SEBI Ringfences Fixed Income Funds
At Value Research: SEBI ups the ante on Fixed Income Transparency In a circular issued earlier today, markets regulator SEBI has said that all fixed-income funds must reveal each and every transaction...
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ULIP Underperformance: Stunted By Guarantees
Unit Linked Insurance Policies tend to be very complex and highly loaded with costs. But some policies have looked good in theory, but they turn out to be dud performers anyhow. In an email...
View ArticleMaking Sense of Dividend Announcements
I write at Yahoo: Making Sense of Dividend Announcements : “1860% dividend announced”, goes the headline. You’re excited. But the question isn’t, ” Where do I sign? “, but ” 1860% is great, but a...
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SEBI Notes: MFs, Direct Investing, Brokerage Caps
In the latest SEBI board meeting , a few norms have been discussed that will change the world of mutual funds and personal advise. Note that the actual circulars to implement these changes will...
View ArticleMutual Fund Mis-Selling is now Fraud: SEBI
SEBI has made misselling a fraudulent practice by adding a clause into the “Prevention of Fraudulent and Unfair Trade Practices” Regulations, via a notification : (s) mis-selling of units of a mutual...
View ArticleLinks: Direct Plans Win, Be-Sahara, ESOP Disclosures …
Links for today: Direct plans garner 56% of new inflows in Jan , says ET. Out of 60,000 cr., of fresh investments, nearly 33,000 cr. has come into direct plans. This should happen, as corporates shift...
View ArticleDividend Distribution Tax on Debt Mutual Funds Hiked to 25%
From 1 June 2013, any dividends paid out by debt mutual funds to individuals will have to deduct Dividend Distribution Tax (DDT) of 25%, regardless of the type of scheme. Equity mutual funds (> 65%...
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STT Gets Slashed, CTT Comes In
Securities Transaction Tax (STT) is something traders seemed to expect would go away (Read my last post about why I thought it would not be taken out ), and it has indeed been reduced. From the...
View ArticleSEBI Makes Mutual Funds Show Risk in Colours
SEBI has gone from seeing things in black-and-white to now, colour-coded mutual funds. It has, in a circular , asked all mutual funds to colour code their funds blue, yellow or brown according to...
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Horrendous Performance of IDFC Infra Fund
I had featured a “new fund offer’” by IDFC AMC, for it’s IDFC Infra Fund on this blog two years ago and I’m honestly very embarrassed to note its terrible performance over this period. It was the...
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Retail Investors Are More Interested in Debt than Equity, Investor Count...
Since 2009, retail individual investors seem to have lost interest in mutual funds. AMFI data shows the total number of folio numbers to have reduced 10% since 2009, down to 3.3 crore folios. Note:...
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Government Bonds Fall 1% to 4% on the Liquidity Squeeze
Mutual Funds are going to have it rough in the next few days. Bond prices have crashed after the liquidity squeeze introduced by RBI late evening on the 15th. Government bond prices have fallen...
View ArticleLiquid Funds NAVs Fall for the First Time in 5 Years
Liquid Fund Investors have taken it on the chin with the fall in bond prices yesterday . Across the spectrum, for the first time since 2008, Liquid Funds have fallen around 0.2% on July 16, which is...
View ArticleRevisiting the "Promoter Put" in Mutual Funds: Dheeraj Singh
This is a guest post by Dheeraj Singh. Dheeraj was a fund manager for many years specializing in fixed income. He used to head fixed income at IL&FS Mutual Fund (before it got taken over by UTI)...
View ArticleLiquid Funds Rebound, Normalcy Begins To Return
For those of you who fear having to exit liquid funds due to their unusual fall in one day, note that yesterday bond markets were more stable, and therefore liquid funds made money. Here’s a list of...
View ArticleStrange Things are Happening in the Liquidity Bazaar
In the days following the RBI hike in rates , we are seeing interesting movements in the fixed income markets. Repo Bids Rise Substantially, But No MSF Repo is what banks borrow overnight from RBI at...
View ArticleLiquid Funds Move To Break-Even from July 16 Crash Within a Week
Liquid Funds have been getting bashed up recently with strange things happening in the liquidity bazaar . After their NAV fell for the first time in many years, many investors were spooked that these...
View ArticleInvesting in bond funds : What you actually need to know, by Dheeraj Singh
This is a guest post by Dheeraj Singh. Dheeraj was a fund manager for many years specializing in fixed income. He used to head fixed income at IL&FS Mutual Fund (before it got taken over by UTI)...
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Mutual Funds that Owned Shares of Financial Technologies
Mutual funds owning FT stock are largely from the Reliance and Birla stable, it seems. Going purely from the shareholding on Jun 30 (the last we have) the shares they own are as follows, aggregated by...
View ArticleLiquid Funds Recover From the July 15 Damage
Liquid Funds have recovered substantially from their fall on July 16. Remember, on July 15, the RBI took extraordinary measures to cut liquidity and that raised short term interest rates by 300 bps...
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