Page 16 - Banking Finance October 2024

MUTUAL FUND

multi-cap, mid-cap, and flexi-cap funds Axis CRISIL-IBX AAA NBFC Index - June Overnight Fund to a newly launched
each saw 69% of their schemes surpass 2027 Fund, an open-ended Target scheme at the end of the NFO period.
benchmarks. Maturity Index Fund. The scheme in- This facility is available to both exist-
vests in the CRISIL-IBX AAA NBFC Index ing and new investors of LIC Mutual
SBI Mutual Fund Launches - June 2027, which features low credit Fund and was announced through a
risk and moderate interest rate risk. notice dated September 12.
Nifty 500 Index Fund The fund's maturity date is June 30,
SBI Mutual Fund, the largest asset 2027. The fund house reserves the right to
modify or discontinue this facility at
management company in India, has The NFO for this fund is currently open any time, with changes taking effect
launched the SBI Nifty 500 Index Fund, for subscription and will close on Sep- on a prospective basis. This facility aims
an open-ended scheme replicating the tember 23. The minimum investment to simplify investment transitions dur-
Nifty 500 Index. The new fund offer is Rs. 5,000, with no exit load. The fund ing NFO periods for investors.
(NFO) will open for subscription on Sep- aims to provide returns that closely
tember 17 and close on September 24.
match the CRISIL-IBX AAA NBFC Index Kotak Mutual Fund Warns
The fund provides investors the oppor- - June 2027 before fees and expenses,
tunity to invest in the Nifty 500 Index, with 95% to 100% of its assets allo- Investors of Fraudulent
which covers the top 500 stocks by cated to fixed-income instruments rep- Social Media Accounts
market capitalization, spanning the licating the index. Kotak Mutual Fund has issued a public
large-cap, mid-cap, and small-cap seg- notice warning investors and the gen-
ments.
LIC Mutual Fund Intro- eral public about a fraudulent
WhatsApp group impersonating the
Axis Mutual Fund duces Auto Switch Facility fund house. The group, titled "Kotak
Launches CRISIL-IBX AAA During NFO Period Club - 213," is falsely using the Kotak
Mahindra Mutual Fund name, logo,
NBFC Index - June 2027 LIC Mutual Fund has introduced an and even the identities of senior ex-
auto switch facility for new fund offers
Fund (NFOs), allowing investors to switch ecutives to mislead people by offering
stock market tips and trades.
Axis Mutual Fund has introduced the their investments from the LIC MF
The fund house clarified that it has not
authorized any such group or activity
Mutual Fund SIP Contributions Cross Rs. 23,000 and is not associated with this fraudu-
Crore for Second Month lent group in any way. The notice urged
Mutual fund Systematic Investment Plan (SIP) contributions surpassed Rs. the public to be cautious and avoid
engaging with the group, emphasizing
23,000 crore for the second consecutive month in August 2024, reaching
that the group was created with
Rs. 23,547 crore, slightly higher than July's Rs. 23,332 crore. The mutual
the intent to defraud and mislead
fund industry's net assets under management (AUM) increased to Rs. 66.7
lakh crore in August from Rs. 64.96 lakh crore in July, with the average AUM investors.
(AAUM) rising to Rs. 66.04 lakh crore.
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Investor interest in mutual funds continues to grow, as evidenced by a record
20.45 crore folios in August, up from 15.89 crore in July. Retail mutual fund Online Certificate
folios, including equity, hybrid, and solution-oriented schemes, also reached
an all-time high of 16.35 crore. Course on

Madhu Nair, CEO of Union Mutual Fund, noted that the increase in folios
and wallet share reflects growing investor confidence in mutual funds as a Motor Insurance
preferred savings and wealth creation tool. He also highlighted the rising
interest in Fund of Funds (FoFs) following recent taxation changes, which For details please visit
have resulted in positive inflows after a prolonged period of stagnation. www.smartonlinecourse.co.in

BANKING FINANCE | OCTOBER | 2024 | 15