MF FOLIOS
Groww user alleges 'fraud', says app shows mutual fund investment but can't redeem, company denies; what are lessons for MF investors?
Groww faces 'fraud' allegation: A customer's complaint against Groww, has sparked concerns over investment safety via execution-only platforms (EOPs). The investor alleged via social media that investments made through Groww could not be withdrawn despite the app showing them as invested. Groww responded, asserting no deduction occurred and the mutual fund transaction did not take place. The incident underscores broader worries among investors about data reliability on fintech apps. ET Wealth delves into the details surrounding the incident. What could mutual fund investors learn from this incident?
Sebi suspects front-running at Quant MF, launches probe
Quant Mutual Fund is one of the fastest-growing funds with 80 lakh folios, small-cap scheme returned 68% in the last year, managing assets worth ₹93,000 crore.
Groww faces social media ire over allegations of false folio creation
A Groww user alleged fraud for money deducted without investment. Hanendra Pratap Singh on social media accused Groww of not investing in a mutual fund despite deduction, citing a false folio number. Singh later deleted the post but updated that Groww resolved the issue.
MFs cut weight on technology stocks by 170 bps in just 3 months. What are cues for investors?
In May, several MFs reduced tech stock weights by 0.1%-0.9%, with HSBC making the highest cut at 0.9%. HDFC MF, Mirae, and Franklin Templeton increased weights by up to 0.2%.
Market to be volatile and move in a fairly tight range till Budget: Dinshaw Irani
Dinshaw Irani says that Helios has been so bullish on the financial sector that they brought out a first sector dedicated fund from the house of Helios which closed on June 14; it was a financial services fund. Anyway, Helios id loading up on that particular portion as such in the and fortunately most of the stocks are in the largecap space.
Children’s mutual fund AUM surge 142% in last 5 years to Rs 20,081 crore in May: ICRA Analytics
The AUM of children’s mutual funds surged by 142% in the last five years to reach Rs 20,081.35 crore in May. This growth is attributed to the disciplined savings habit enforced by the 5-year lock-in period, which encourages long-term investments for children's education.
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MF Talk: Himanshu Srivastava of Morningstar has some advice for investors investing in small & midcap funds
Intermittent corrections provided investors some buying opportunity in a market, which has largely witnessed a prolonged uptrend for a long time now.
Suzlon Energy, PB Fintech, NHPC among 19 midcap additions by mutual funds in May
Top mutual funds like SBI Mutual Fund, Axis MF, Nippon India MF bought 19 midcap stocks, including Suzlon Energy, NHPC, and PB Fintech, the parent of online insurance aggregator Policybazaar.
Demat, MF A/cs won't be frozen for not filing nomination
Sebi announced it won't freeze demat accounts and mutual fund folios for existing investors without nominations. New investors must provide mandatory nominations, ensuring smoother processes and compliance in the market.
Sebi junks rule to freeze Demat a/cs, MF folio rule for non-submission of nomination
The regulator said dividend, interest or redemption payment withheld presently by listed companies and registrar and transfer agents for want of nomination should be processed accordingly.
Demat and mutual fund accounts won't be frozen for not filing nomination: Sebi
In a circular, the markets regulator said, based on representations received from participants, for ease of compliance and investor convenience, non-submission of 'choice of nomination' shall not result in the freezing of demat accounts as well as MF folios. In a circular dated December 27, 2023, Sebi extended the deadline for submitting "choice of nomination" for demat accounts and mutual fund folios to June 30, 2024. Accounts and folios without nomination details by this date will be frozen for debits.
Mutual fund SIPs cross Rs 20,000 crore mark for second month
May saw a record-breaking surge in MF SIP contributions, hitting Rs 20,904.37 crore, a 3% rise from April and a significant increase from a year ago. MF SIP accounts reached 8,75,89,485, while MF folios hit 18,59,68,222. 49,74,400 new SIPs were added, with SIP AUM reaching Rs 11,52,801 crore.
Contra bet! With 68% AUM jump in April, what’s fueling rally in this equity MF category?
In April, contra/value equity mutual funds witnessed a 68% AUM jump to Rs 1,57,946 crore, attracting investors with a higher risk appetite. These funds invest in out-of-favour or undervalued stocks, offering potential returns amid market volatility.
3% mutual fund accounts have ‘KYC Hold’ status: AMFI
After mutual fund KYC (know your customer) rules came into effect from April 1, around 3% of MF accounts have ‘KYC Hold’ status, stated the Association of Mutual Funds of India (AMFI) on Thursday.
