Page 16 - Banking Finance February 2022

MUTUAL FUND

In the last one-year, fund houses have Fund of Fund. It will invest in Vanguard scheme investing across large cap, mid
launched 23 international focused Total Stock Market ETF, which is one cap & small cap stocks.
funds. In the last one-year, US focused of the largest passively managed US- Accordingly, the investment objective
funds have given returns in the range based ETFs. The Fund's Expense Ratio of the scheme is to seek to generate
of 18%-23%, shows the data from will currently be 0.06% per annum,
long-term capital growth from an ac-
Value Research. Navi MF said in a statement.
tively managed portfolio of Indian &
The NFO will open for subscription on foreign equity instruments across mar-
Flipkart-backed PhonePe 4th February 2022. ket capitalisation.
approaches SEBI for mu- Navi MF said that the Vanguard Total However, there is no assurance or guar-
tual fund license Stock Market ETF (VTI) tracks the CRSP antee that the investment objective of
US Total Market Index comprising over the Scheme will be achieved.
SEBI has received several applications
4000 stocks and representing nearly
for mutual fund licences in last one- Under normal circumstances, 65% to
100 percent of the investable equity
and-a-half years 100% of the funds portfolio will be in-
US Market. Though the fund invests in
Fintech major PhonePe, which is US equities of all sizes - large, mid, vested in Indian Equity across market
backed by e-commerce giant Flipkart, small and micro capitalization, it has a capitalization i.e. largecap, midcap and
has become latest entity to apply for considerable allocation to the most smallcap companies. It can invest 0% to
mutual fund (MF) license from market popular names such as Apple, 35% of its assets in Foreign securities.
regulator Securities and Exchange Microsoft, Alphabet, Amazon, The scheme may also invest upto 35%
Board of India (SEBI). Facebook and Tesla. of its assets in Tri-party Repo (TREPS)
through CCIL.
Navi MF, which is backed by Sachin CRSP US Total Market Index, the
Bansal's fintech group, has already got benchmark for the Vanguard ETF, is a As per the Scheme Information Docu-
the MF license and has filed for several well-diversified, comprehensive and ment (SID), Samco Flexi Cap Fund aims
new fund launches. Bansal, interest- broader index having exposure to mul- to generate long term capital appre-
ingly had co-founded Flipkart. tiple sectors. In contrast, most of the ciation by investing in a dynamic mix
US-focused index funds currently of- of equity and equity related instru-
In last year-and-a-half, several entities
have applied for MF license and shown fered by other mutual fund houses in ments across market capitalizations.
interest in entering the Rs 37 lakh India have NASDAQ 100 Index as their The Scheme would invest in companies
crore MF industry. benchmark, which has a higher expo- based on various criteria including
sure to the technology sector, the sound professional management, track
White Oak Capital group recently got statement said.
the approval from SEBI to complete its record, industry scenario, growth pros-
acquisition of YES MF, which was re- Samco Mutual Fund Intro- pects, liquidity of the securities, etc.
named as White Oak Capital Asset The Scheme will emphasise on well
Management. duces Samco Flexi Cap managed, good quality companies
Fund with above average growth prospects.
Navi Mutual Fund launches Samco Mutual Fund (MF) has launched There will be no particular bias to-

new fund an open ended equity scheme - Samco wards any market cap size or any sec-
tor. The Scheme may also invest a cer-
Navi Mutual Fund has announced the Flexi Cap Fund. tain portion of its corpus in foreign se-
launch of Navi US Total Stock Market It is an open-ended dynamic equity curities.
Aadhaar mandatory for filing GST refund claim from Jan 1

From January 1, Aadhaar authentication of registration will be mandatory for being eligible for filing refund claim and
application for revocation of cancellation of registration by GST assesses. The Finance Ministry has notified the date.
The GST Council, in its meeting on September 17, decided to make Aadhar authentication mandatory. On September
24, Finance Ministry notified the rules and said these will be applicable from the date to be notified later. Now, this
has been done with notification dated December 21.

16 | 2022 | FEBRUARY | BANKING FINANCE