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Both mid-cap and small-cap mutual fund schemes have continued to attract significant investor interest, having garnered about Rs 30,350 crore in inflows during the April-September period of the current financial year. Last year, as data from <keyword id="6359050" type="General" weightage="20" keywordseo="AMFI" source="Orion">AMFI</keyword> showed, the total inflows in both these segments during the same period were only marginally higher at Rs 32,924 crore. Data from Value Research suggests that mid-cap funds have generated 46.25% returns over the past year, while small-cap funds have yielded returns worth 44.17% during the same time. This is far better than their 3-year returns, which stand at 20.67% for midcaps and 21.64% for smallcaps. The returns further moderate over 5 years to 32.44% for small caps and 27.94% for midcaps. Inflows in mid- and small-cap funds have only grown from strength to strength during the current year, despite market watchdog <keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> repeatedly highlighting the high risks both these categories entail. Between January and March 2024, small-cap funds saw inflows worth Rs 6,085.27 crore, while mid-cap funds were a little behind, garnering inflows worth Rs 4,887.05 crore. Between April and June this year, small-caps saw inflows worth Rs 7,196.8 crore. At the same time, midcaps saw inflows worth Rs 6,926.60 crore. In line with this increase in inflows, the number of investors (folios) in the two schemes shot up by 1.32 crore year-on-year to nearly 4 crore in the six-month period ended September 30, 2024. Since 2020, the small-cap universe (i.e., companies with a market cap of less than Rs 2000 crores) has grown nearly fourfold, offering investors a wide range of investment opportunities. Data from Trust Mutual Fund also shows that small-cap funds have also emerged as great generators of long-term wealth. Between August 2014 and August 2024, the <keyword id="6354813" type="General" weightage="20" keywordseo="Nifty" source="Orion">Nifty</keyword> 100 total return index (TRI) has yielded a CAGR of 14.7%. In contrast, the Nifty smallcap 250 TRI has registered a CAGR of 18.2% "Small caps will continue to grow at a faster rate for years to come. I expect the inflows to continue as Indians want to invest in the high-growth sectors. Small-cap funds should be seen as an integral part of one's portfolio allocation and not a tactical play," Trust Mutual Fund CEO Sandeep Bagla told PTI. Individually, mid-cap funds saw an inflow of Rs 14,756 crore, and small-cap funds attracted Rs 15,586 crore in the first half of FY25. This aggregates the total inflow to Rs 30,342 crore, the data showed. In addition, the stress test in March 2024 has also played a role, reinforcing confidence by ensuring that fund managers are prepared to handle market volatility, Feroze Azeez, Deputy CEO, Anand Rathi Wealth Ltd, said. "With the mid-cap and small-cap segments projected to grow at 20 percent and 25 percent, respectively, in FY25, we expect inflows to remain strong, especially as SIP inflows continue to hit new peaks," he told media.

Investors pour in Rs 30,350 crore in mid and small cap funds in the first half of 2024

