US regulator seeks Sebi's help in probing online Ponzi scheme run by duo under American names
Over 700,000 new investor accounts have been opened so far in FY15.
ICICI Bank, HDFC Bank, Infosys, SBI and L&T among fund managers' preferred bets.
After touching a high of Rs 32,01/10g in October 2013, gold prices fell to a low of Rs 26,900/10g in June
Automobile sector accounts for the third-highest equity mutual fund contributions.
Such schemes try to exploit an anomaly in taxation, but aren't in violation of laws, experts say.
Money flowing into the equity schemes of mutual funds is back at a level last seen before the 2008 financial crisis, when the stock market tanked 60 per cent.
Though the sum was nowhere close to the big-ticket monthly purchases seen during the 2004-2008 bull run, it is significant, as it confirms the reversal of a selling spree that began in September 2013.
Time for approving new fund offers down from 6 months to 2 months; MFs have mobilised Rs 4,000 crore from nearly 30 equity NFOs since October last year.
A Balasubramanian tells Business Standard that the sector will see one of its best phases in the coming five years.
HDFC Equity, the largest equity fund, also managed by Prashant Jain, with a corpus of Rs 10,445 crore, has 9.4 per cent of its assets in SBI.
The majority have stayed away from getting into cash handling.
Several brokerage houses have given a year-end target of as high as 30,000 for the BSE bourse's benchmark Sensex, with fund managers telling investors not to redeem though the index is still only around 25,000.
S Naren, CIO of ICICI Prudential Mutual Fund, in an interview with Chandan Kishore Kant, says cyclicals will offer good value.
No fund houses could muster the courage to launch equity funds during the period and the sector lost a lot of its equity assets.
Measured by returns in 2013, the top 10 funds had only three from large houses; nimble strategy could be a factor.
IT, pharma and FMCG stocks are the top performers in 2013.
After relentlessly selling shares for most of 2013, India's equity mutual fund managers have turned buyers in the fag-end of the year.
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