According to data from AMFI, a total of 14 open ended schemes were launched during Dec 2020 with a total fund mobilisation of Rs. 9,039 crore.

Kotak Mutual Fund has changed the fund management responsibilities of Kotak Nasdaq 100 Fund of Fund ahead of its NFO on Jan 11, 2021. Accordingly, Mr Arjun Khanna will be the dedicated fund manager for the scheme and Mar. Abhishek Bisen will be the fund manager of the debt securities. It has also changed its benchmark from Nasdaq 100 Index to Nasdaq 100 TRI.

According to media reports, SEBI has revised the norms on trade executions. The market regulator said that a fund manager may authorise an employee of the AMC to place orders on equity and equity related instruments on his behalf, provided the order instructions are through the electronic mode, including email and an audit trail is maintained. Earlier, SEBI had directed mutual fund houses to use an automated Order Management System to place orders in case of equity and equity-related instruments by fund managers only.

Capital market regulator Securities and Exchange Board of India (SEBI) gave an extension to the date of implementation of uniformity in applicability of NAV (Net Asset Value) on realisation of funds to Feb 1, 2021 from Jan 1, 2021. Under the new rules which was announced in Sep 2020, investors will purchase NAV of the day when investors money reaches the asset management company, irrespective of the size of the investments.

DSP Mutual Fund has announced change in the benchmark of multiple funds. Accordingly, the benchmark of DSP Natural Resources and New Energy Fund is 35% S&P BSE Oil & Gas Index + 30% S&P BSE Metal Index + 35% MSCI World Energy 30% Buffer 10/40 Net Total Return, benchmark of DSP World Energy Fund is 50% MSCI World Energy 30% Buffer 10/40 Net Total Return + 50% MSCI World (Net) â?? Net & Expressed in INR and benchmark of DSP World Mining Fund is MSCI ACWI Metals and Mining 30% Buffer 10/40 (1994) Net Total Return Index. The change is effective from Jan 1, 2021.

According to media reports, NISM has given relaxation to mutual fund distributors in regard to renewal of ARN. Accordingly, ARNs/EUINs which are due for renewal or expiring between Mar 15,2020 to Mar 31, 2021 can be renewed till Apr 1, 2021. Further, these ARNs/EUINs will continue to remain valid till Apr 1, 2021. AMFI will soon make a formal announcement to extend this facility to MF distributors.

According to media reports, SEBI has appointed the former Chief Election Commissioner T S Krishnamurthy as the observer in e-voting of the six debt schemes of Franklin Templeton MF. The voting is scheduled between Dec 26 to Dec 29. SEBI has also constituted a technical assistance team to assist the former CEC.

According to media reports, AMFI made multiple proposals to government, ahead of the upcoming Union Budget FY22. The proposals included AMFI urging on the necessity to bring in uniformity in the tax treatment for â??Switchâ? transactions in respect ULIPs and mutual funds to have a level playing field. The MF industry body also proposed to bring parity in tax treatment on capital gains on withdrawal of investments in ULIPs and redemption of MF units. It also proposed to abolish the Securities Transaction Tax (STT) levied at the time of redemption of MF units by the investor.

According to media reports, former co-founder of Flipkart has received SEBI's approval to complete the acquisition of Essel Finance Mutual Fund. Accordingly, Essel MF is expected to be renamed as Navi. The fund house was valued at Rs.30 crore.

Union Mutual Fund has announced change in the fundamental attributes of Union Multi Cap Fund. The fund is renamed as Union Flexi Cap Fund and is categorised as flexi-cap fund. The change is effective from Jan 28, 2021.

DSP Mutual Fund has announced change in the fundamental attributes of DSP Equity Fund. The fund is renamed as DSP Flexi Cap Fund and is categorised as flexi-cap fund. The change is effective from Jan 28, 2021.

According to media reports, SEBI, in its board meeting, approved the formation of a self-regulatory body (SRO) for registered investment advisors (RIAs). This SEBI recognized body will be responsible for administration and supervision of RIAs under IA Regulations. Currently, SEBI directly regulates RIAs. However, the capital market regulator felt the need of having an SRO for RIAs due to their growing numbers.