Market watchdog SEBI has come out with a consultation paper in a bid to ease the functioning of <keyword id="22476006" type="General" weightage="100" keywordseo="ESG-Rating-Providers" source="keywords">ESG Rating Providers</keyword> (ERPs), pushing for the development of a <keyword id="23760035" type="General" weightage="20" keywordseo="subscriber-pays-model" source="keywords">subscriber-pays model</keyword>. As of July 2024, nine ERPs are registered with SEBI to operate in the country. These include <keyword id="23760037" type="General" weightage="20" keywordseo="CRISIL-ESG-Ratings" source="keywords">CRISIL ESG Ratings</keyword> &amp; Analytics, ESG Risk Assessments and Ratings, GlobeTrend Climate Impact Institutional Investor Advisory Services, <keyword id="23760038" type="General" weightage="20" keywordseo="NSE-Sustainability-Ratings" source="keywords">NSE Sustainability Ratings</keyword> and Analytics, PGS Impact, Pragati Development Consulting, CARE ESG Ratings, and SES ESG Research. Per the paper's proposal, ERPs won't be required to disclose ESG (environmental, social, and governance) ratings to the bourses, provided they confirm that there is no non-public information that could potentially affect the rating. Another proposal was the simultaneous sharing of the ESG rating reports both to the rated companies and to the subscribers who pay to access these reports. ERPs should ensure that rated entities, their group companies, or associates cannot subscribe to their own ESG ratings, SEBI said in its consultation paper. Some of the other suggestions put forth by SEBI include: 1. Companies will have a specific timeframe to respond to the ESG report, and any such comments should be included in the report as an addendum. 2. In case the ERP does not agree with the remarks issued by the rated company, they can add their comments to the report as well. 3. ERPs can rate unlisted issuers or other products, provided they meet specific guidelines from relevant regulators. SEBI is receiving public comment on these proposals until November 15, 2024. <h2>Steady returns </h2>Of the 11 ESG mutual fund schemes available to Indian mutual fund investors, the Quant ESG Equity fund has generated the highest returns of about 45.44% over one year, data from ValueResearch showed. Simply put, had you invested Rs 10,000 every month in this fund for three years, you would have accumulated a corpus of Rs 5,47,525. Over three years, the returns on this fund come to around 26%. This was followed by the ICICI Pru ESG Exclusionary Strategy fund, which yielded 44.73% returns over the same period. However, over ultra-short terms, i.e., 1-3 months, ESG funds have largely delivered negative returns, underscoring their suitability only as a long-term investment avenue. Only the SBI ESG Exclusionary Strategy Direct Fund and Quantum ESG Best In Class Strategy Direct Fund have been around for 5 years, during which they have generated returns of about 16.67% and 18.7%, respectively. <keyword id="23760036" type="General" weightage="20" keywordseo="ESG-mutual-funds" source="keywords">ESG mutual funds</keyword> typically select and invest in companies that are ESG-compliant, i.e., who weave in environmental conversation, social welfare, and robust <keyword id="20392393" type="General" weightage="20" keywordseo="corporate-governance" source="keywords">corporate governance</keyword> practices into their working philosophy and work ethos, while simultaneously generating decent financial returns for stakeholders as well.

SEBI mulls measures to facilitate ease of doing business for ESG Rating Providers (ERPs)

