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<ul><li>India’s biggest mutual fund houses added one common stock to their equity portfolio in July — <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>.</li><li>Shares of Zomato were listed on July 27 on BSE and NSE.</li><li>Top five mutual fund houses added 1-4 crore of Zomato stocks in July 2021.</li></ul>Top five mutual funds — <keyword id="164487" type="CITY" weightage="20" keywordseo="SBI-MF">SBI MF</keyword>, <keyword id="147682" type="COMPANY" weightage="20" keywordseo="HDFC-MF">HDFC MF</keyword>, <keyword id="163913" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-MF">ICICI Prudential MF</keyword>, <keyword id="4991077" type="PERSON" weightage="20" keywordseo="Aditya-Birla-Sun-Life-MF">Aditya Birla Sun Life MF</keyword> and <keyword id="283762" type="COMPANY" weightage="20" keywordseo="Axis-MF">Axis MF</keyword> have added one common stock to their portfolio in July — the newly listed food delivery firm Zomato. These five mutual fund houses comprise more than 55% of the industry’s total assets under management (AUM) of ₹35.31 lakh crore. Zomato was listed on exchanges on July 27 with a 51% premium. While some analysts believe that the valuation is too expensive for a loss making company, some feel it is a futuristic company and bound to grow. These large fund houses have bought more than a crore shares of the food delivery company in July. SBI Mutual Fund (MF) bought the highest at 4.24 crore shares followed by Axis Mutual Fund with 3.51 crore of Zomato stock. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 5 fund houses </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Zomato shareholding (in crore) </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.24 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.83 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.38 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.7 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.51 </td></tr></tbody><tbody></tbody></table> Meanwhile, there were three other initial public offerings (IPOs) as well, which debuted in July and opened with more than 90% premium on exchanges — Clean Science and Technology, GR Infraprojects and Tatva Chintan Pharma Chem. Shares of Clean Science and Technology were bought by HDFC MF, Axis MF and SBI MF. GR Infraprojects was picked by SBI MF, ICICI Prudential and HDFC MF and Tatva Chintan Pharma Chem was bought by Axis MF in July. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tata-steel-announces-270-crore-annual-bonus-for-all-eligible-employees-for-2020-21/articleshow/85451559.cms">Tata Steel announces ₹270 crore annual bonus for all eligible employees for 2020-21</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/pfizer-and-astrazeneca-covid-19-vaccines-less-effective-against-delta-variant-according-to-study/articleshow/85451391.cms">Pfizer and AstraZeneca COVID-19 vaccines less effective against Delta variant, according to study</a>

Zomato becomes a top pick for large mutual fund houses in July

New Delhi, Nov 26 () Two asset management companies -- ICICI Prudential Mutual Fund and HDFC Mutual Fund -- on Tuesday said they have received payments to the tune of Rs 437 crore from Subhash Chandra's Essel Group.
 Individually, ICICI Prudential MF has got Rs 270 crore as repayment and interest from the Essel Group, while the same for HDFC MF has been pegged at Rs 167 crore.
 With this repayment, ICICI Prudential Mutual Fund's exposure to Essel Group has come down to nil.
 "Pursuant to the sale of shareholding by the promoters of ZEEL, ICICI Prudential Mutual Fund has received repayment of the total principal amount invested along with the accrued interest thereon. Subsequently, as on date, none of the schemes of ICICI Prudential MF have any investments in debt instruments issued by the promoter group companies of ZEEL," the fund house spokesperson said.
HDFC MF said that the company holds certain non-convertible debentures (NCDs) of the Essel Group that are secured by a pledge of listed equity shares. The carrying value of these NCDs as at September 30, 2019 was Rs 275.63 crore.
 "The company has received a total of Rs 166.86 crore towards part repayment of the said NCDs and interest thereon, from the issuer through sale of certain listed equity shares comprising part of the collateral. The value of the residual pledged listed equity shares as at November 25, 2019 is Rs 143.95 crore," the fund house informed the stock exchanges.
 On Monday, Subhash Chandra resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd (ZEEL) with immediate effect. He will remain the company's non-executive director, which he founded in 1992.
 His resignation came at a time when the debt-ridden group is looking to further divest promoters' stake in the company to repay the debts
 Essel Group on November 20 had said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.
 In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
 Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002.
 Promoter and promoter group shareholding in the company went down to 22.37 per cent in the quarter ended September 30, from 35.79 per cent in the quarter ended June 30. SP SHW
SHW

