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<ul><li>About 32 asset management companies have exposure to the group companies through 406 mutual funds schemes, as on December 2022, shows Value Research data. </li><li>Active mutual fund managers are known to be largely staying away from <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group stocks. </li><li>However, some of the group companies are part of the benchmark index, which brings exposure to Adani Group stocks by default as passive funds usually mimic the benchmark indices. </li><li><keyword id="118623" type="General" weightage="50" keywordseo="adani-enterprises" source="Orion">Adani Enterprises</keyword> and Adani Ports &amp; SEZ are part of the Nifty 50 index, while Adani Green Energy and Adani Transmission are components of the Nifty Next 50 index. </li></ul>The <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-last-9-days-wipe-out-gains-clocked-by-adani-group-in-2022/articleshow/97572328.cms">rout in Gautam Adani led Adani Group</a> has stolen the limelight and induced volatility in the market with a rapid decline in the market capitalization of all the group companies. This has raised fear of the increased exposure of retail investor’s favorite mutual funds to Adani Group stocks. A Value Research report shows that 32 asset management companies have exposure to the group companies through 406 mutual funds schemes, as on December 2022. Nearly 3 crore investors put their hard earned money into the stock market through mutual funds. Sharp erosion of <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-last-9-days-wipe-out-gains-clocked-by-adani-group-in-2022/articleshow/97572328.cms">₹11.17 lakh crore in market capitalisation</a> of nine listed Adani Group companies since January 24 have had a deep cut in market and will also impact performance of schemes having exposure to these companies. With this, <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>’s wealth in this period has also taken a hit, declining by $62.6 billion, taking him from the third to 21st place on Bloomberg Billionaires Index. Active mutual fund managers are known to be largely staying away from Adani Group stocks. However, some of the group companies are part of the benchmark index, which brings exposure to Adani Group stocks by default as passive funds usually mimic the benchmark index. Adani Enterprises and Adani Ports &amp; SEZ are part of the Nifty 50 index, while Adani Green Energy and Adani Transmission are components of the Nifty Next 50 index. SBI Mutual Fund has the highest exposure at ₹4,748 crore to the Adani Group companies in absolute terms followed by UTI MF - with ₹1,868 crore, and <keyword id="328855" type="General" weightage="50" keywordseo="kotak-mahindra-mf" source="Orion">Kotak Mahindra MF</keyword> - with ₹1,593 crore. Also, SBI MF is the top mutual fund house with assets of ₹7.12 lakh crore as on December 2022, as per the Association of Mutual Funds in India (AMFI) data. Here are the top 20 fund houses that have in terms of exposure to Adani Group companies: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mutual Fund Houses </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Size of assets </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹4,748 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">UTI MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,868 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,593 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nippon India MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,262 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,203 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹761 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Quant MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹695 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹398 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹389 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">NJ MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹297 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DSP MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹241 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IDFC MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹206 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹174 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹154 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mirae Asset MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹58 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HSBC MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹54 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹44 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LIC MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹39 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sundaram MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹39 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">PGIM MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹35.5 crore </td></tr></tbody></table> All the nine Adani Group stocks have been in <a href="https://www.businessinsider.in/stock-market/news/adani-stocks-59844-crore-market-capitalisation-wiped-out-today-in-morning-trading/articleshow/97638076.cms">deep red</a> since January 24 when the Hindenburg report was published alleging stock manipulation, accounting fraud and substantial debt among others. The report had sparked concerns about the group’s ability to repay loans and the exposure of Indian banks as well as the state-run insurer Life Insurance Corporation of India’s investment in Adani Group companies. The company’s withdrawal of its ₹20,000 crore follow-on-public offering (FPO) also did not go well with the market sentiment. In fact from today, stock exchange NSE has put Adani Enterprises, Adani Ports and SEZ and Ambuja Cements under short term additional surveillance measure (ASM). “After the Adani crisis broke out, the market has been on a twin track - crash in Adani stocks and stability in the rest of the market. The banking segment, which also came under pressure on fears of the crisis impacting banks, has recovered. The crisis is unlikely to pose any systemic risk to the Indian banking system. It appears that the Adani crisis’ impact on the market is slowly dying down,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/flagship-adani-enterprises-leads-rally-in-adani-group-shares-on-tuesday/articleshow/97682620.cms">Adani Enterprises leads rally as the group adds ₹46,079 crore in marketcap on Tuesday</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-transmission-reports-78-rise-in-q3-net-profit-to-475-crore-on-one-time-income/articleshow/97650165.cms">Adani Transmission reports 78% rise in Q3 net profit to ₹475 crore on one-time income</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-hit-25-upper-circuit-after-govt-agrees-to-convert-16133-cr-dues-into-equity/articleshow/97643006.cms">Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity</a>

