Mutual Funds
CAMS launches eNFO service to support online submission of NFO applications

The facility will enable fund applicants to submit applications within time in an easy and hassle-free manner

From this month onwards, applying for a new fund offer (NFO) will be a whole new ball game as the Securities and Exchange Board of India (SEBI) has changed the NFO environment drastically. It has reduced the window for listing of NFOs to 15 days from the earlier 30 days and has also brought down the allotment to 5 days from the earlier 30 days. This will now bring down the processing time for completion of NFOs from 60 days to an astounding 20 days only.

This move will also bring with it concerns for investors about whether they will be able to submit their applications on time. Advisors will also be worried as to whether they would be able to execute client orders in time.

To address these concerns, the registrar and transfer agent Computer Age Management Services (CAMS) has come out with an online service ‘eNFO’ to support online submission of NFO applications. It is another ‘industry first’ initiative from CAMS, which will simplify the application process for all participants.

It will also enable AMCs to reach and collect applications from multiple cities where there are no official transaction points. The facility will be available to investors on the CAMS website, www.camsonline.com.

User

COMMENTS

Prakash

6 years ago

I too could not find this "Online NFO" service on their website camsonline.com. Can someone from CAMS or Moneylife clarify ?

Chandra

6 years ago

I am not sure what they mean by 'another industry first'. All online mutual fund platforms including us - fundsindia.com - has been accepting online application for NFOs and other schemes. The article does not give any info. and just calls it 'another industry first'. Moneylife wake up!!

Manali Rohinesh

6 years ago

I couldn't find this facility when I checked their site. So when is it going to go live? Shouldn't you get something up and then send out a press release advertising it?

Anyway, lately CAMS has been lax when it comes to processing paperwork because of which they must have decided to come up with this. So, complaining does work sometimes!

JD

6 years ago

EVERYTHING FOR ALL INVESTMENTS MUST BE MADE ONLINE AND THRU ONE DEMAT A/C.
RIGHTS ISSUE SPECIFICALLY.

MOREOVER ALL ADVICES, ALL CORRESPONDENCE, MUST BE THRU NET AND EMAIL FOR ALL INVESTMENTS.

FOR GREATER "RETAIL PARTICIPATION" I SUGGEST THAT ALL BANKS REQUEST ALL A/C HOLDERS TO SUBMIT, "VOLUNTARILY " THEIR PAN CARD NUMBER WHICH MUST BE FED ON THE PROFILE OF EACH A/C. ONCE SOMEONE HAS BANK A/C AND HIS PROFILE HAS PAN CARD ALL OTHER INVESTMENT A/CS SHOULD BE OPENED WITHOUT ASKING FOR ANY ADDITIONAL PROOFS LIKE ADDRESS PROOF ETC ETC.
JUST STRAIGHT AWAY OPEN THE INVESTMENT, DEMAT MUTUAL FUND ETC ETC FOR THAT CUSTOMER.
EVEN DEPOSITORIES MUST ACCEPT THE CERTIFICATED APPL FOR DEMAT A/CS ETC AND NOT INSIST ON WHOLE LOT OF PAPERS TO BE SUBMITTED AGAIN.

MORE IMPORTANTLY ALL BANKS MUST COMPULSORILY SCAN ALL DOCS LIKE PAN CARD , ADDRESS PROOF ETC AND KEEP ATTACHED LIKE WITH SCANNED SIGNATURE CARDS WHICH CAN BE FORWARDED, PRINTED FOR ALL PURPOSES AND ACCEPTABLE AS PROOFS.

Equity mutual funds lose over 1.47 lakh folios in June

The 38 fund houses added just 21,350 investor accounts last month

Even as the stock market is reaching 30-month highs, the mutual fund industry is in the doldrums. Mutual funds suffered a decline of Rs1.27 lakh crore in assets under management (AUM) in June and Rs1,446 crore outflow from their equity schemes. Equity mutual fund folios or investor accounts have dropped by 1,47,745 in June 2010.

Folios are numbers designated to investor accounts. Each investor can have multiple folios.

According to data available with the Association of Mutual Funds in India (AMFI), the 38 fund houses have added just 21,350 investor accounts across all schemes in June 2010. Between November 2009 and May 2010, equity funds have lost 2.87 lakh investor accounts.

Among the heavyweights of the industry, UTI Mutual Fund suffered a decline of 34,351 folios, Tata Mutual Fund saw a drop of 25,195 and SBI Mutual Fund lost 50,268 folios in their respective equity schemes in June 2010 compared to last month. DSP BlackRock Mutual Fund has added the largest number of folios (44,821) from all categories of schemes. Similarly, HDFC Mutual Fund has added 39,151 folios in June.