ICICI Pru MF, HDFC MF receive payments from Essel Group

Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO

New Delhi, Apr 3 () Mutual funds' asset base rose marginally to over Rs 27 lakh crore in the January-March quarter, with SBI MF emerging as the largest fund house. The average asset under management (AAUM) of the industry, comprising 44 players, stood at Rs 26.77 lakh crore in the October-December quarter 2019, according to data by the Association of Mutual Funds in India (Amfi). The asset base of the industry was Rs 24.5 lakh crore in the same period a year ago. The marginal growth of one per cent on quarter-on quarter basis comes amid high volatility in equity markets. Among the top five fund houses, SBI MF and Nippon India MF have witnessed gain in their asset base, while the other three - HDFC MF, ICICI Prudential MF and Aditya Birla Sunlife MF - saw decline in their average AUMs. With an asset base of Rs 3,73,537 crore, SBI Mutual Fund has become the largest fund house in the country during the January-March quarter 2020, toppling HDFC Mutual Fund, which has an average AUM of Rs 3,69,783 crore. The fund house has jumped from the third spot at the end of December 2019 quarter to the first position. SBI MF had an asset base of Rs 3,52,632 crore. Commenting on the performance, Ashwani Bhatia MD and CEO, SBI MF said, "Over the years, we have built robust internal systems and processes, we have the largest investment team in the industry and believe in bottom-up investing." "We encourage our teams to market the right products to customers and we believe we are in the game for the long term. Our purpose is very important for us. These have helped us achieve this milestone," he added. HDFC MF, which is at the second position, have seen a drop in its asset base to Rs 3,69,783 crore during the quarter under review from Rs 3,82,517 crore in December quarter. This is followed by ICICI Prudential MF at the third rank with an average AUM of Rs 3,50,743.5 crore in the March quarter. It had an average AUM of Rs 3,61,506.57 crore in the December quarter. Aditya Birla Sunlife MF, the fourth largest fund house, has seen its average AUM decreasing to Rs 2,47,522 crore from Rs 2,49,926 crore. Nippon India MF, which is at fifth position, has seen a marginal rise in its average AUM to Rs 2,04,884 crore from Rs 2,04,371 crore. SP MKJ

MF industry asset base up marginally in March qtr; SBI MF largest fund house

New Delhi, Dec 24 () Markets regulator Sebi has imposed a total penalty of Rs 5 lakh on ICICI Prudential Trust and ICICI Prudential Asset Management Company for not exercising due diligence while making investment decisions.
 The matter relates to ICICI MF's scheme -- ICICI Prudential FMCG Fund -- which was launched in March 1999 and as per the scheme information document (SID), the objective of the scheme was to generate long-term capital appreciation through investments made primarily in equities of select group of companies in the fast-moving consumer goods (FMCG) sector.
 The regulator noted that investments were made in companies other than those in the FMCG industry which was against the mandate of the scheme and in violation of Sebi's rules and thereby ICICI Prudential AMC violated regulations.
 Further, Sebi said ICICI Prudential Trust delegated the responsibility of the trustees to the asset management company (AMC) for declaring dividend and fixing the record date for distribution of dividend declaring dividend.
 Sebi noted that trustees, being under such trust obligation ought to ensure that the timing and the quantum of distribution of dividend is in the best interest of investors and to prevent the AMC from giving benefit to select investors at the cost of maximum number of investors. "If the timing of declaration of dividend as well as quantum of dividend are decided by another entity i.e. the AMC, it will compromise the regulatory framework prescribed in this regard," it added.
 "The noticees (ICICI Prudential Trust and ICICI Prudential AMC) have not exercised due diligence in the manner as expected from them while taking decision to make investments in companies not forming part of the FMCG industry and while delegating responsibility of the trustees to AMC for declaring dividend and fixing the record date for distribution of dividend declaring dividend," Sebi said in an order passed on Monday.
 By such activities, the entities have not exercised proper due diligence and also have not exercised independent professional judgement while discharging their responsibilities at the relevant times, it added.
 Accordingly, the Securities and Exchange Board of India (Sebi) has levied a total fine of Rs 5 lakh on them. SP HRS