Dear reader, As another week draws to a close, the financial world is abuzz with excitement, with markets hitting all-time highs and raising questions for investors on how to best navigate this promising terrain. We explored some strategies for <keyword id="20223034" type="General" weightage="20" keywordseo="mutual-fund" source="keywords">mutual fund</keyword> investors looking to capitalise on India’s robust growth, despite some experts warning of overvalued conditions. But it was not all about numbers; the <keyword id="20665553" type="General" weightage="20" keywordseo="remote-work" source="keywords">remote work</keyword> debate also heat up again this week. A former <keyword id="19904608" type="General" weightage="100" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> employee had even spilled the beans on creative tactics used by workers to skirt the company's recent office mandate. Meanwhile, in a tech-savvy twist, Bengaluru's traffic police have deployed AI-powered cameras to ensure that rule-breakers aren't slipping through the cracks, whether or not an officer is present. This innovative move raises the stakes for those who might think twice about cutting a red light or using their phones while driving. In a more personal journey, a 41-year-old bank worker reveals how simple dietary changes and a straightforward workout technique transformed his physique, proving that it’s never too late to make positive lifestyle changes. And for music lovers, the excitement surrounding <keyword id="20399945" type="General" weightage="20" keywordseo="Coldplay" source="keywords" meta.keywordsubtype="org" meta.entityname="Coldplay" meta.hostid="261" meta.entityid="Coldplay">Coldplay</keyword>'s upcoming performance in India is palpable! However, with scalpers jacking up prices to exorbitant levels, we highlight how it may actually be cheaper to catch the band live in Abu Dhabi instead of facing the steep markups in Mumbai. Join us as we unpack these intriguing stories and more, ensuring you stay ahead of the curve in today's rapidly changing landscape. <h2>Top stories from the week</h2> With markets hitting all-time highs, how should you position yourself as a mutual fund investor? Despite experts currently pegging the market to be in over-brought category, with elevated valuations, India will continue to be amongst the world's fastest growing economies in the medium term. Per <keyword id="23344116" type="General" weightage="20" keywordseo="goldman-sach" source="keywords">Goldman Sach</keyword>'s India strategy, companies operating in the auto, chemicals, real estate, FMCG and other consumer durables may observe a large surge in their profits, with consumer durables registering the highest growth in this cycle. So, how can investors make the most of this uptrend? We decode that for you. <a href="https://www.businessinsider.in/stock-market/article/with-markets-hitting-all-time-highs-how-should-you-position-yourself-as-an-mutual-fund-investor/articleshow/113662022.cms?upcache=2&amp;utm_source=BI_newsletter&amp;utm_medium=newsletter&amp;utm_campaign=weekly_digest&amp;ncode=eac724db06a1b423589790353cd35d8482c05a95522ed6abfc285ccd372de143c1b9eb738a682068e6154cea1ecc535b90f24d3e6a144cc072a4cef9bdd7e86aa61f0a704e77dfb4465e87c057ec6b95&amp;nl_id=6638a138c5fe91bbf47baa33" data-type="tilCustomLink" target="_blank">Read more</a> Rename home Wi-Fi, leave badge at office: <keyword id="23344115" type="General" weightage="20" keywordseo="ex-amazon" source="keywords">Ex-Amazon</keyword> employee reveals tricks used by employees to not work from office Amazon's recent decision to end remote work and require employees to return to the officesparked controversy. A former AWS engineer shared tactics employees used to dodge the mandate, including badging in briefly, renaming home Wi-Fi networks, and using colleagues to clock in. These tricks highlight ongoing debates about remote work's future. <a href="https://www.businessinsider.in/tech/news/rename-home-wifi-leave-badge-at-office-ex-amazon-employee-reveals-tricks-used-by-employees-to-not-work-from-office/articleshow/113619411.cms?upcache=2&amp;utm_source=BI_newsletter&amp;utm_medium=newsletter&amp;utm_campaign=weekly_digest&amp;ncode=eac724db06a1b423589790353cd35d8482c05a95522ed6abfc285ccd372de143c1b9eb738a682068e6154cea1ecc535b90f24d3e6a144cc072a4cef9bdd7e86aa61f0a704e77dfb4465e87c057ec6b95&amp;nl_id=6638a138c5fe91bbf47baa33" data-type="tilCustomLink" target="_blank">Read more</a> Hopping signals or using phones when cops aren’t there? You’re still going to get instant-fined, thanks to Bengaluru’s new AI cameras If you've ever found yourself sheepishly glancing around after cutting a red light or using your phone while driving, only to relax because "no cops in sight," think again! In Bengaluru, the traffic police have gone tech-savvy, and they're now leveraging AI to keep an eye on you – whether or not there’s an officer standing by. <a href="https://www.businessinsider.in/tech/news/hopping-signals-or-using-phones-when-cops-arent-there-youre-still-going-to-get-instant-fined-thanks-to-bengalurus-new-ai-cameras/articleshow/113733172.cms" data-type="tilCustomLink" target="_blank">Read more</a> A 41-year-old transformed his body with 2 diet changes and 1 simple workout technique A bank worker in his 40s got more defined muscle with simple tweaks to his routine. He burned fat by paying attention to portion sizes and setting a daily protein goal. <a href="https://www.businessinsider.in/science/health/news/a-41-year-old-transformed-his-body-with-2-diet-changes-and-1-simple-workout-technique/articleshow/113532951.cms" data-type="tilCustomLink" target="_blank">Read more</a> It is cheaper to watch Coldplay perform in Abu Dhabi than to pay scalpers for Mumbai tickets Grammy-winning pop band Coldplay is all set to perform in India in January 2025 and the tickets went on sale recently. While excited fans rushed to book the tickets, most fans unfortunately couldn’t get their hands on them despite the band adding an extra show due to overwhelming demand. Not all tickets were booked by fans as a lot of tickets showed up on re-selling platforms and social media, with scalpers charging a bomb for these tickets. With tickets costing as much as ₹3.65 lakh on re-selling platforms such as Viagogo, there’s another option for Coldplay fans to see their favourite band perform without burning a hole in their pocket. <a href="https://www.businessinsider.in/entertainment/news/it-is-cheaper-to-watch-coldplay-perform-in-abu-dhabi-than-to-pay-scalpers-for-mumbai-tickets/articleshow/113665893.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Top Web stories </h2> <a href="https://www.businessinsider.in/science/health/food/webstories/saffron-to-caviar-9-of-the-worlds-most-expensive-food-items/slidelist/113671583.cms" data-type="tilCustomLink" target="_blank">Saffron to Caviar: 9 of the world's most expensive food items</a> <a href="https://www.businessinsider.in/thelife/webstories/work-smart-stay-sane-9-tips-to-combat-stress-and-burnout/slidelist/113671839.cms" data-type="tilCustomLink" target="_blank">Work smart, stay sane: 9 tips to combat stress and burnout</a> <a href="https://www.businessinsider.in/travel/india/webstories/10-serene-coastal-villages-in-india-to-visit-this-october/slidelist/113687424.cms" data-type="tilCustomLink" target="_blank">10 serene coastal villages in India to visit this October</a>

