Mutual Funds
Equity mutual funds lost Rs1,827 crore in July 2013

After marginal inflows in June, equity mutual funds faced a net outflow in July on account of poor fresh inflows and higher redemptions

July was again a dreadful month for the mutual fund industry. It witnessed a total net outflow of Rs50,067 crore for the month. The industry faced heavy redemption pressures in all categories of schemes. Much of this happened due to heavy redemptions in liquid schemes, because of central banks’ policies tightening liquidity. Liquid schemes suffered a total net outflow of Rs45,296 crore. Income schemes too, faced higher redemptions, leading to a net outflow of Rs2,657 crore. Comparatively, outflows from equity mutual fund schemes were much lower. But, since the beginning of FY13-14, equity mutual fund schemes have lost assets over Rs3,000 crore in net outflows.
 

Sales of equity mutual fund schemes declined to the lowest in the past eight months. The quantum of sales in July 2013 declined by 11% to Rs2,945 crore, compared to Rs3,311 crore for the same month last year. Redemptions too were higher at Rs4,772 crore, up 12%, from Rs4,260 registered in July 2012.
 

Approximately 12% of the inflows into equity schemes come from direct plans. Compared to the total inflows from direct plans across all categories, this translates to just about 2% of the total inflows from direct plans. The largest inflow through direct plans is in the liquid fund category, much of which is from corporate investors. According to a CRISIL report, direct plans constitute 25% of the total industry AUM against 15% in the previous quarter. Debt-oriented mutual funds constitute 98% of the total AUM under direct plans.
 

Since April 2013, there have been just three equity new fund offers that have been launched. While fund houses are filing offer documents with the regulator to launch new schemes, very few of these are actually being launched. As many as 14 offer documents of equity oriented schemes have been filed, but just two of these schemes have been launched so far. The volatile market conditions and poor response to equity schemes from retail investors may have caused fund houses to put off the launch of the schemes.


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COMMENTS

Vinayak Bhimarao Mudholkar

4 years ago

Without DII how to expect bull run !!!....The investment culture is being destroyed by all concerned.

REPLY

Nilesh KAMERKAR

In Reply to Vinayak Bhimarao Mudholkar 4 years ago

1) Delayed / deferred bull run is good news. - It allows investors to deploy funds on favourable terms.

2) The 1992 bull run was not because of the DIIs. Also remember the retail participation in direct equity was higher then. - And like in the past, investors who come to the party late shall end up hurting themselves badly.

Vinayak Bhimarao Mudholkar

In Reply to Nilesh KAMERKAR 4 years ago

Sir,
I have been investing during 2012-2013 & would not give up; because its my passion....Great people like Sir John Templeton & Aswath Damodaran are my idols.....Many thanks for boosting morale of ordinary retail investors like me by sharing knowledge & experience !!!....Had it been possible I would have rated your comments on various issues with seven stars!

Nilesh KAMERKAR

4 years ago

Going forward, things may get even more difficult for the MF industry.

Four factors have significant impact on the health of MF industry, but get over looked:
1) How many new (first time ) investors have been acquired post August 2009,
2) Fall in the no. of folios (investor accounts) &
3) How many new distributors are enrolling for selling MFs &
4) How many distributors have given up on selling MFs.

Institutional funds that are being parked in FMP & Liquid will not be able to camouflage the real weakness of Indian MF industry for long.

MF reforms are now about one year old. And if things deteriorate at a fast pace, then SEBI would be eating crow sooner than later.

CHANDU CHARTIST

4 years ago

AAME FUND MANEJARO PARKA KHAMBHE KHURDO RAKHI GOLIBAR KARNARA HOI CHHE

CHANDU CHARTIST

4 years ago

AAME FUND MANEJARO PARKA KHAMBHE KHURDO RAKHI GOLIBAR KARNARA HOI CHHE

CHANDU CHARTIST

4 years ago

AAME FUND MANEJARO PARKA KHAMBHE KHURDO RAKHI GOLIBAR KARNARA HOI CHHE

sivasankaran

4 years ago

what KAMAT has said is true.there should be conviction to win.the persons who lost the opportunity wii rue when the market clear the hurdles.

pannag kamat

4 years ago

The ups and downs are common in the market. We have to wait and use the SIP route. In the long term definitely it will give good returns.

