcap exposure

Mutual funds lapped up bank shares in December on valuation comfort

Amid high valuations across most of the market segments, most fund managers are seeing opportunity in the banking sector, especially large private banks

Mutual funds' growing heft

Maintaining the confidence shown by investors is crucial, as a single bad episode could spoil the party

Old Bridge MF launches maiden offering in old bridge focused equity fund

As per the fund house, the scheme will go by the 'buy and hold' strategy and will look to invest in companies that have low debt and high capital efficiency

Eyeing Rs 100 trn AUM, 100 mn investors by 2030 for mutual funds: Amfi CEO

'Growth from here on will depend on how the economy and companies perform and the pace at which the industry adds new investors'

Best of BS Opinion: Mutual benefits, Budget and electoral tailwinds & more

Here is the best of Business Standard's opinion pieces for today

Mutual benefits

Increasing mutual fund flows is a win-win

Sebi gets more time in Sharpline case, DSP MF launches multicap fund

In March last year, Sebi had barred 24 entities from the securities market for manipulating share prices of two companies through misleading videos on YouTube channels