Page 14 - Banking Finance October 2023

MUTUAL FUND

According to the last available portfo- tion in finance from London School of courage the unit holder to fulfill the
lio, ICICI Prudential Smallcap Fund man- Economics. requirement for nomination/ opting
ages assets of Rs 6,989.26 crore. ICICI out of the nomination by sending a
Prudential Long Term Equity Fund (Tax Bandhan Mutual Fund communication on a fortnightly basis
Saving) and ICICI Prudential Transpor- by way of emails and SMS to all such
tation and Logistics Fund manages as- files draft for micro cap unit holders who is not in compliance
sets of Rs 11,227.73 crore and Rs fund with the requirement of nomination.
2,550.05 crore respectively.
Bandhan Mutual Fund has filed a draft The Securities and Exchange Board of
for a Micro Cap Fund. Bandhan India (Sebi), in its circular on June 15,
UTI Mutual Fund elevates Microcap Fund will be an open-ended 2022, made it mandatory for mutual
Anurag Mittal as head of scheme investing in micro cap compa- fund subscribers to submit the nomina-
nies. tion details or declaration to opt out
fixed income
The scheme will be benchmarked of the nomination on or after August
UTI Asset Management Company (UTI
against Nifty Microcap 250 TRI. The 1, 2022.
AMC) has announced the elevation of
Anurag Mittal as head of fixed income scheme will be managed by Sumit
Agrawal and Kirthi Jain (equity invest- India mid- and small-cap
with effect from October 1. Mittal
joined UTI AMC in 2021 as deputy head ments), Brijesh Shah (debt invest- rally to persist, says DSP
ments), and Nishita Shah (overseas in-
of fixed income and has been manag- Mutual Fund's Parekh
ing key flagship funds for the company. vestments).
The rally in India's mid- and small-cap
"We are pleased to announce Anurag's Sebi extends deadline to stocks will continue amid more inflows
elevation as Head of Fixed Income at into these segments, the head of
UTI AMC. The leadership of Anurag add nominees in mutual India's tenth-largest mutual fund said.
and his proven expertise in research funds
and Fixed Income fund management "The rally may continue due to more
will strengthen the Fixed Income team Markets regulator Sebi on Wednesday flows and less companies to invest in,"
of UTI AMC further, as we remain com- extended the deadline for mutual fund Kalpen Parekh, managing director and
account holders till January 1, to nomi-
mitted to helping investors achieve CEO of Mumbai-based mutual fund
their financial goals," said Imtaiyazur nate a beneficiary or opt out of it by DSP, told the Reuters Trading India fo-
submitting a declaration form, failing
Rahman, Managing Director & CEO, rum.
UTI AMC. which their folios will be frozen. Ear-
lier, the deadline for existing mutual Mid- and small-cap indexes have signifi-
Mittal has an experience of close to fund holders to provide a choice of cantly outperformed their larger peer
two decades in fund management, nomination was on or before Septem- in 2023. The Nifty small-cap 100 index
dealing and research. Prior to joining ber 30. has risen nearly 33% this year, while
UTI AMC, he was senior fund manager the Nifty midcap 50 index is up around
at IDFC Asset Management Company The move is aimed at helping investors
to secure their assets and pass them 29%, versus an 8.7% rise in the bench-
and managed key IDFC debt mutual mark Nifty 50.
on to their legal heirs.
fund schemes. He was also associated
with HDFC Mutual Fund as senior man- "Based on representations received DSP Mutual Fund will also launch a
ager - Investments and Axis Mutual from the market participants, it has small-cap fund this year to take advan-
Fund as fund manager - investments, been decided that the provision... tage of the inflows to the segment,
responsible for fund management, about the freezing of folios, shall come Parekh said.
dealing and research. into force with effect from January 1, "We have approval for launching an
He is a Chartered Accountant affiliated 2024 instead of September 30, 2023," index fund of small-cap with high-
with Institute of Chartered Accountant Sebi said in a circular. quality companies," he said, adding
of India and holds a master degree in Further, Sebi asked asset management that the fund is likely to launch in
accounting & finance with specializa- companies (AMCs) and RTAs to en- December.

14 | 2023 | OCTOBER | BANKING FINANCE