Page 20 - Banking Finance February 2023

MUTUAL FUND

from February 1, 2023, after allowing The SDL portion will be constructed by for the franchise," said Manish
a couple of days for the settlement first selecting most liquid state issuers Gunwani.
cycle to stabilise, Association of Mutual falling in each of the eligible duration
Funds in India (Amfi) said in a state- buckets and then by selecting the most
ITI Mutual Fund launches
ment. liquid ISIN from each of these buckets
ITI Flexi Cap Fund
with a minimum outstanding of Rs. 500
ITI Mutual Fund has launched the ITI
crores. The index will be rebalanced
Edelweiss Mutual Fund
Flexi Cap Fund. The NFO is currently
every quarter with an effective date as
launches short duration open and it will close for subscription
the first business day of the month.
on February 10. The fund will be jointly
index fund
managed by Dhimant Shah and Rohan
Edelweiss Asset Management Limited Manish Gunwani ap-
Korde. ITI Flexi Cap Fund will be
has launched Edelweiss CRISIL IBX
pointed as Head-equities benchmarked against Nifty 500 Total
50:50 Gilt Plus SDL Short Duration In-
Return Index.
dex Fund, India's first passive short at IDFC Mutual Fund
The minimum application amount is Rs
duration index fund. The new fund of- IDFC Asset Management Company has
5,000 and in multiples of Rs 1 thereaf-
fer will open for subscription from Janu- announced the appointment of Manish
ter. The fund will invest predominantly
ary 27 to February 10. Gunwani as Head - Equities. In this role,
in equity and equity related instru-
Gunwani will have overall responsibil-
Edelweiss CRISIL IBX 50:50 Gilt Plus ments across market capitalisation-
ity for equity fund management for the
SDL Short Duration Index Fund will
large cap, mid cap and small cap com-
fund house. Manish Gunwani has over
replicate CRISIL IBX 50:50 Gilt Plus SDL panies.
25 years of experience and was the
Short Duration Index by investing in a
Chief Investment Officer - Equities at "We have launched ITI Flexi Cap Fund
diversified portfolio of Indian Govern-
with a view to offer investors the ben-
Nippon India Mutual Fund.
ment Bonds and SDLs, subject to track-
efit of staying invested across market
ing errors. Gunwani also served as the Deputy CIO
caps and diverse sectors. With the
(Equities) at ICICI Prudential AMC.
Edelweiss CRISIL IBX 50:50 Gilt Plus capex cycle expected to increase fur-
Gunwani graduated from IIT Madras
SDL Short Duration Index Fund will in- ther, investors can get an opportunity
and has a postgraduate diploma in
vest in 50% Indian Government Bonds to experience the growth curve across
management from IIM Bangalore.
(IGBs) and 50% State Development many industries. With a proven track
Loans (SDLs). The G-Sec portion will be "IDFC AMC is amongst the top 10 record and a sound philosophy of in-
constructed by selecting most liquid AMCs in the country and commands vestment, ITI Mutual Fund is focused
Government Bonds with a minimum respect and recognition among inves- on offering investment solutions to all
outstanding of Rs 10,000 crores falling tors and distribution partners alike. I investors with varied risk appetites,"
in duration buckets starting from 1 look forward to joining the team and says Rajesh Bhatia- Chief Investment
year to 5 years. being part of the next phase of growth Officer, ITI Mutual Fund.
CBIC detects Rs. 62K crore of evasion using fake invoices
Tax authorities have detected Rs 62,000 crore worth of goods and services tax (GST) evasion (or frauds) using fake
invoices during the past three years, said a senior official of the Central Board of Indirect Taxes and Customs (CBIC).
This is the primary reason the government has kept such offences out of the increased monetary threshold of Rs. 2
crore in the GST Council meeting.

18 | 2023 | FEBRUARY | BANKING FINANCE