Weekend wrap: Amazon employee reveals tricks to avoid working from office, markets hit all-time highs

<keyword id="20207838" type="General" weightage="20" keywordseo="dsp-mutual-fund" source="keywords">DSP Mutual Fund</keyword>'s September 2024 Netra report credits <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s strong economic recovery to increased fiscal expenditure. The report, which tracks current economic trends and market insights through various charts, emphasizes the need for the private corporate sector and households to play a larger role in sustaining the ongoing growth momentum. Netra also pointed out an unsettling calm in the markets, with the Nifty 50 TRI index maintaining an impressive 53-month streak without a 5% decline and 13 years without a drop greater than 10%. Sahil Kapoor, Head of Products and Market Strategist, DSP Mutual Fund, said, "The calm in the markets, marked by an unnerving lack of volatility, is a double-edged sword. While it provides a sense of stability, it also masks underlying risks that could surface unexpectedly, catching investors off guard. To ensure a sustainable recovery, there is a need for the private sector and households to take the lead, transforming fiscal stimulus into lasting economic growth." However, the report notes a shift in market dynamics, with the momentum factor, which has outperformed since the COVID-19 bottom, beginning to lose its dominance. At the same time, the quality factor, which had underperformed over the last four years, is now seeing a resurgence, potentially indicating a change in market leadership that could favour quality-orientated funds, both active and passive. The report highlights the critical role government spending has played in the recovery, with a focus on capital investments crucial for future growth. However, contributions from the private corporate sector and households have lagged. It also draws attention to a slowdown in India's per capita consumption, approaching lows seen in previous cycles. Given that consumption accounts for around 60% of GDP, it is vital that this sector grows at a rate exceeding GDP growth to stimulate private capital expenditure. India's <keyword id="487578" type="General" weightage="20" keywordseo="tax-collections" source="Orion">tax collections</keyword> have demonstrated robust growth, with gross tax revenue showing a five-year compound annual growth rate (CAGR) of 14 %. This growth, largely driven by <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword>, indicates a rising dependency on capital gains and stock market performance, introducing new vulnerabilities to the economy. The banking and financial services sector (<keyword id="19910880" type="General" weightage="20" keywordseo="bfsi" source="keywords">BFSI</keyword>) has emerged as a key driver of market earnings, recording a 12 % increase in profit after tax (PAT) growth, significantly outpacing the 4.6 % growth observed in non-BFSI Nifty 50 companies. This disparity underscores the sector's importance in India's economic story and highlights promising investment opportunities.