Not just LIC, 32 mutual fund houses have exposure to Adani Group stocks

<ul><li>Market regulator SEBI has sought explanation from mutual funds for delaying payments due to investors.</li><li>Top mutual funds in India are citing reasons to delay repaying investors' money.</li><li>The crisis in India's shadow banks caused by massive defaults by IL&amp;FS and Essel Group is unraveling.</li><li>The Economist had warned of such a crisis earlier calling it India's 'Lehman moment'.</li></ul>When an investor buys a mutual fund, specifically invests in a fund that lends money to corporate borrowers, for a fixed period of a time, it is expected that the fund would return the money to the borrower at the end of the tenure based on the agreed terms. That trust that keeps the mutual fund market running is being tested in India. Two of the country's biggest fund houses, that invest the money pooled in from eager investors, have sought <a href="https://economictimes.indiatimes.com/mf/mf-news/essel-group-troubles-have-hdfc-kotak-mutual-fund-seeking-roll-overs/articleshow/68828851.cms" data-type="tilCustomLink" target="_blank">to delay the payments due to the clients</a>. Market regulator, the Securities and Exchange Board of India, has finally swung into action and has written to Kotak Asset Management Company and HDFC Asset Management Company seeking clarification regarding delays in repayment to investors of fixed maturity plans, <a href="https://www.cnbctv18.com/finance/fmp-crisis-kotak-mutual-funds-hdfc-amc-under-sebi-lens-2942511.htm" data-type="tilCustomLink" target="_blank">according to a CNBC-TV18 report</a>. On Monday, Kotak Mutual Fund informed its investors that it would not be able to redeem the securities held by the investors because one of its loans, to the struggling Zee Group has soured. The borrower has sought additional time to repay the debt, and the investors who had trusted their savings with the fund have become collateral damage. 
 <div type="image" title="cotakBI8 (1)" msid="68843945" hostid="261"></div>



