Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: empanelment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd
 
 
News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

MFs lose 20% in assets as firms pay advance tax
July, 04th 2007
Assets under management of top fund houses, including ICICI Prudential, Birla Sun Life and Standard Chartered, melted up to 20 per cent during June, as corporate investors withdrew funds parked in liquid schemes for paying advance taxes.
 
The total assets under management (AUM) of the mutual funds industry dipped by 3.22 per cent to Rs 4,00,842 crore as half of the 32 fund houses in the country saw their AUM eroding.
 
However, the AUM fall of 3.22 per cent was lower compared with 4.02 per cent meltdown for the same period last year.
 
Analysts viewed this as rising investor confidence in the industry as the AUM erosion is lower despite the advance tax collections going up by nearly 25 per cent this year. Most of the fixed income-centric fund houses lost asset value in June.
 
While ICICI Prudential recorded an AUM loss of nearly 14 per cent (Rs 7,089 crore) to Rs 19,525 crore, Birla Sun Lifes went down by 17.68 per cent to Rs 19,525 crore, and Standard Chartered, the biggest loser, saw its AUM erode by nearly one-fifth to Rs 12,946 crore (down 19.9 per cent).
 
Anil Ambani-controlled Reliance Mutual Funds AUM grew 1.21 per cent to Rs 59,857 crore to maintain its top position. DBS Cholamandalam was the top gainer in the AUM chart, gaining 22 per cent on account of good response to its fixed maturity plans (FMPs). Lotus (up 14 per cent), Benchmark and Quantum (both up 12 per cent) were the other significant gainers.
 
During June, a total of 56 FMP schemes were launched against 70 in May partly due to the prevailing low rates. With the indicative yields of some FMPs coming down, there has been a view that FMPs may no longer find favour with the investors.
 
In June, some of the FMP schemes got matured, which has contributed to the erosion in AUM. Though it is true that the indicative yields of FMPs are falling, it does not mean they will be less popular, as its depends on short-term interest rates said A Balasubraniam, CIO, Birla Sun Life MF said.
 
Meanwhile, the equity new fund offer (NFO) market continued to remain subdued, with only four equity funds closing their NFOs garnering around Rs 2,665 crore.
 
Sameer Kamdar of Mata Securities said, Due to the change in tax structure, liquid funds fell out of investor favour as it attracted a higher tax, with, especially, retail and HNI investors preferring liquid plus funds. Even corporate investors flocked to these schemes because of lower taxes. Liquid plus funds have given higher returns of around 100 bps over liquid schemes over the past three months.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions