Page 17 - Banking Finance December 2022

MUTUAL FUND

AMC aims to support investors to stay Edelweiss Mutual Fund and 38% year-on-year. The previous
ahead by using a blend of top down high was October 2022 when 2.1 crore
launches fourth tranche of
and bottom up approach, leveraging transactions were processed.
strengths in its research and fund ‘BHARAT Bond ETF’ Overall, the transactions during the
management team. The launch of this
Edelweiss Mutual Fund has launched second quarter of FY23 recorded a
NFO is a further step in the direction
the fourth tranche of BHARAT Bond growth of 36% at 5.91 crore, com-
of being the wealth creator for every
ETF. The BHARAT Bond ETF is India's pared with 4.26 crore in the same pe-
Indian," says Navneet Munot, Manag-
first corporate bond ETF and it is an riod last year.
ing Director and Chief Executive Of-
initiative of the Government of India,
"Continuing its stellar performance,
ficer, HDFC Asset Management.
from the Department of Investment
India's largest regulated Exchange-
and Public Asset Management and the
based online mutual funds distribution
IIFL Mutual Fund launches latter has given the mandate to Edel-
platform is moving consistently to-
weiss Mutual Fund to design, launch
India’s first passive tax wards transforming itself into a unique
and manage the product.
end-to-end-value-based platform," said
saver scheme
This new BHARAT Bond ETF and a release.
IIFL Mutual Fund has launched the new BHARAT Bond Fund of Fund (FOF) se-
For November, the net equity inflows
fund offer (NFO) of IIFL ELSS Nifty 50 ries will mature in April 2033. The NFO
dipped marginally at Rs 3,704 crore
Tax Saver Index Fund, India’s first Tax will start on December 2 and end on
when compared with the previous
Saver Index Fund. The NFO opens on December 8. Through the launch of
month's inflows of Rs 4,397 crore.
December 1 and closes on December
this new series in the fourth tranche,
21. The scheme will re-open for sub- Edelweiss Mutual Fund proposes to Meanwhile, the turnover in November
scription and redemption on an ongo- raise an initial amount of Rs. 1,000 cr. clocked a growth of 21% month-
ing basis from January 02. Parijat Garg with a green shoe option of Rs. 4,000 onmonth at Rs 34,352 crore as against
will be the fund manager for IIFL ELSS cr. So far, five maturities of Bharat Rs 27,819 crore in October.
Nifty 50 Tax Saver Index Fund. Bond ETFs have been launched - 2023,
Like other ELSS funds, the scheme will 2025, 2030, 2031, & 2032. ICICI Prudential Equity &
provide the dual advantage of tax sav- “'BHARAT Bond ETF program has re- Debt Fund completes 23
ing under Section 80C and the poten- ceived an enthusiastic response from
years
tial to benefit from a diversified expo- all categories of investors since its
sure to the equity markets. According launch. BHARAT Bond has created a ICICI Prudential Equity & Debt Fund
to the press release, the scheme aims unique opportunity for all Indian inves- has completed 23 years. The Scheme
to have a portfolio that mirrors the tors to invest in PSU Bonds and fuel has an AUM of Rs 21,109.35 crore and
Nifty 50 Index, which comprises large India’s growth story. Crossing a land- is one of the largest offerings in its
cap Indian companies. This is a passive mark Rs. 50,000 cr. AUM is a testa- category in terms of assets.
fund that is relatively low cost, com- ment that BHARAT Bond has emerged A lump sum investment of Rs 10 lakh
pared to actively managed schemes as a trusted investment avenue with at the time of inception (November 03,
that tend to have a higher expense better tax efficiency for many Indian 1999) would be worth Rs 2.4 crore as
ratio. investors,” says Tuhin Kanta Pandey, of October 31, 2022. A similar invest-
Secretary, DIPAM, Ministry of Finance. ment in Nifty 50 TRI (additional bench-
“The Nifty 50 accounts for about 50%
of India’s market cap. Taking exposure mark of the scheme) would have
BSE StAR MF clocks record
to the Nifty companies through a pas- yielded approximately Rs 1.8 crore.
sive fund is an opportunity for investors 2.32 cr transactions in Nov In terms of SIP performance, a monthly
to harness the growth potential of eq- Online mutual funds distribution plat- investment of Rs 10,000 via SIP since
uities, reduce tax outgo, lower the cost form BSE StAR MF has surpassed its the inception, which would amount to
of investing, and gain diversified expo- previous high to process record 2.32 a total investment of Rs 27.6 lakhs,
sure,” says Parijat Garg, Fund Man- crore transactions in November, clock- would have grown to Rs 2.3 crore as
ager, IIFL AMC. ing a growth of 10% month-on-month of October 31, 2022.

BANKING FINANCE | DECEMBER | 2022 | 17