“The decline in folios is because of profit booking as markets were trading at all-time highs,” said Nikhil Kothari, research analyst, iFAST Financial India Pvt Ltd. However, profit booking may lead to investors withdrawing from the market but not necessarily lead to elimination of folios. There are crores of accounts with zero balances.  

The 16% drop in AUM in June was primarily due to liquid funds being liquidated as corporates withdrew money for payment of 3G fees, advance tax payments and an overall liquidity crunch.

The 37 fund houses saw Rs1.19 lakh crore redemption in June while equity schemes witnessed Rs1,446 crore of net redemptions, despite the launch of six new fund offers (NFOs).

In June, six equity schemes were launched — Baroda Pioneer Infrastructure Fund, Birla Sun Life India Reforms Fund, DSP BlackRock Focus 25 Fund, ICICI Prudential Nifty Junior Index Fund, IDBI Nifty Index Fund and Taurus Nifty Index Fund — which together mopped up Rs1,068 crore. 

User

COMMENTS

manohar

6 years ago

step motherly attitude by the SEBI is responsible for pushing mf industry into doldrum.

Daily Market View: Sensex looking to make a 30-month high

The Sensex is headed for 18,300 

The domestic market, which traded for a major part of the session following the lower-than-expected first quarter (Q1) numbers by IT bellwether Infosys Technologies, recovered in afternoon trading to end positive. The Sensex ended at 17,985, up 48 points (0.27%) and the Nifty was at 5,400, up 17 points (0.3%). The indices started the day on a subdued note as the sentiment was weighed down by the lower-than-expected Infosys results. The decline was aggravated by the poor performance of other IT stocks. However, the market recovered in the afternoon, supported by a strong opening by influential European indices.

Asian markets pared early gains to close the session on a mixed note on Tuesday on US aluminium maker Alcoa's muted earnings. Key benchmark indices in Indonesia, Japan, Hong Kong and Taiwan were down by 0.1% to 0.5%. The gauges in Singapore and South Korea rose by 0.06% to 0.16%. China's Shanghai Composite fell 1.62% after the Chinese government quashed speculation that it will abandon real-estate curbs that drove property prices to snap 15 months of gains.

The US market edged higher as investors reserved their bets ahead of the onset of the earnings season. The Dow was up 18.2 points (0.18%) to end at 10,216. The S&P 500 edged up 0.07% to 1,078. The Nasdaq gained 1.9 points (0.09%) to close at 2,198. 

Back home, the advancement of the monsoon has increased the sown area of major kharif crops including paddy and coarse cereals. As per official data, paddy sowing picked up in the past one week with acreage going up to 72.3 lakh hectares till 9th July, which is 3.6 lakh hectares more than the same period last year. Acreage of coarse cereals increased to 58.2 lakh hectares, 5 lakh hectares more than the year-ago period.

The government today set up a committee headed by Reserve Bank of India (RBI) deputy governor Shyamala Gopinath to review the structure of the National Small Savings Fund (NSSF). The panel will review the existing terms of loans extended from the NSSF to the Centre and States and recommend the changes required in the arrangement of lending to the net collection of small savings to the Centre and States.

Foreign institutional investors were net buyers of Rs1,001 crore in the equities segment. Domestic buyers were sellers of stocks worth Rs293 crore on the same day.

Infosys Technologies (down 3.4%) posted a growth of 13% and 5% in sales and operating profit, respectively.

Subex (up 4%) has received an order from a leading European communications service provider (CSP) to implement its ROC Platform for Interconnect Billing and Fraud Management through managed services. This is the sixth ROC contract that Subex has won over the past six months.

The board of KPIT Cummins Infosystems (up 0.7%) has approved the acquisition of a Germany-based automotive product company for up to €3 million to be paid over a period of three years.

IL&FS Transportation Networks Ltd's (up 1%) subsidiary in Spain, Elsamex SA and its wholly-owned subsidiary in Portugal, Intevial Gestao Integral Rodovlaria SA, in consortium with local firms in Portugal had participated in the bid tendered by the Road Administration Authority, government of Portugal, for maintenance of roads. The consortium has emerged as the preferred bidder in six contracts for maintenance of roads of around 10,000 lane kilometres across various States in Portugal for a period of three years. The estimated total contract value is €57.63 million (about Rs3,388.49 million) which includes share of Elsamex and Intevial Portugal of €44.10 million (around Rs2,593.16 million).

Gokul Group arm Gujarat Gokul Power Ltd is planning an 80-MW lignite-based thermal power station near Tadkeshwar, Surat. Gokul Refoils & Solvent (up 5.2%) is the equity partner for 74% stake and Gujarat Mineral Development Corporation (GMDC) has 26% stake in the proposed power project.

User

COMMENTS

ASHUTOSH

6 years ago

Yes, your assessment of the sensex reaching 18,300 is exactly where I expect it to be in a few days.

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