India's strong economic recovery is led by fiscal expenditure: DSP MF

The <keyword id="20340200" type="General" weightage="100" keywordseo="assets-under-management" source="keywords">Assets Under Management</keyword> (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) of <keyword id="20300870" type="General" weightage="20" keywordseo="equity-mutual-funds" source="keywords">equity mutual funds</keyword> have <keyword id="20641508" type="General" weightage="20" keywordseo="surged" source="keywords">surged</keyword> by 5.37 per cent sequentially to Rs 25,12,845.59 crore in July 2024 from Rs 23,84,727.69 crore in June 2024, <keyword id="22838645" type="General" weightage="20" keywordseo="PL-Wealth-Management" source="keywords" meta.keywordsubtype="org" meta.entityname="PL Wealth Management" meta.hostid="261" meta.entityid="PL Wealth Management">PL Wealth Management</keyword> said in a statement. The observation, which is based on 283 open-ended equity diversified funds, cited that 39 per cent of these funds have outperformed their respective benchmarks over the past month, ending July 31st, 2024, The cumulative total of funds that outperformed stood at 109 during the month ending July 2024 (one month). AUM measures the total market value of assets that a person or entity manages for clients or on behalf of investors. Under the <keyword id="21184260" type="General" weightage="20" keywordseo="large-cap-funds" source="keywords">large-cap funds</keyword>, about 58 per cent of <keyword id="19915334" type="General" weightage="20" keywordseo="schemes" source="keywords">schemes</keyword> outperformed on S&amp;P BSE 100 - TRI benchmark, out of 31 schemes observed by <keyword id="19999821" type="General" weightage="20" keywordseo="Prabhudas-Lilladher" source="keywords" meta.keywordsubtype="org" meta.entityname="Prabhudas Lilladher" meta.hostid="261" meta.entityid="Prabhudas Lilladher">Prabhudas Lilladher</keyword>'s wealth management arm. About 24 per cent of schemes outperformed under the large and mid-cap funds, of which 29 were observed. Under the multi-cap funds about 40 per cent of schemes outperformed, whereas in the flexi-cap funds, the percentage of schemes outperforming was 33 per cent. Going further, about 38 per cent of schemes under the midcap outperformed. Interestingly, the data observed that not a single scheme in small-cap funds manages to outperform their respective benchmarks. According to the observations made by L Wealth Management, Value Contra Div Yield Funds was the best-performing category, where 78 per cent of the schemes outperformed the benchmark. It was followed by schemes of large-cap funds and multi-cap funds, which outperformed their respective benchmarks by 58 per cent and 40 per cent respectively, during July 2024. Large and mid-cap funds were the least performing fund category, with only 24 per cent of funds outperforming the benchmark, as shown in the analysis. <keyword id="22838646" type="General" weightage="20" keywordseo="PL-Capital-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="PL Capital Group" meta.hostid="261" meta.entityid="PL Capital Group">PL Capital Group</keyword> specialises in research-driven advisory services in the Indian capital markets. The company's business is spread across 200 plus cities in India, catering to institutions, corporations, family offices, HNIs, and retail clients in India and globally.

Assets Under Management of equity mutual funds surged 5.4% sequentially in July: PL Wealth Management

