Page 14 - Banking Finance July 2024

MUTUAL FUND

Mutual Fund

81 lakh investor accounts asset classes, which have the potential Gold, Silver finds a lot of use in indus-
to beat inflation and create wealth. As trial applications and this flexibility
added in Mutual Funds in the penetration of mutual funds in- helps increase its value in the long
April and May creases, this will translate into a higher term. Hence, investors looking to diver-

The mutual fund industry has added folio base at the industry level," sify into commodities can choose to
over 81 lakh investors' accounts in the Abhishek Tiwari, CBO, PGIM India invest through SBI Silver ETF and have
first two months of the current fiscal Mutual Fund, said. the opportunity to be a part of its long-
(FY25), mainly due to consistent mar- According to the latest data with the term growth prospects," said
keting efforts, celebrity endorsements Association of Mutual Funds in India Shamsher Singh, MD & CEO, of SBI
and dedicated work of the distribution (AMFI), mutual fund folios of the indus- Mutual Fund.
network. Additionally, changing per- try stood at 18.6 crore in May-end, a
ceptions about fixed deposits, which no surge of 4.6 per cent from 17.78 crore Groww Mutual Fund files
longer offer competitive returns com- registered at the end of March. draft documents for Nifty
pared to mutual funds, and the rise in
income levels and accessibility to finan- SBI Mutual Fund launches EV & New Age Automotive
cial markets have also contributed to ETF
the rise in new investors, Trivesh D, SBI Silver ETF Groww Mutual Fund has filed draft
COO of stock trading platform SBI Mutual Fund has launched SBI Sil- documents with Sebi for Nifty EV &
Tradejini, said. ver ETF, an open-ended exchange
New Age Automotive ETF. Groww
Going ahead, the outlook for mutual traded scheme tracking the price of Nifty EV & New Age Automotive ETF
fund folios remains strong, supported silver. The investment objective of the will be an open-ended scheme replicat-
by the ongoing bull run in the stock scheme is to generate returns that are ing/tracking Nifty EV and New Age
market, solid risk management prac- in line with the performance of physi- Automotive Index - Total Return Index.
tices, continuous investor education, cal silver in domestic prices, subject to
and consistent marketing efforts, he tracking error. The investment objective of the
added. The scheme will be benchmarked scheme will be to generate long term
capital growth by investing in securities
Moreover, the industry will continue to against the Domestic price of silver. of the Nifty EV & New Age Automotive
see decent growth as savers increas- The fund manager of the scheme will Index in the same proportion /
ingly look for alternative avenues to be Vandna Soni. weightage with an aim to provide re-
create wealth for their long-term "In today's global economic scenario, turns before expenses that track the
goals, experts said. there is an increased demand of met- total return of Nifty EV & New Age
"As India's per capita income grows, als which act as an inflation hedge. Automotive Index, subject to tracking
investors will look to save money in Unlike its better-known counterpart errors.

BANKING FINANCE | JULY | 2024 | 13