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Latest Market News

SEBI says Asset Management Companies will undertake 10% corp bond trade through RFQ platform 23/07/2020

Based on the recommendation of MFAC, SEBI has directed mutual fund houses to undertake on monthly basis, at least 10% of their total secondary market trades by value (excluding inter scheme transfer trades) in the corporate bonds by placing or seeking quotes through one-to-many mode on the Request for Quote (RFQ) platform of stock exchanges. Such a decision is taken with an aim to enhance transparency and disclosure pertaining to debt schemes and investments by mutual funds in corporate bonds or commercial papers. This is effective from Oct 1.

SEBI Chairman opined that retail investors should be allowed to invest in G-secs directly through demat accounts 22/07/2020

According to media reports, SEBI Chairman opined that retail investors should be allowed to invest in G-secs directly through demat accounts. He said that with a view to facilitate the smooth entry to new-comers in the capital market, it is ideal that they start their journey by first investing in risk free G-sec.

SEBI Chairman acknowledged the need to develop the corporate bond market across the rating curve 22/07/2020

According to media reports, SEBI Chairman, in the 17th Annual Capital Market Conference organsed by FICCI, acknowledged the need to develop the corporate bond market across the rating curve. He called for unification of the corporate bonds market with the government securities market.

Tata Mutual Fund has revised the exit load of some funds 21/07/2020

Tata Mutual Fund has revised the exit load of Tata Banking & Financial Services Fund, Tata Digital India Fund, Tata Ethical Fund, Tata Focused Equity Fund, Tata India Consumer Fund, Tata India Pharma & Healthcare Fund, Tata Infrastructure Fund, Tata Resources & Energy Fund and Tata Quant Fund. Accordingly, the unit holders of the above funds will have the facility to withdraw maximum up to 12% of the original cost of investment on or before 365 days from the allotment date without any exit load. For amount greater 12% of the original investment amount, an exit load of 1% will be charged in case of redemption within 365 days from the allotment date.

CII has suggested mutual fund distributors to communicate right risks to their clients 21/07/2020

According to media reports, CII has suggested mutual fund distributors to communicate right risks to their clients. The suggestion comes on the backdrop of recent credit events that shook the mutual fund industry. In its whitepaper, CII noted that risk management by distributors is an important aspect to retain investorsâ?? trust on mutual funds. It also highlighted the steps that credit rating agencies and AMCs should take to avoid credit events.

AMFI has strengthened ARN renewal norms for mutual fund distributors 20/07/2020

According to media reports, AMFI has strengthened ARN renewal norms for mutual fund distributors. Accordingly, in case the ARN of a distributor has expired and he/she does not renew the ARN within 3 months, the mutual fund house may write to clients of the default distributor to choose another distributor for servicing and change the ARN code in the clientsâ?? folios or simply switch to direct plan. Additionally, if the distributor does not renew the ARN within 6 months after expiry of the validity, the said ARN may be deemed to be cancelled and no fresh business should be accepted or registered under such ARN.

PGIM India Mutual Fund revises the exit load of some of its funds 17/07/2020

PGIM India Mutual Fund has revised the exit load of PGIM India Large Cap Fund, PGIM India Diversified Equity Fund, PGIM India Arbitrage Fund, PGIM India Midcap Opportunities Fund and PGIM India Global Equity Opportunities Fund effective from Jul 20, 2020. Accordingly, the exit load for PGIM India Large Cap Fund, PGIM India Diversified Equity Fund and PGIM India Arbitrage Fund is revised to nil. In case of PGIM India Midcap Opportunities Fund and PGIM India Global Equity Opportunities, exit load will be 1% if the units are redeemed on or before completion of 1 month from the date of allotment of units.

AMFI has revised the AUM transfer norms for mutual fund distributors 17/07/2020

According to media reports, AMFI has revised the AUM transfer norms for mutual fund distributors. Among the key changes are allowing transferring of assets from national distributors to sub distributor, doing away with requirement of obtaining written consent if transfer is due to the death of distributor and suspension of ARN if it is not renewed within six months.