The entire country celebrating Raksha Bandhan today. But are you one of those elder siblings still mulling and stuck over the perfect gift to give your younger ones? Well, then it is time for you to move beyond your traditional gift ideas like sweets, gadgets, clothes, and jewelry, and invest in their future prosperity. How? By gifting them <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword>, or even mutual fund units. Here's a deep dive into how you can lay the foundations of a lasting bond with your siblings, and cement their financial future, one stock and one mutual fund unit at a time. <h2>How can I gift shares ?</h2>You can swiftly transfer shares online, provided both you and your siblings have a <keyword id="19977340" type="General" weightage="20" keywordseo="demat" source="keywords">demat</keyword> account. Many brokerage firms like Zerodha, Groww and others also offer this facility. For this, you will need to input details like your sibling's name (who you wish should receive these shares), particulars of their demat account, the amount of shares you wish to give as gift, and the name and 12-digit ISIN number of the company whose stocks you want to transfer. In addition, you will also have to provide the beneficiary owner ID of your siblings, reason for transferring these shares, and bank account details. In order to kickstart the process, you'll have to initiate what is known as an off-market settlement. This means without the stock exchange coming into the picture, two parties i.e. you and your sibling will mutually settle shares. For this, you will have to submit a delivery instruction slip (DIS) to your DP, or depository participant, which serves as a bridge between you and the depository. When you are transferring shares, you are essentially transferring your ownership of such stocks to them, and thus, you need to inform your DP and depository of the same. At present, there are only 2 depositories present in the country, namely NSDL and CDSL. You can submit this DIS both online and offline. If you have more than one siblings you wish to transfer shares to, remember to use separate DIS for each recipient's account. Once you initiate the transfer, your broker will send an email and SMS to the recipient, who will have 7 days to accept this. But remember, once you've transferred these shares, there is no provision to revoke this transfer. And just like with your clothes, accessories and everything else in life, your siblings will have full freedom and ownership to do whatever they deem fit with these shares! However, what you can certainly do, and make this gift more meaningful, is drive home the value of holding these securities for the long term, so that they are able to make the most of this investments. Ideally, a good start would be to start investing in stocks of large-cap, blue-chip companies, and them eventually complement them with small and midcap stocks, which offer higher legroom for growth. Per brokerage firm Master Capital Services Ltd, "consider choosing stocks from well-established companies with a solid track record and growth potential. It is essential to consider risk tolerance, investment horizon, and financial goals before selecting stocks for your brothers and sisters. The finest present you could give your siblings this year would be long-lasting financial stability". If you're looking for some stock recommendations you can consider for your siblings, we have you covered as well: <h4>Larsen &amp; Toubro Ltd. </h4>Why you should consider this? The company has shown consistent revenue growth and profitability in the past years while maintaining stability with its ROCE &amp; ROE of around 19% and 15%. L&amp;T has a significant global presence, with projects and operations in various international markets. This geographic diversification helps in tapping into global opportunities and reduces dependence on the domestic market. <h4>HCL Technologies Ltd. </h4>Why you should consider this? HCL Technologies is one of the IT giants of India, which is ranked amongst the top five Indian IT services companies in terms of revenues. HCL offers a wide array of IT, business services, engineering, R&amp;D services, and software products with operations in 60 countries. The company has been investing heavily in digital technologies, including cloud computing, artificial intelligence (AI), and automation. This focus aligns with current industry trends and positions the company to capture growth in the high-demand areas. <h4>TATA Motors Ltd.</h4>Tata Motors Limited is a leading manufacturer of automobiles and one of the largest OEM in India offering a wide range of passenger and commercial vehicles. Tata motors owns the flagship brand of Jaguar and Land Rover (JLR) which is a dominant automobile player in the global market. Its early entry in the electric vehicle segment has positioned it well ahead of many competitors and currently, it enjoys the largest market share in the EV segment in India. The focus on innovation and sustainability, along with a robust product lineup, positions Tata Motors well for future growth and market opportunities. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Tax Implications of gifting shares</h2>The best part about gifting shares is that it is tax-exempt, since you're giving it to your relative. This means your sibling will not be liable to pay any taxes on this gift. However, to be on the safer side, make sure that the market value of the shares that you gift them does not exceed Rs 50,000, or else your siblings, i.e. the recipient will have to incur a tax liability. If your siblings decide to sell these gifted shares, they will have to pay LTCG (long-term capital gains) tax at the rate of 12.5%, or STCG (short-term capital gains) tax at the rate of 20%, depending on how long they hold these securities for. <h2>Gifting mutual fund units? </h2>Unfortunately, you cant transfer your mutual fund units to your siblings. The transfer of mutual fund units is only possible in case the unitholder passes away. But the one thing you can certainly do is start an SIP, or systematic investment plan (SIP) in their name. With as much as Rs 5,000 per month, invested over a period of 10 years, you 'll have invested Rs 6,00,000 for you siblings, which would have earned returns worth Rs 5,61,695, taking their total corpus to Rs 11,61,695. You can even start an SIP with just Rs 500/month in their name. You can nudge them into continuing this, so that you instill the value of financial discipline and long-term investing in them. Remember, at the end of the day, the true value of your gift lies not just in its monetary worth, but in the knowledge, responsibility, and financial acumen that you will pass on to your siblings. So, this <keyword id="22639140" type="General" weightage="100" keywordseo="Rakshabandhan" source="keywords">Rakshabandhan</keyword>, consider tying not just a rakhi, but also a knot of financial empowerment.

