Page 20 - Banking Finance August 2024
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MUTUAL FUND
section 194F. This amendment will take the discontinuation of lumpsum sub- The assets under management (AUM)
effect from October 1, 2024. scriptions and restrictions on system- of equity mutual funds witnessed a
atic transactions in its HDFC Defence growth of 8.27% sequentially to Rs
Mutual funds had minimal Fund. The changes will be effective 23.84 lakh crore in June 2024 from Rs
impact from global from July 22 and today (July 19) marks 22.02 lakh crore in May 2024 (exclud-
the last day to make an allocation in ing Sectoral /Thematic Funds).
Microsoft systems outage: this defence fund.
Multi Cap Funds was the best perform-
AMFI The fund house has announced that it ing category where 75% of the
Almost all Asset Management Compa- will no longer accept requests for fresh schemes outperformed the bench-
nies (AMCs), their Mutual Funds and systematic investment plan (SIP) reg- mark. It was followed by schemes of
Registrar and Transfer Agents (RTAs) istrations into the scheme from the Focused Funds and Mid Cap Funds
functioned without any impact from effective date. Fresh lumpsum invest- which outperformed their respective
the global outage of Microsoft Systems, ments, including switch-ins, and fresh benchmarks by 64% and 62% respec-
according to AMFI. systematic transfer registrations into tively in June.
Out of the 44 AMCs, there were five the scheme will remain restricted.
AMCs who reported disruptions to The SIPs registered prior to the effec- Quant Mutual Fund warns
some important functions, which were tive date shall continue to be processed against fake accounts
resolved during the day and did not and systematic transactions already
have any material impact on opera- registered will continue to be pro- Quant Mutual Fund has warned
tions, said AMFI. cessed. The fund house further men- against fake accounts through a pub-
lic caution notice. It mentioned that
Overall, the Indian mutual fund indus- tioned that there shall be no restric- some unscrupulous persons are claim-
try did not witness any significant im- tions on redemptions / switch-outs / ing to be affiliated with Sandeep
pact to the daily activities. STP-outs.
Tandon, CEO of Quant Money Manag-
ers Limited (quant AMC).
Mutual fund AUM to sur- HDFC Bank, RIL among top
pass Rs 100 lakh crore 5 largecap additions by The notice mentioned, This is to no-
tify the public that some unscrupulous
mark in 2-3 years: ICRA mutual funds in June persons are passing themselves off as
The Indian mutual fund industry, which or being affiliated with Mr. Sandeep
Largecaps HDFC Bank, Infosys, Reli-
has witnessed over five-fold growth in Tandon, CEO of quant Money Manag-
Assets under Management (AUM) in ance Industries (RIL), ICICI Lombard ers Limited (quant AMC). They have
the last ten years, is well on track to General Insurance and Dr Reddy's been falsely impersonating and/or
surpass the Rs 100 lakh crore AUM Laboratories were top additions by unauthorizedly appropriating parts of
mark in the next two-to-three years, mutual funds in June, according to a identity and photograph(s) of Mr.
Nuvama report.
according to ICRA Analytics. Sandeep Tandon on online platform
(Datameer AI) and social media plat-
The industry's AUM, which had crossed
the Rs 50 lakh crore mark for the first 57% of equity mutual form viz. WhatsApp groups/links, Tele-
time in December 2023, has surpassed funds outperform respec- gram channels, Instagram channels,
Rs 60 lakh crore in a span of just six Linkedin etc (Platforms).
months and stood at Rs 61.16 lakh tive benchmarks in June The fund house clarified that Sandeep
crore as on June 2024. Around 57% equity mutual funds have Tandon is in no way associated with
outperformed their respective bench- these platforms or the persons associ-
HDFC Defence Fund to marks in June. As many as 159 out of ated with these platforms and shall not
discontinue lumpsum, SIP 281 open-ended equity diversified be held responsible for any actions,
funds outperformed the benchmarks in agreements, or representations made
investments June, according to a study by PL by these individuals and or unknown
HDFC Mutual Fund recently announced Wealth Management. persons.
18 | 2024 | AUGUST | BANKING FINANCE