Sebi slaps Rs 5 lakh on ICICI Pru Trust, ICICI Pru AMC for not exercising due diligence

New Delhi, Apr 27 () Experts on Monday termed the RBI's move to open a special liquidity facility of Rs 50,000 crore for the mutual fund sector as "brilliant", saying it will improve investor confidence and reduce stress in the corporate debt market. The Reserve Bank of India's decision comes days after Franklin Templeton Mutual Fund decided to close six debt schemes with assets under management of more than Rs 25,000 crore. With a view to easing liquidity pressures on mutual funds, the RBI decided to open a special liquidity facility of Rs 50,000 crore. At the same time, the RBI highlighted that the stress, however, is confined to the high-risk debt mutual fund (MF) segment at this stage; the larger industry remains liquid. Mutual fund industry body Amfi Chairman Nilesh Shah said it is a good confidence building measure to ensure continued confidence of investors on the industry as also normal functioning of the markets. Nimesh Shah, MD and CEO at ICICI Prudential AMC, said that as a pre-emptive step, the RBI through its announcement of special liquidity facility for mutual funds has aimed to reduce the stress in the corporate bond segment. "...This is a welcome and positive step which will improve investor sentiments. We believe that a deflationary environment where prices come down across asset classes makes debt an interesting asset class to invest in today," he added. Given the incident about winding up of six debt oriented schemes of Franklin Templeton MF, there was much anxiousness and concern among investors, specially retail clients. "Brilliant move by RBI to bring confidence to mutual fund investors and also will help to calm down the corporate debt market," ITI Mutual Fund CEO and CIO George Heber Joseph said. Ankur Maheshwari, CEO, Equirus Wealth, said the RBI's decision will provide comfort to mutual fund investors and preserve financial stability. "Also, while banks had sufficient liquidity already, this is a reassuring step that the regulator is ready to support the markets as and when required," he added. Under the Special Liquidity Facility for Mutual Funds (SLF-MF), the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. The scheme will be available from Monday itself till May 11, 2020, or up to utilisation of the allocated amount, whichever is earlier. The RBI further said funds availed under the SLF-MF should be used by banks exclusively for meeting the liquidity requirements of MFs by extending loans, and undertaking outright purchase of and/or repos against the collateral of investment grade corporate bonds, commercial papers, debentures and certificates of deposit held by MFs. "We would need to understand the definition of investment grade debt instruments. Good quality debt instruments were already getting funding, therefore what all grades of debt instruments are included will determine the actual impact on liquidity into MF system," said Omkeshwar Singh, who is head RankMF at Samco. Kaustubh Belapurkar, Director – Manager Research, Morningstar India said the liquidity window will certainly help improve investor confidence. Mutual funds have ample AAA rated exposures which can be used for this purpose. "But it will be interesting to see, if banks are willing to lend lower down the credit curve if it comes to that. Liquidity is constrained in the debt markets,especially lower down the credit spectrum," he added. He, further, said that debt funds have witnessed redemptions, but most have a significant amount of liquid securities to meet redemptions. This has been in play since March, given the pessimism around the economy slowing down due to the lockdown. Amit Jain, Co-Founder and CEO Ashika Wealth Advisors said liquidity window is a positive sentiment in short term, however in the long run, performance of underlying industry and business model will determine the future liquidity in corporate bond market "Also, we feel, once the lockdown opens we may observe high redemption pressure by Indian corporates from these debt instruments, to fund their day to day operations," he added. The announcement comes days after Franklin Templeton Mutual Fund, which has been operating in India for 25 years, decided to shut down its six schemes citing redemption pressures and lack of liquidity in the bond markets. The Amfi chairman believes that the mutual fund industry continues to be on sound footing both on portfolio quality as also on the liquidity front despite an isolated incident in these challenging times. Barring four fund houses that have collectively taken loan of Rs 4,427.68 crore, as of April 23, 2020, which is a small percentage of the RBI announcement and also overall MF Industry AUMs, none of the other 40 mutual fund houses has any borrowings, thereby indicating sound liquidity, he added. SP MR

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