RTI Judgement Series: When PIO asks for additional fees after 30 days

The CIC ruled that the PIO had erred in demanding additional fees from the appellant since the mandated period of 30 days was over. This is 151st in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application

The Central Information Commission (CIC), while allowing an appeal, directed the Central Public Information Officer (CPIO) under the officer of Superintendent of Police at Central Bureau of Investigation (CBI)'s Animal Husbandry Department Branch in Ranchi, to provide the information and refund the additional fees of Rs1400 paid by the appellant.

 

While giving this judgement on 20 May 2010, Shailesh Gandhi, the then Central Information Commissioner said, “Since the letter for additional fees was received after the mandated period of 30 days, the information should be provided free of cost as per the provision of Section 7(1) & 7(3) of the Right to Information (RTI) Act.”

 

Sanhouli (Dist Kagaria, Bihar) resident Shailendra Singh Tarkar, on 8 May 2010, sought from the PIO attested copy of the report of the multi-crore medical store depot (MSD) scam which was sent to the Health Department in Bihar government by the Central Bureau of Investigation (CBI), Patna.

 

The PIO, in his reply asked Tarkar, the applicant to pay additional fee towards copying charges. The PIO stated, "Please refer to your application dated 08.05.2010, received in this office on 11 May 2010 , requesting therein to provide copies of SP's Report covering  MSD Scam Cases under Right to Information Act. In this context, it is requested to deposit Rs1,316 towards the necessary fee for Xeroxing the documents [@Rs2 per copy] in accordance with the provision of Right to Information (Regulation of fee and costs) Rules, 2005 at the earliest so that the desired documents may be provided to you under RTI Act, 2005."

 

Since the letter demanding additional fees was sent after 30-days period, Tarkar said he should receive the copies free of cost. In his first appeal Tarkar said, he filed his RTI application on 8 May 2010 and received PIO's reply dated 10 June 2010 only on 22 June 2010. "Since the letter for additional fees is received after the mandated period of 30 days the information should be provided free of cost as per the provision of Section 7 (6) of the Act," he said.

 

After examining the appeal, the First Appellate Authority (FAA), in his order said, "The CPIO has informed that application was received on 11 May 2010 and reply has been sent on 10 June 2010. Thus, there is no delay in disposal and it cannot be presumed that information has been denied."

 

Not satisfied with the FAA's ruling, Tarkar approached the CIC with his second appeal, which said, "Since, the letter demanding additional fee was received after 30 days, the information should be provided free of cost as per Section 7(6) of the RTI Act."

 

During the hearing, Mr Gandhi, the then CIC noted that the appellant (Tarkar) paid Rs1,400 and received the additional information from the PIO. Tarkar told the Bench that although he had received the report from the PIO, in another communication; the Bihar government informed him that it had not received the report on MSD scam from the CBI.

 

Mr Gandhi, then directed the PIO to send a copy of the covering letter with which the MSD Scam report was sent to the Bihar government along with proof of dispatch of this report to the state government. "If any acknowledgement has been received from Bihar government about the receipt of this report, then an attested photocopy of the same would also be sent to the appellant," the CIC said.

 

The Bench noted that the then PIO had erred in demanding additional fees from the appellant since the mandated period of 30 days was over. It said, "The FAA has also erred since after recording that the PIO had received the RTI application on 11 May 2010 and that the demand or additional fees was sent on 10 June 2010, he has held that the demand for additional fees was justified."

 

Section 7(1) & 7(3) of the RTI Act are relevant and are given below...