Nomination now optional for joint mutual fund portfolios; what MF investors must know
The deadline for all current individual unit holders who own mutual fund units, either alone or jointly, nominate or opt out of nomination is June 30, 2024; otherwise, the folios will be blocked for debits.
Thinking of KBC, stumped by KYC? Some answers for MF investors
While the process of doing KYC once again looks simple, investors, distributors, and investment advisors have been complaining that even after submitting the required documents for KYC, there are delays in updating them at the KRAs' end. Unless the KYC is approved, the AMC could reject your application for fresh investments.
ETMarkets Smart Talk: India is a fair-to-expensively priced market because of superior growth expectations: Somnath Mukherjee
Somnath Mukherjee emphasizes caution in the India market, focusing on growth aspects over undervaluation. Elevated valuations and geopolitical risks warrant careful monitoring. Investor maturity shown through doubling MF folios. Rupee depreciation affects Indian corporate balance sheets. Mukherjee says higher imported commodity prices could magnify via Fx and blunt margin expansion.
Mutual fund folio KYC status "On-Hold"? List of officially valid documents (OVD) you can use for re-KYC
Several mutual fund investment accounts were flagged for re-KYC, and the account holders were required to complete the exercise by April 1, 2024. Failure to do so would result in the freezing of their folio. Many investors have found out that their KYC status has become invalid, as the validity is determined by the identity or address proof submitted during KYC registration. The regulator has now narrowed down the list of officially valid documents (OVD) that can be used as proof.
Mutual fund folios doubled in 5 years at 17.79 lakh crore: ICRA Analytics
Branches of fund houses are opening beyond top 30 towns. This is encouraging people to look at these as a suitable investment vehicle. There is an increasing awareness and growing interest among retail investors to park cash in equities and bonds through the mutual fund route.
Get name, DOB details mismatch in PAN and mutual fund folio corrected by April 30, here’s why
Mutual Fund holders should make sure that there is no mismatch, and if there is a mismatch, you should rectify it by April 30, 2024. POI, the mismatch in name/DOB of an investor in PAN and MF folio to lead to transaction rejection effective April 30, 2024.
ETMarkets Smart Talk: Should you invest in MF based on stress test results? Kshitiz Mahajan explains
“Asset management companies conduct these stress tests fortnightly to assess the liquidity of small and midcap portfolios. During the test, they assess how quickly a fund manager can sell small and mid-company stocks if many investors request redemptions,” says Kshitiz Mahajan
Share of women mutual fund folios and assets in B-30 cities reflects growth: AMFI report
The report titled ‘Mutual Growth’ underscores significant strides women have made in mutual fund participation. The report is backed by recent industry insights from AMFI data, curated by CRISIL.
Mutual fund SIP crosses Rs 19,000 crore-milestone for first time in February
SIP contribution in February reaches a new record high. SIP AUM increases to Rs 10.52 lakh crore with 820.17 lakh SIP accounts. Number of new SIPs declines. Mutual Fund folios reach all-time high.
Equity mutual fund folios surge by 3.1% in January
Total equity mutual fund folios (open-ended) as on January 31, 2024, stood at 11.64 crore, witnessing an uptick by 3.1%. The category added 34.73 lakh folios in January, according to a report by Geojit.
Trend Tracker: This MF category saw highest growth in December 2023
According to Nuvama’s latest report, equity mutual funds saw an uptick in December with Rs 170 billion inflows, compared with November's Rs 155 billion. This growth drove equity MF folios to a record 112.99 million in December, showcasing market resilience. Here’s a look at the category-wise flows into mutual funds and the AUM growth in December 2023. (Source: Nuvama)
SIP AUM rises 6.94% to Rs 9.95 lakh crore in December
The average asset under management (AAUM) for mutual funds in December stood at Rs 51.09 lakh crore compared to Rs 48.74 lakh crore in November.
Sebi orders defreezing of bank, demat accounts, MF folios of Rana Kapoor
The markets regulator, in July, sent a notice to Kapoor asking him to pay Rs 2.22 crore in a case of misselling the private sector lender's Additional Tier-1 (AT1) bonds and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days.
MF folio addition hit a record high in August on small cap boom
The small cap funds have received an inflow of Rs 26,305 crore this year so far, 28% of the total inflow and the highest among all equity fund categories. As a result, the assets under management (AUM) of the small cap funds rose by 61% year-on-year to Rs 1.9 lakh crore at the end of August while the overall equity MF AUM grew by 25% to Rs 18.59 lakh crore.
Give nominee details for mutual funds by this date to avoid MF folio getting frozen
MF nomination last date: To avoid having their folios frozen for debits, all current holders of individual mutual fund units must designate themselves or choose not to before the deadline.
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