Entries Tagged 'Mutual Funds' ↓

Investors who havent qutoed the pan card numbers before have to now compulsarly quote while investing in Mutual Funds. Pan Card has been made mandatory by the finance ministry and the deadline has been set as January 1, 2008. The finance ministry has also said that that there would be no further relaxation in the deadline unlike before where the relaxation deadline was extended from July 2007 to January 2008. Investors who have not yet applied in the Pan cards should do immediately to invest in mutual funds from 1st January 2008.

Domestic institutions such as insurance companies and mutual funds are playing the role of market saviours at a time when foreign institutional investors are selling heavily.

Secondary market operations data (for the Bombay Stock Exchange and the National Stock Exchange combined) show net sales by FIIs since July 26, when the markets started falling, stood at Rs 7,733.82 crore (Rs 77.34 billion).

Domestic institutions, on the other hand, bought shares worth Rs 4,542.95 crore (Rs 45.43 billion), which means they absorbed 60 per cent of FII sales.

In the last three months, domestic institutions have been placing big orders in the secondary market while FIIs continued to sell to cover for losses as a result of exposures in the US sub-prime mortgage market. It was only in July that FIIs bought around Rs 10,000 crore (Rs 100 billion) worth of stocks before starting to offload from July 27.

In June this year, domestic institutional purchases were the highest this financial year at Rs 4,560 crore (Rs 45.6 billion). But they neared that figure in just 13 trading sessions since July 26 as reported on Business standard.

Germany based, Allianz Group, is planning to enter into asset management business in India, reports Business Standard.

Allianz signed an agreement with the Delhi-based Allianz Capital & Management whereby the latter surrendered the `Allianz` name for USD 2-3 million.

The group has already applied to the Reserve Bank of India (RBI) to secure a banking licence.

For the life and non-life insurance business in the country, Allianz tied up with the Bajaj group. However, it is not decided whether Allianz would partner Bajaj for AMC business in India.

Allianz Global Investors, manage about one trillion Euros worth of assets, making it one of the world`s top five asset management groups. Globally, it has access to more than 60 million clients. It has expertise in the areas of property and casualty insurance, life and health insurance, banking and asset management and provides financial services to more than 70 million customers in over 70 countries.

Recently big business houses like UBS, JP Morgan, AIG, Mirae Asset and Dawnay Day announced their foray into the Indian shores

Subprime woes gripping financial markets around the world may have led to the erosion of yields, including in India, but the country’s mutual funds (MFs) have posted an impressive performance compared to benchmark indices during the period.

Following volatile sessions day after day over the last one month, the 30-share Sensex of the BSE dipped 1.67% during the period, while returns from equity schemes look attractive at the moment, giving returns as high as 5.57% during the same period.

US subprime mortgage defaults have yanked the Indian market southwards. A month ago on July 13, the Sensex was at 15,272.72 points. Since then, it has lost 255 points or 1.67%. Sandesh Kirkere, CEO of Kotak Asset Management Company, said, “It’s a combination of factors like diversification and holding of the cash component. The index does not hold any cash component, whereas MFs can hold cash. Moreover, these MF schemes are diversified in the market, having exposure across various sectors. “

Among the pack of equity schemes, the JM Emerging Leader scheme, whose net asset value is around Rs 12.93, stands out, giving a return of 5.57%. Following closely is the Reliance Diversified Power sector scheme whose NAV is around Rs 46.75, and has given returns of 4.19%.

Other schemes in this category are: JM Basic, with returns of 2.76%: ICICI Prudential FMCG, giving returns of 2.48%; and CanInfrastructure, giving return of 2.03%.  As reported on Financial Express.