 HDFC Mutual Fund, the country’s largest, said it would roll over one of its fixed maturity plans, which is due for redemption on April 15. However, this financial services major that manages billions of people's wealth, has given the payment delay an ironic twist. “The purpose of rollover/ extension is due to current interest rate scenario and portfolio positioning, the yields prevailing in the short maturity bucket present an option for investors to lock in their investments at current prevailing yields,” HDFC MF told its investors. Break it down In simple words, the company is citing high interest rates for short-term loans as an opportunity to reinvest the money that is due. However, can they take that decision unilaterally, without the investors' consent? "Extensions are not possible unless the investors agree. Something like 75% of the investors in that particular scheme have to agree to a rollover. Otherwise a close-ended debt fund has to mature and the money has to be given," Ananth Narayan, professor of finance at SP Jain Institute of Management and Research, told a television channel. The question to ask is will a bank give you more time to pay your dues because someone else failed you? No. Similarly, the fund house is trusted to repay the investors' at maturity, the end of a previously agreed time period. At that point, the choice is with the investors if they want to roll-over the investment for a longer duration or redeem it right away. "We will have to wait for more details. It seems similar to the Kotak situation where some papers might not be liquid enough which is why this option is being provided to investors. I will be very happy if I am wrong and the company clarifies very soon.," Narayan added in his comments. If indeed HDFC Mutual is in a hurry to make the most of rising short-term interest rates in the market, it could start a new fund and investors can be invited to pool in money again based on a new agreement. What seems to be missing in the fund's offer is an explicit consent. Lehman moment The fear in the market is that an increasing number of mutual funds are trying to brush their bad investments in companies like IL&amp;FS, Essel Group etc. under the carpet. In late 2018, many bad business decisions of the past led a set of Indian behemoths to default on their loans leaving behind a financial mess that <a href="https://www.economist.com/business/2018/11/08/indias-banking-system-is-flirting-with-a-lehman-moment" data-type="tilCustomLink" target="_blank">the Economist called India's Lehman moment</a>. The reference is to the collapse of the global investment bank, Lehman Brothers, in 2008 that led to the <keyword id="83197" type="ORGANIZATION" weightage="20" keywordseo="Global-financial-crisis">global financial crisis</keyword> and a widespread panic that shut all taps for credit across the world. The fear was more Indian financial firms may face losses in the days to come that may lead to a cash crunch and panic within the country, something that seems increasingly plausible with the recent sequence of events. The shadow banks, non-banking financial companies and mutual funds, which had lent money to IL&amp;FS and Essel Group to stand have their backs broken by the massive unpaid dues. IL&amp;FS had a debt of $13 billion when it defaulted on some of it. About 10 fund houses had lent to 16 companies belonging to Essel Group with the promoters' shares as security. To their surprise, the fund managers found out later that some of those shares were already pledged to