"7. (1) Subject to the proviso to sub-section (2) of section 5 or the proviso to sub.-section (3) of section 6, the Central Public Information Officer or State Public Information Officer, as the case may be, on receipt of a request under section 6 shall, as expeditiously as possible, and in any case within thirty days of the receipt of the request, either provide the information on payment of such fee as may be prescribed or reject the request for any of the reasons specified in sections 8 and 9:

(3) Where a decision is taken to provide the information on payment of any further fee representing the cost of providing the information, Central Public Information Officer or State Public Information Officer, as the case may be, shall send an intimation to the person making the request, giving-

(a) the details of further fees representing the cost of providing the information as determined by him, together with the calculations made to arrive at the amount in accordance with fee prescribed under sub-section (1), requesting him to deposit that fees, and the period intervening between the despatch of the said intimation and payment of fees shall be excluded for the purpose of calculating the period of thirty days referred to in that sub-section;"

 

While allowing the appeal, Mr Gandhi said, "In the instant case since the letter demanding additional fees was sent on the 31st day the information should have been sent free of cost as per Section 7(6) of the RTI Act."

 

The Bench directed the PIO to provide the information before 5 June 2011 and also refund the amount of Rs1,400 paid by the appellant before 30 July 2011.

 

CENTRAL INFORMATION COMMISSION

 

Decision No. CIC/SM/A/2011/000296/SG/12458

http://www.rti.india.gov.in/cic_decisions/CIC_SM_A_2011_000296_SG_12458_M_56601.pdf

Appeal No. CIC/SM/A/2011/000296/SG

 

Appellant                                            : Shailendra Singh

                                                                 At PO Sanhouli, Dist Kagaria,

                                                                 Bihar 851205

 

Respondent                                        : RC Chaudhary

                                                                CPIO & SP-CBI,

                                                                Office of the Superintendent of Police,

                                                               Animal Husbandry Department Branch

                                                              Deen Dayal Nagar, Police Station -Lalpur,

                                                              District Ranchi, Jharkhand

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Micromax owners arrested for giving Rs30 lakh bribe

CBI allegedly caught Tuli and Agrawal, the owners of Micromax, while handing over Rs30 lakh as bribe to junior officials of the NDMC who were collecting the amount on behalf of a superintendent engineer, an executive engineer and two junior engineers

The Central Bureau of Investigation (CBI) arrested Rajesh Agrawal and Manish Tuli, the two owners of mobile company Micromax when they were allegedly giving Rs30 lakh bribe to the engineers of North Delhi Municipal Corporation (NDMC) to obtain clearance for the construction of a banquet hall.

 

CBI sleuths also arrested two junior officials of NDMC along with Agrawal and Tuli. The agency carried out searches at 15 locations including residential and official premises of the MCD officers.

 

During the trap operation, CBI allegedly caught Tuli and Agrawal handing over Rs30 lakh to the junior officials of the NDMC who were there to collect the amount on behalf of a Superintendent Engineer, an Executive Engineer and two Junior Engineers, all allegedly part of the conspiracy, they said.

 

According to CBI sources the agency received a tip that Agrawal and Tuli had struck a deal with the engineers of NDMC to get clearance for construction of a banquet hall in Wazirpur area in exchange of Rs50 lakh.

 

The sources alleged that Agrawal and Tuli negotiated with the officials and brought down the alleged bribe amount to Rs30 lakh from Rs50 lakh.

 

It was also agreed that the illegal gratification will be allegedly paid to the two junior officials of the civic body.

 

Soon after getting the tip-off that the alleged bribe is to be paid at the Timarpur office of Agrawal and Tuli, a team of CBI rushed to the spot.

 

Officials of Micromax were not immediately available for comment.

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COMMENTS

mohammed faisal

4 years ago

I HAVE MICROMAX MOBILE

DATE OF BUYING 18 APRIL 2013
DATE OF MISTAKE
IN HAND SET 13 MAY 2013

2ND 28 MAY 2013

3RD 24 JUNE 2013

4TH 7 JULY 2013

5TH 31 JULY 2013

ABOVE IS 1 TO 5TH AFTER BUYING HAND SET WITHIN MONTH GETTING PROBLEM HAND SET SCREEN HAND SHOW BOLT LOGO AND SCREEN GOES OFF SAME PROBLEM ON ALL SERVIE BUT
1 SERVICE SAY SOFWARE PROBLEM
WASTE 10 DAY THAT REPAIR