UTI AMC received the entire payment along with interest from Zee Learn Limited on Jul 14, 2020 16/07/2020

Post the side pocketing enabled by UTI AMC in two of its funds, namely UTI Credit Risk Fund and UTI Medium Term Fund, on Jul 07, 2020, media reports stated that the fund house have received the entire payment along with interest from Zee Learn Limited on Jul 14, 2020, regarding the exposure of the two funds in the instrument issued by the above issuer.

SEBI has directed AMFI to appoint an agency that can value market linked debentures 14/07/2020

According to media reports, SEBI has directed AMFI to appoint an agency that can value market linked debentures (MLDs). The capital market regulator has decided that valuation of MLDs shall be carried out by an agency appointed by AMFI (also referred as AMFI appointed valuation agency). It shall be mandatory for the issuer to appoint a third-party valuation agency which shall be an AMFI appointed valuation agency.

Axis Mutual Fund has revised the face value and creation unit size for Axis Gold ETF and Axis Nifty ETF 13/07/2020

Axis Mutual Fund has revised the face value and creation unit size for Axis Gold ETF and Axis Nifty ETF, effective from end of business day on Jul 24, 2020. Accordingly, the face value of the 2 funds has been changed to Re. 1 and Rs. 10 per unit, respectively. In case of Axis Gold ETF, each creation unit consists of 1,00,000 units of the fund (each unit of the Axis Gold ETF will be approximately equal to one 0.01 gram of Gold) and Cash Component, if any. For Axis Nifty ETF, the creation unit size is 50,000 units and in multiples thereof.

SEBI has prohibited RTAs, AMCs and digital platforms from promoting their apps to investors 13/07/2020

According to media reports, SEBI has prohibited RTAs, AMCs and digital platforms from promoting their apps to investors who are already managed by distributors.

SEBI has appointed former RBI Deputy Governor Usha Thorat as the new Chairperson of Mutual Fund Advisory Committee 13/07/2020

According to media reports, SEBI has appointed former RBI Deputy Governor Usha Thorat as the new Chairperson of Mutual Fund Advisory Committee. She replaces Arundhati Bhattacharya. The capital market regulator has also reconstituted the committee, increasing the number of members from 18 to 20.

ICICI Prudential Mutual Fund has announced change in the fund management of multiple funds 10/07/2020

ICICI Prudential Mutual Fund has announced change in the fund management of multiple funds with immediate effect. Among the changes, ICICI Prudential Multicap will be managed by Mr. Sankaran Naren and Mr. Rajat Chandak.

AMFI: Mutual fund industry AUM size increased 3.83% MoM from Rs. 24.55 lakh crore to Rs. 25.49 lakh crore in June 2020 10/07/2020

According to data from AMFI, the mutual fund industry AUM size increased 3.83% MoM from Rs. 24.55 lakh crore to Rs. 25.49 lakh crore in June 2020. Over the year, the AUM size increased 5.11% from Rs. 24.25 lakh crore. The industry witnessed a net inflow of Rs. 7265.68 crore during the month. Equity oriented schemes (including ELSS) reported 7.72% MoM growth to Rs. 7.05 lakh crore in June.

UTI Mutual Fund has segregated portfolio for UTI Credit Risk Fund and UTI Medium Term Fund 08/07/2020

According to media reports, UTI Mutual Fund has segregated portfolio in respect of Zee Learn Limited in UTI Credit Risk Fund and UTI Medium Term Fund effective Jul 7, 2020 subject to approval from Board of Trustees, said the company press release. This follows the downgrade of debt instruments of Zee Learn Limited to â??Bâ?? i.e. â??below investment gradeâ?? by CARE Ratings.

SEBI has asked individuals to either become RIAs to provide fee-based services or opt for mutual fund distribution model to charge commission 03/07/2020

According to media reports, SEBI has asked individuals to either become Registered Investment Advisors (RIAs) to provide fee-based services or opt for mutual fund distribution model to charge commission. The market regulator has further explained that consumer discrimination shall not exist at individual RIA level. Regarding fees, SEBI said that it will provide separate guidelines to give details on modes of charging fees, periodicity and so on.

Motilal Oswal Mutual Fund has announced change in the fund manager of Motilal Oswal Midcap 30 Fund 01/07/2020

Motilal Oswal Mutual Fund has announced change in the fund manager of Motilal Oswal Midcap 30 Fund. Accordingly, the scheme shall be solely managed by Mr. Niket Shah. The change is effective from Jul 1.

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