other lenders. India's problem with unpaid loans, and those at the risk of default, is much bigger than these two. In <a href="https://www.business-standard.com/article/finance/npa-woes-india-beats-italy-to-be-world-s-worst-non-performing-loan-ratio-119021900322_1.html" data-type="tilCustomLink" target="_blank">February this year</a>, the country beat Italy to bag the infamous of having the world's highest proportion of bad loans. What was earlier seen as a problem limited to the banks, it is now becoming evident that the damage may be far wider. Now, the small investors fear for their money that is stuck with the stressed mutual funds. The market regulator SEBI that is expected to protect small investors is still silent. SEE ALSO: <a href="https://www.businessinsider.in/markets/lok-sabha-elections-2019-adds-to-the-markets-fears-from-us-fed-minutes-and-imf-forecast/articleshow/68826392.cms" data-type="tilCustomLink" target="_blank">India's 2019 election is only one of the market's many worries</a>

India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors

Kotak Flexicap Fund: Too big to be flexible?

Equity MF flows more than double in September as investors buy the dip – ICICI Bank is the MF darling

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

Mumbai, Mar 6 () Asset management companies are staring at a Rs 3,345.48-crore hole in their books with their exposure to the equity and bonds of Yes Bank, which is under a 30-day moratorium, according to data from Morningstar. As of January 31, 2020, nearly two dozen mutual fund houses have exposure of close to Rs 526.42 crore to the stock, while 11 have invested Rs 2,819.06 crore in the bonds of the troubled private sector lender, as per the data. The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 per depositor for a month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed. As per the data, SBI Mutual Fund has the highest exposure of Rs 152.83 crore, followed by Rs 142.02 crore by HDFC Mutual Fund in the bank's equities, as at the end of January. Kotak Mutual Fund's exposure was Rs 62.60 crore, while Nippon India Mutual Fund invested Rs 61.21 crore in stocks of the bank. UTI Mutual Fund's exposure was Rs 33.18 crore in the stocks of the bank. Nippon India has the highest exposure of Rs 1,806.28 crore to debt issued by the bank. Earlier in the day, Nippon India Mutual Fund said it has marked down the value of its investments to zero in bonds issued by Yes Bank. In addition, the fund house has imposed a limit of Rs 2 lakh on fresh inflows into the impacted schemes till further notice, it said in a statement. Franklin Templeton and UTI Mutual Fund invested Rs 475.72 crore and Rs 336.67 crore, respectively, in bonds of the lender. Kotak MF's exposure to bonds was Rs 93.83 crore as on January 31, 2020. Mahindra Mutual Fund said it has nil exposure to Yes Bank. "Mahindra Credit Risk Yojana had a net exposure of 1.83 per cent in Yes Bank as of December 31, 2019. We had continued to pare down exposure in Yes Bank, due to the management's inability to demonstrate raising risk/ equity capital," the mutual fund house said in a statement. In February, the company fast-paced its exit from the residual exposure in the bank and have completely exited the same, it said. Quantum Mutual Fund's Fund Manager (Fixed Income) Pankaj Pathak said, "Quantum Liquid Fund prioritises safety and liquidity over returns and invests only in less than 91 day maturity instruments issued by government securities, treasury bills and top rated PSUs." HV HRS