Move over regular gifts! Gift your sister stocks, MF units this Rakhi

Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword> has asked the <keyword id="20677983" type="General" weightage="20" keywordseo="mutual-fund-industry" source="keywords">mutual fund industry</keyword> to proactively conduct stress tests, a key component of <keyword id="20383727" type="General" weightage="20" keywordseo="risk-management" source="keywords">risk management</keyword> for the financial sector, which will help strengthen the ecosystem, its whole-time member Ananth Narayan Gopalakrishnan said on Friday. The regulator's stress testing emphasizes the need to assess and manage liquidity risks, especially in small and midcap equity schemes. Speaking at a mutual fund event, Gopalakrishnan highlighted the importance of modelling stress scenarios not just for individual schemes or fund houses, but for the entire mutual fund ecosystem. "It is also important to model stress scenarios for the entire composite mutual fund ecosystem. I would strongly encourage the industry and <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="153" meta.entityid="AMFI">AMFI</keyword> to take the lead and proactively conduct objective and credible industry wide stress tests. themselves," Gopalakrishnan said. He also emphasized the need to find better ways to communicate the risks associated with different mutual fund schemes. The SEBI official mentioned that while the current risk measurement system is straightforward and has had a significant impact, it doesn't fully capture the differences in risks among various investment schemes. According to him, many schemes are just labelled as high risk, even though they have different kinds of risks. The goal is to improve this system to better reflect those differences, while keeping it simple and easy to understand. One possible approach is to consider the portfolio's volatility and liquidity from stress tests to give a clearer picture. "While ensuring simplicity and ease of understanding remains a key objective, perhaps the underlying volatility of the portfolio along with the liquidity of the portfolio from stress tests could be used to provide better colour all around," he added. This comes at a time when the holdings of mutual funds by <keyword id="20234284" type="General" weightage="20" keywordseo="domestic-institutional-investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) and individuals have risen from about 54.3% of free float of all mid cap and small cap companies, as of March 2020 to 60.6% as of March 2024. Several fund houses have proactively stopped lump sum investments in some small-cap schemes and also capped the amount that can be invested through <keyword id="20675888" type="General" weightage="20" keywordseo="systematic-investment-plan" source="keywords">Systematic Investment Plan</keyword> (SIP) into small-cap schemes. He also highlighted the potential mismatch between the demand for paper and the supply of fresh paper coming into the ecosystem. Gopalakrishnan said the industry can make more progress in streamlining operations and improving efficiency for investors. "At a time when instantaneous fund transfers have become ubiquitous in our country, perhaps we should look to improve our internal processes and the security settlement ecosystem, to ensure that funds are passed on to investors on the day of the settlement itself, rather than a day after or two days after," he added. Over the last few years, the mutual fund industry has made impressive strides, and is now playing a crucial role in channeling financial savings towards risk capital formation. This was driven by stable macros, increased formalization, robust corporate earnings, digitisation and user friendly access. Moreover, the number of mutual fund investors has grown significantly from about 2 crore as of March 2019 to nearly 4.7 crore as of June 2024, an impressive compounded annual growth rate of 18% during that period. Gopalakrishnan mentioned that several exciting initiatives are in the works, developed with input from all stakeholders. These include a proposed low-ticket SIP, further breaking down regular SIPs into smaller, more accessible units (sachetisation and tokenization), and the introduction of "mutual funds lite" regulations. These new regulations will simplify rules for passively managed funds, reducing the compliance burden and encouraging competition and innovation. Additionally, a new class of higher-risk schemes is proposed for investors with a greater capacity to handle risk.

