Page 19 - Banking Finance September 2019

MUTUAL FUND

MUTUAL FUND

NEWS
NEWS
NEWS
NEWS
NEWS

UTI Mutual Fund's fund Aditya Birla Sun Life MF, SBI MF buy Alkem Lab's

manager Lalit Nambiar shares
resigns Aditya Birla Sun Life Mutual Fund and SBI Mutual Fund have bought shares of
drug firm Alkem Laboratories Ltd worth around Rs
Lalit Nambiar,
538 crore through open market transactions.
Executive Vice
President and According to data available with the National Stock
Fund Manager Exchange (NSE), SBI Mutual Fund bought 24 lakh
of UTI Mutual shares and Aditya Birla Sun Life MF purchased 7.5
Fund, has re- lakh shares of the pharmaceutical company for Rs
signed from the 1,708.45 a piece. While SBI MF bought the shares for Rs 410.02 crore, Aditya
fund house and is serving his notice Birla acquired them for Rs 128.13 crore.
period, according to the information
received from sources. MFs need to shift all investments to listed securities:
"Nambiar has quit UTI Mutual Fund SEBI
and this is the last month of the no- In a bid to safeguard mutual fund investors from high-risk assets, regulator Sebi
tice period," an industry source said. wants fund houses to shift all their investments to listed or to-be-listed equity
The industry sources also said that and debt securities in a phased manner and reduce their exposure to unrated
Nambiar may join HDFC Mutual Fund debt instruments from 25% to only 5%.
to fill in for Srinivas Rao Ravuri.
Exposure to risky debt securities has emerged as a major risk for the capital
At UTI Mutual Fund, Nambiar man- market investors, including those coming through the mutual fund space, and
aged, UTI Long Term Equity Fund, the regulator has been making efforts to enhance its regulatory safety net
UTI Midcap Fund, UTI India Con- against such risks.
sumer Fund, UTI Long Term Advan-
tage Fund, and UTI Focussed Equity Taking ahead certain decisions approved by Sebi's board earlier in June, the
Fund. A CFA charter by qualification, regulator has now finalised the draft amendments to the prudential norms for
Nambiar had joined UTI Mutual Fund mutual fund schemes for investment in debt and money market instruments.
in Dec 2006 as a vice president in se-
curities research. He took up portfo- Axis Mutual Fund appoints Ravi Narayanan as Director
lio responsibilities in July 2007. In Axis Mutual Fund has announced that Ravi Narayanan has been appointed as a
September 2008, he took up the role Director on the board of Axis Asset Management Company Limited, with effect
of Head of Research, in addition to from 20 August 2019. He is aged 50 years old and holds B.Tech (Hons), MBA
his portfolio responsibilities. from FMS as his educational qualification.

BANKING FINANCE | SEPTEMBER | 2019 | 19