'Mutual funds' exposure to Yes Bank at Rs 3,345 cr'

<ul><li>Since its inception on March 28, 2005, Nippon India <keyword id="6316206" type="General" weightage="20" keywordseo="multi-cap-fund" source="Orion">Multi Cap Fund</keyword> has outperformed most peers and market benchmark Nifty500 with returns of 15.15% CAGR.</li><li>₹10,000 invested in the fund every month since inception for 17 years would have grown to ₹89.81 lakh now.</li><li>During these pandemic years the fund invested in stressed and out-of-favour sectors that are generally avoided by others.</li></ul>Over the last 17 years, Nippon India Multi Cap Fund has survived the worst of the markets – including the US housing bubble, global financial crisis, demonetisation, US election of Donald Trump, Covid-19 outbreak or the Russia-Ukraine war. The Fund has seen it all and still managed to deliver the highest returns in the multi-cap category. Since its inception in March 2005, the fund has outperformed most peers and market benchmark Nifty500 with returns of 15.15% CAGR. In fact ₹10,000 invested in the fund every month since inception for 17 years would have grown to ₹89.81 lakh now. <div type="image" title="nippon india" height="900" width="1200" msid="93914085" hostid="261" sizebytes="40940"></div> Sailesh Raj Bhan, fund manager of Nippon India Multi Cap Fund believes in the mantra of value buying with a time horizon of three years. “Our attempt is to create that kind of a portfolio where you’re looking three years ahead and finding reasonable value in the business today, and you feel growth will accelerate from where we stand today,” said Bhan in an interaction with Business Insider India. In the last three years, the fund has given exemplary returns of 28.23% CAGR – higher than 23.60% CAGR returns by benchmark Nifty500 index. During these pandemic years the fund invested in stressed and out-of-favour sectors that are generally avoided by others. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top 5 performing schemes in multi-cap space </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% returns in last 1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon India Multi Cap Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.73% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Ind Growth 4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.02% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quant Active Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon India Capital Builder IV B </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.02% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sundaram Multi Cap </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.59% </td></tr></tbody></table>(Source: Value Research, Note: Above are all direct plan schemes) “What has worked for us is our investment in engineering, manufacturing and in hotels, which has contributed significantly to the fund. The key idea was to choose sectors which are out of favour and offer disproportionate value. And if you remember, 12-18 months back, people did not want to invest in hotels as the narrative was hotels will not come back,” said Bhan Cut to almost two years later, hotels are back in business with a huge pickup in travel and tourism, contrary to most expectations. In fact, <a href="https://www.businessinsider.in/stock-market/news/hotels-make-for-a-happy-home-for-investors-stocks-return-over-50-in-less-than-six-months/articleshow/93762736.cms">hotel company stocks are among multibaggers</a>, which has made fortunes for investors. In April-June 2022, there has been a 244% increase in demand for hotels across six major cities — Delhi, Bengaluru, Chennai, Goa, Hyderabad and Mumbai, according to Hotel Momentum India Report 2022. Talking about Nippon India Multi Cap Fund, Dhirendra Kumar, CEO of Value Research in a conversation with Business Insider India said, “It is a decent fund, nothing awkward about it. A fund which has survived this long and is not doing poorly in bad markets and doing okay in a rising market, you do the job.” Staying steadfastly mid-cap amidst industry churn In November 2020, SEBI introduced flexi cap and differentiated between multi cap and flexi cap because many mutual fund schemes were not true to their label and would invest predominantly outside of their defined spheres. The differentiation is this – flexi <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> are allowed to choose the ratio between large, mid and small caps investments as they like. On the other hand, multi-cap funds are mandated to keep a minimum threshold of 25% investments in each of the three fund categories – large, mid and small cap. The remaining 25% can be invested at the fund manager’s discretion. This led to many funds converting from multi cap to flexi cap, freeing them up to choose a majority of large-cap stocks and avoid risky investments. Now, the tide is turning again. In the last one year, several mutual fund companies have come out with multi-cap new fund offers (NFOs) to fill their portfolio. “After SEBI’s categorisation of flexi cap, every multi-cap fund changed their erstwhile multi-cap fund to flexi cap. And now, fund houses are filling up multi cap space as NFO gets MF more money than otherwise,” said Kumar of Value Research. Amidst all this churn, Nippon India Multi Cap Fund steadfastly remained in the multi-cap category. It continued to find value in small caps, constantly looking for companies that are sector heads and offering an attractive valuation. “Our end objective is to capture the market plus return over the medium term. Now, most investors find it difficult to navigate from capitalisation in large cap, mid cap and small cap stocks. We intend to choose the kind of companies that can ride through market cycles – so even in a small cap, we look at a business which has to be a top 1-2 company in that sector or category. For example, when we were investing in hotels, the leader was from a small cap,” said Bhan. ‘Multi cap is an all season fund’ Bhan says multi cap is an all season fund because of its equal exposure to the three categories – large cap, mid cap and small cap, and the flexibility to invest the rest in large-cap space generally. Value Research’s Kumar believes multi-cap funds are a desirable category for investment as it has the necessary exposure to mid and small caps. “Everybody thinks flexi cap does almost the same thing as multi cap but not really. As flexi caps are becoming large, they are unable to have a meaningful position in mid caps and small caps,” Kumar said. “And multi cap, because it is mandated to have a minimum of 25% in small cap and mid cap, gives you a real or rather enforced diversification. Otherwise erstwhile multicap, which are now called flexi caps, are now dominantly becoming large caps as they get bigger,” said Kumar. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/wipro-tech-mahindra-lead-rout-in-it-stocks-as-recession-risks-loom/articleshow/93876535.cms">Wipro, Tech Mahindra lead rout in IT stocks as recession risks loom</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hcl-tech-beats-wipro-to-become-indias-third-largest-it-company/articleshow/93879712.cms">HCL Tech beats Wipro to become India’s third largest IT company</a>

