Holi time for Indian Mutual Funds: Rakes in close to Rs 50,000 Crores
Mutual Funds have started seeing the color of money after mid April 1999 with stock markets set ablaze breaching 6000 level. Mutual Fund kitties have collected a whopping Rs. 44000 crores till Jan end.
Mobilisation of mutual fund schemes are likely to touch the Rs 50,000 crore mark, by the end of the current fiscal ending March 31. As of January end, mobilisations by mutual funds (MFs) topped Rs 43,293.65 crore, an amount almost double the Rs 22,710-crore garnered in the whole of the previous fiscal.
According to the Securities and Exchange Board of India (Sebi) sources, during the period of 10 months from April 1, 1999 to January 31, 2000, the net inflows of mutual funds were of the order of Rs 15,472.99 crore, while in the whole of 1998-99, the sector had a net outflow of Rs 949.67 crore. MFs added Rs 3,280 crore in the month of January alone.
The net inflows of private sector mutual funds by the end of January stood at Rs 11,562.58 crores. The net inflow of Public sector mutual funds is at Rs 22.6.52 crores during the period, while out flows stands at Rs 392.10 crore for the same period.
The net asset value (NAV) of all the Mutual funds stood at Rs 1,00,008.68 crore by the end of January, UTI contributed high at Rs 65,864 crores (65.8%) of the total NAV of mutual funds, while all other private sector mutual funds contributes a net asset value of Rs 23,398.28 crore (23.4%), remaining 110,746 crores (10.74%) by the public sector Mutual Funds.
Unit Trust of India, given all its marketing might, muscle, and maximum visibility could only garner a gross amount of Rs 11,316.66 crore with a net inflow of Rs 4302.51 crore, after Redemptions of Rs 7014.37 crore.
The swing away from the public sector to private sector funds actually started in April last year, since until March 1999 the net assets of public sector funds were higher than those of the private sector.
Source : MI
Mar 18, 2000 |