SEBI asks mutual fund industry to proactively conduct stress test

A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="20848502" type="General" weightage="20" keywordseo="mutual-fund-distributors" source="keywords">Mutual fund distributors</keyword> will now have the opportunity to receive trail commissions from <keyword id="20030502" type="General" weightage="20" keywordseo="asset-management-companies" source="keywords">Asset Management Companies</keyword> (AMCs) for assets transferred by an investor from one distributor to another. This change follows numerous requests from Mutual Fund Distributors (MFDs) to review the current AMFI Registration Number (ARN) transfer norms. These norms currently prevent AMCs from paying trail commissions to the new distributor when an investor transfers their assets to a new <keyword id="20094258" type="General" weightage="20" keywordseo="mfd" source="keywords">MFD</keyword>. In a communication to its members on Tuesday, <keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India (Amfi) permitted AMCs to pay trail commission to distributors in case a client transfers his assets from one distributor to another. However, AMCs can only pay trail commission after cooling off period of six months from the date of transfer of assets by investors. "In respect of change in distributor/ ARN code initiated by the investor, the AMCs may consider making payment of trail commission to the transferee distributor after a cooling off period of six months from the change of distributor code in the unitholder database," the industry body said. Further, It said that the payment of commission to the new (transferee) distributor would be based on the lower of the commission rate of the transferor and the transferee distributor. The mutual fund body further clarified that apart from trail commission, no other payments of any kind, including incentives, will be made regarding changes in the distributor. The industry body Amfi noted that the current ARN rule was introduced over a decade ago to curb certain market practices prevailing then, which may no longer be prevalent, and also since the transferee mutual fund distributor provides the same level of support and service to the concerned investors on the transferred assets.

Mutual Fund distributors to get trail commissions for investor asset transfers

Mutual funds stress test: What it means for you

New Delhi, Strong, incessant net flows and favourable market conditions propped up the assets base for the small-cap mutual fund category to cross Rs 2 lakh crore mark in November-end, a sharp surge of 69 per cent from a year earlier. On a month-on-month basis, the Assets Under Management (AUM) of the category grew 10 per cent to Rs 1.99 lakh crore, data with the <keyword id="826589" type="General" weightage="80" keywordseo="association-of-mutual-funds" source="Orion">Association of Mutual Funds</keyword> in India (AMFI) showed. Since the fourth quarter of 2019-20, the AUM for the category has seen a phenomenal rise, due to favourable market movement, along with record net inflows. Small-cap funds attracted Rs 37,178 in this year (till November). This includes Rs 3,699 crore last month and a record fund infusion of Rs 4,495 crore in October. On the other hand, the large-cap category saw a pull out of Rs 2,688 crore in the first 11 months of this year. "A few fund houses have limited the inflows in their small-cap funds over the last quarter given the sharp rise in flows and concerns on valuations," <keyword id="112974" type="General" weightage="80" keywordseo="morningstar-india" source="Orion">Morningstar India</keyword> had mentioned in its September quarterly report. Going by the AMFI data, the asset base of the small-cap mutual fund hit its peak of Rs 2.2 lakh crore at the end of November. Additionally, investor accounts in the category, too, climbed a staggering 62 lakh folios to 1.6 crore in November from 97.52 lakh a year-earlier. This shows that investors have become more inclined toward small-cap funds. Under Sebi's rule, in small-cap mutual funds, fund managers are required to invest at least 65 per cent of their portfolios in small-cap stocks. <keyword id="2252616" type="General" weightage="80" keywordseo="g-pradeepkumar" source="Orion">G Pradeepkumar</keyword>, CEO, <keyword id="6536298" type="General" weightage="80" keywordseo="union-asset-management-company" source="Orion">Union Asset Management Company</keyword>, suggested that investors stagger their investments in small- and mid-cap funds in view of the possibility of short-term volatility. Overall, the AUM of the 42-player mutual fund industry reached Rs 49.04 lakh crore in November-end from Rs 40.37 lakh crore in November 2022, suggesting a gain of 22 per cent.

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