This multi-cap fund has survived the worst market cycles and yet delivered the highest returns

<ul><li>The agency that started out with a simple idea of branding tea cups, CupShup is now all set to clock ₹12 crore this financial year</li><li>50% of its revenue will come from activation services, 35% from cup branding and the rest 15% from creative and digital services</li><li><keyword id="4986606" type="PERSON" weightage="20" keywordseo="Sanil-Jain">Sanil Jain</keyword>, Co-founder of CupShup, tells us the potential a cup of tea hold, struggles of starting up a disruptive brand with low investments, and the plan ahead</li></ul>Around 100 billion cups get consumed in India every year and Chai break in an intrinsic part of our culture. People talk, discuss, debate, and analyse things over a cup of tea. Cups also cater to different social strata and have the advantage of being comfortably placed in the customer's hand for a good five to seven minutes. Hence, CupShup saw every non-branded cup as a wasted opportunity for consumer engagement. ‘It’s hard not to observe our chai cups -- because a chai is an emotion that we all love and bond over,’ says Sanil Jain, Co-founder, CupShup. And it was at a Chai Tapri that Jain and <keyword id="380793" type="PERSON" weightage="20" keywordseo="Sidharth-Singh">Sidharth Singh</keyword>, the two Co-founders of CupShup, decided to convert ‘A Cup’ into ‘The Cup’. They were struggling to come up with an idea for their college project and that’s when they had their eureka moment. “The idea dawned on Sidharth. He asked me, 'What if we brand these plain paper cups and convert the tea breaks into discussion joints for brands?' Post that, we had a chat about movies and politics for about 15 minutes. It came to our mind that we just spent 15 minutes of our quality time which was relaxed, clutter-free, and the environment was fun-filled. This was a perfect place or medium where a brand would want to promote itself,” recalls Jain. The startup aims to convert these 10-15 minutes of tea breaks into an opportunity for brands to get attention from their target audience and be part of their daily, relaxed conversations. While Jain immediately realized the potential behind this idea, the next toughest step was testing it out with minimum investment. “Since it was very difficult to get a small number of cups custom-printed, Sidharth bought around 100 cups, added stickers of a nearby restaurant on them with an offer and distributed it to the nearby chai tapris. He later interviewed around 50 odd people at the tapris and found himself surprised by the result of the product validation survey -- it was fantastic. Almost all of the people he spoke to were able to recall the brand and the offer on the cup, when aided. Thus, we established our idea has the potential and brands will be attracted towards this unique method of promotion,” shares Jain. CupShup bootstrapped itself and used a sum of ₹1 lakh, each founder contributed a half, into hiring a team, building the infrastructure, launching an application, and establishing a distribution system. It was after its first campaign with Ola that CupShup turned into a profitable company and that opportunity spearheaded its growth ahead. Since then, CupShup has been able to grow organically to a team of 50 people -- based in Mumbai, Gurgaon, Bangalore, Pune and Hyderabad. Services Offered CupShup offers Cup Branding, Activations, Corporate Branding, Creative Services and Digital Marketing, among others. For the current financial year, Jain says, 50% of its revenues will come from activation services, 35% from Cup branding and the rest 15% from Creative and Digital services. So far, CupShup has seen more than 150 clients including Amazon, Uber, Ola, Unilever, SBI, Kotak, ICICI, Swiggy, Dunzo, HotStar, Marico, Coke, Zomato, OYO Rooms, Grofers, Pocket Aces, Viacom, TVF, ZEE. The agency recently concluded a campaign with Hotstar for their web-series, ‘<keyword id="94523" type="ENTERTAINMENT" weightage="20" keywordseo="The-Office">The Office</keyword>’, for which it distributed 25 lakhs paper cups with nine humorously designed creatives, each with a witty designation aimed to strike light conversations inside offices. 
 
 
 <div type="image" title="Hotstar_For BI" msid="71534936" hostid="261"></div>







 While the team has worked with brands across sectors, start-ups remain their favourite. “Be it FMCG, BFSI, Entertainment, we have worked with them all. However, clients who are most receptive and open to experimenting are start-ups. While established clients make our offerings part of their 360 degree campaigns, new age brands and start-ups not just use our medium but also use our services in media planning, buying and creatives. Other than Cup Branding, they are also eager to explore our other offerings like Digital Screens and corporate activations,” said Jain. Challenges of Starting Up CupShup only had a lakh to set the ball rolling. While finding good talent was a task with limited infrastructure, convincing corporates was not a cakewalk either. “Initially, offices in corporate parks were reluctant to give us entry into their buildings as they were skeptical about the quality of paper being used by us. However, with time they are aware of the fact that we only use water based ink on our biodegradable and recyclable paper cups. This helped us understand their concerns and in accessing the office cubicles with ease,” said Jain. To spread the word around and get more attention from their client, CupShup reached out to various start-up specific news portals and networking events. Jain also sent a monthly newsletter to their client base to update them about CupShup’s work progress. Slowly, as CupSup started working with bigger brands, its communication strategy broadened to entire marketing and advertising community. Expanding its Call-to-Action Clients only look out for end results and measurable outcomes. So what kind of ROI does CupShup offer? “While most of the established brands use our medium as part of their 360-degree campaigns focused on grabbing eyeballs and building brand recalls, many new age brands and start-ups use our services to acquire new users and drive App downloads, and transactions as well. Since a tea break allows a brand exposure time of 5-7 minutes, we also use call-to action methods like QR codes, Missed Call to SMS and so on, for lead generation. But yes, this method of branding grabs attention, drives a positive ROI and triggers a conversation,” answers Jain. Plan Ahead After a smooth run in FY 2018-19 with ₹4.5 crore in Revenues, CupShup is now projected to clock ₹12 crore this financial year on the back of its strong clientele. CupShup is now scaling its network, activation services, and ramping up the creative services portfolio. It is also working on a digital product, which is slated to go live early next year. While Jain did not share the name or idea behind it, he said their product will ‘aim at revolutionising the way digital marketing is done in India.’

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