2ND SERVICE SAY NEED CHANGE TOUCH PARTS 15 DAYS DEALY TO WAIT PARTS NOT RECIVED FROM HEAD OFFICE

3 RD SERVICE SAY NUMBER OF TIME TRY TO CALL BUT PHONE NOT WORK THEY ALWAYS HOLD ON OR INGAGE
THAN 15 DAY AGAIN WAIT THAN REPAIR SAY YOU WHOLE PARTS INTERNAL MACHINE REPLACE

4RT SERVICE SAME AGAIN PROBLEM WHICH 1 TO FORTH BUT THEY SHOW IN JOBSHEET DIFFRENT TYPE OF SYMPTOM AND AGIAN DEALY 12 DAYS THAN REPAIR

5TH NOW 5TH SERVIE OF SAME PROBLEM WHICH BEGNING TO TILL BUT FROM 30 JULY 2013 TO STILL HOLD BY SERVICE CENTRE SAY PARTS NOT COME I AM NOT UNDER STAND THAT IN PERVIOUS SERVICE THEY CHANGE WHOLE INTRNAL MACHINE PARTS NOT AGAIN SAME MISTAKE RISE AND SAY PARTS NOT COME WHICH PARTS NOW THEY REQURIED ?

IT SEEM THAT IN MICROMAX HAPPEN SOME THING WRONGWITH ALSO IN MICOROMAX PRODUCT WHICH HAVE NOT PROBER TESTING DAY BY DAY MAEK FOOL CUSTOMER AT SERVICE CENTRE AND I FEEL PERSONALLY AFTER COMUNICATE ALSO TO HEAD OFFICE THAT BOTH SERVICE CENTRE AND OWNER OF COMPANY MAKE FOOL PEROPLE AND WASTE TIME AND MONEY OF HARD EARN INDIAN PUBLIC WHO BUY MICROMAX PRODUCT LOWER RATE COMPARISON OF SAMSUNG AND NOKIA AND LG BUT AS THEY ADD IN ADVERTYMENT BUT IN QULITY IS EQUAL TO CHINES PRODUCT AVAILABLE IN MAKET
MICROMAX GIVENT WARRANTY TO CUSTOMER BUT MAKE FOOL PASS WARANTY PERIOD TO DEALY IN SERVICE 15 DAYS TO 3 MONTH AND AFTER PASS WARRANTY PERIOD ENJOY TO MAKE PROFIT SELL PRODUCT CHINES THIRD GRADE PRICE OF BRAND MICROMAX CUSTOMER WHO NOT UNDERSTAND AND DIRRENCE PRODUCT FEEL FOOL AND FINALLY HARASMENT AND DAY BY DAY LIKE ME AVOID AND FORGET THIS PRODUCT AND WAISTE MONEY AND INDIAN GOVT WHO HAVE NOT SERIOUS ABOUT THAT KIND OF COMPANY WHO MAKE PROFIT COST OF INVESTOR HARD EARNMONEY AND EMOTION AND TIME , TO SELL THIRD CLASS PRODUCT WHERE THEY HAVE NO INFRASTRUCTURE TO AFTER SALE SERVICE MAKE ONLY FOOL TO INDIAN PUBLIC THEY THINK BUT
I KNOW MONEYLIFE FOUNDATION AND TRUST THAT YOU CAN FORWARD THIS MATTER NOT ONLY MICROMAX NUMBER OF COMPANY WHO THING INDIAN CUSTOMER IS FOOL THEY CAN EASILY MAKE FOOL BUT SOME ORGANIGATION WE TRUST WHICH CAN HELP INCOCIENT PEOPLE MAKE VOICE OF INDIA TO STOP AND PROTECT RIGHT OF CUSOTMER,

ABOVE CASE IS JOHDPUR MICROMAX CENTER OLYMPIC ROAD
WHERE I AM PERSONALLY FACE THIS PROBLEM AND NUMBER OF CUSTOMER ALSO HAVE SAME KIND OF PROBLEM IN INDIA IS BIG I THINK I HAPPEN ACROSS IN INDIA WE NEED TO TAKE ACTION THAT KIND OF COMPANY

MOHAMMED FAISAL
JOHDPUR( RAJASTHAN )

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