Mutual Funds add 40 lakh folios in April-July on strong retail interest
Mutual fund houses saw a surge of over 40 lakh investor accounts during the first four months of this fiscal, taking the total count to an all-time high of 5.94 crore on strong participation from retail investors. This comes following an addition of 77 lakh folios in the entire 2016-17 and 59 lakh in 2015-16. According to data from the Securities and Exchange Board of India (Sebi) on total investor accounts with 42 active fund houses, the number of folios rose to a record 5,9,420,864 at the end of July, from 5,5,399,631 in March-end, a gain of 40.21 lakh.
IDFC Mutual Fund revises the exit load of IDFC Monthly Income Plan
IDFC Mutual Fund has revised the exit load of IDFC Monthly Income Plan with effect from Aug 24. Accordingly, no exit load will be charged in case of redemption of 10% of the investments. Any redemption exceeding the above limit will be subject to exit load of 1%, if redeemed/switch out within 365 days from the date of allotment. Karvy launches web based workflow to facilitate GST invoice submission by IFAs In order to facilitate compliance of Goods and Services Tax (GST) Invoice submission norms by the mutual fund distributors, Karvy Computershare has launched a web-based workflow for independent financial advisors (IFAs) called 'GST Invoice Management Workflow Solution'. The facility will help mutual fund distributors to raise and submit GST invoice, verify, and e-sign it online. Post submission, these invoices will be available for both IFAs and mutual fund houses to complete their GST return filing. In addition, these invoices will also be available for any future reference and download. Karvy has also facilitated digital signature certificate to distributors.
AMFI to discontinue NISM mark sheet requirement for ARN renewal
According to media reports, the Association of Mutual Funds in India (AMFI), in a communication to distributors, has discontinued the practice of accepting the mark sheet issued by the National Institute of Securities Market (NISM) for the purpose of renewal of AMFI Registration Number (ARN) of the mutual fund distributors. NISM was revalidating the existing certificate for a period of three years from the date of passing the examination. However, the validity date of existing certificate was not being calculated while computing the validity of the renewed/ revalidated certificate in such cases. As a consequence, persons choosing to appear for NISM exam for renewal of existing NISM certification, were losing the benefit of the unexpired period of the validity period of their existing NISM certificate.
HDFC Mutual Fund revises provision of STP facility of all the schemes
HDFC Mutual Fund has revised the provisions under the Weekly Interval transfer frequency offered under the Systematic Transfer Plan (STP) facility of the schemes of HDFC Mutual Fund with effect from Aug 28, 2017. Accordingly, for the eligible schemes, other than HDFC TaxSaver and HDFC Long Term Advantage Fund, the minimum amount of transfer is revised to Rs500 and any amount thereafter. In case of HDFC TaxSaver and HDFC Long Term Advantage Fund, the amount is revised to 500 and in multiples of 500 thereafter.
HDFC Mutual Fund revises exit load of three of its schemes.
HDFC Mutual Fund has announced change in the exit load structure of HDFC Regular Savings Fund, HDFC Corporate Debt Opportunities Fund and HDFC Floating Rate Income Fund - Long Term Plan. In case of HDFC Regular Savings Fund, no exit load will be charged in respect of redemption of 15% of the units allotted. Any redemption in excess of the above limit shall be subject to exit load of 0.75%, if units are redeemed / switched out within six months from the date of allotment. In case of HDFC Corporate Debt Opportunities Fund, no exit load will be charged in respect of redemption of 15% of the units purchased.
Sundaram Mutual Fund revises exit load of Sundaram Select Focus Fund.
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Sundaram Mutual Fund has announced change in the exit load of Sundaram Select Focus Fund. Accordingly, an exit load of 1% is charged in case of redemption of units within 12 months from the date of allotment; and there will be no exit load if redeemed beyond 12 months from the date of allotment.