Mutual Funds
Mutual funds offload shares worth Rs14,000 crore in FY14
FY14 is the fifth consecutive year of net outflows by mutual funds in equities after pumping in Rs6,985 crore in 2008-09
 
Mutual funds (MFs) offloaded shares worth more than Rs14,000 crore during 2013-14 fiscal, making it the fifth consecutive year of net outflows, says data compiled by Securities and Exchange Board of India (SEBI).
 
As per the latest data compiled by the market regulator, mutual funds sold shares worth Rs14,208 crore during FY14. However, this was lower compared with shares worth Rs22,749 crore offloaded by MFs during FY2012-13.
 
The financial year ended 31 March 2014, also marked the fifth consecutive year of net outflows by mutual funds in equities after pumping in Rs6,985 crore in 2008-09.
 
During the last five financial years till 2013-14, MFs had cumulatively sold shares worth over Rs68,000 crore from equities.
 
In comparison, foreign institutional investors (FIIs) made a net inflow of nearly Rs80,000 crore in equities in 2013-14.
 
However, FIIs kept away from the debt market and pulled out over Rs28,000 crore during the fiscal due to weakness in the Indian currency.
 
During 2013-14, MFs were net sellers of equities in 10 out of 12 months, while May and August were the only months to record net inflows. MFs had put in Rs3,508 crore and Rs1,607 crore in May and August, respectively.
 
The huge sell-off during the year coincided with a rise of 3,550.50 points or 19% in BSE 30-share Sensex.
 
On the contrary, mutual funds took a bullish stance on the debt market during 2013-14 with a net investment of Rs5.43 lakh crore.
 
At present, there are about 1,540 schemes under mutual funds, of which 1,090 schemes (71% of the overall schemes) are income or debt oriented, while about 350 schemes (23% of total schemes) are growth or equity related.

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COMMENTS

Nilesh KAMERKAR

3 years ago

Nauseating sight of incredible wreckage caused by one four-letter acronym. . .

Saradha scam: ED seizes assets worth Rs140 crore
While attaching assets of individuals and firms worth Rs140 crore on money laundering charges, the ED issued summons to several entities, including MPs
  
Widening its probe into the multi-crore Saradha chit fund scam, the Enforcement Directorate (ED) has issued summons to numerous entities even as it attached assets worth Rs140 crore of individuals and firms on money laundering charges.
 
The ED has also issued a notice asking general public 'to furnish information and particulars of properties, both movable and immovable as well as bank accounts, in West Bengal and other places, if any, related to Saradha group known to them, with specific details' to it.
 
Recently, ED's zonal office in Kolkata issued summons to about 15 people involved in the funds transactions of the Saradha scam that was being perpetrated largely in West Bengal, Odisha and Assam and came to the fore early last year after duped investors raised their voice of grievance.
 
The agency has asked those involved in the case, including some sitting and former members of Parliament (MPs) and their family members, to present themselves or send their authorised representatives for recording of their statements under the Prevention of Money Laundering Act before 25th April.
 
The notices come in the backdrop of ED attaching Rs105.62 crore assets of various entities involved in the case including Saradha Director Sudipta Sen and his wife Piyali.
 
It had attached Rs34 crore worth of assets earlier in the same probe.
 
ED registered a money laundering case last year taking cognisance of the three state police departments.
 
The agency has till now issued attachment orders on all equity shares of all 224 companies of the Saradha group, insurance policies in the name of Sen and his wife, numerous land properties and plots, 390 bank accounts and equity shares of a TV channel run by the beleaguered group.
 
The agency has also issued an advisory that no one should “transact” in these attached assets without seeking permission of the agency.

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SEBI bars Alderbrooke PMS, directors from markets for five years
SEBI banned Alderbrooke PMS and its two directors for five years after finding the firm offering PMS services and collecting money from investors without obtaining any registration from the market regulator
 
Market regulator Securities and Exchange Board of India (SEBI) has restrained Alderbrooke Portfolio Management Services Pvt Ltd (APMS) and its directors, Anandkumar Kanubhai Ravat and Jalpeshkumar Amrutlal Makwana from accessing securities markets for five years for involving in unauthorised business activities. SEBI also directed them to refund money collected to their investors within one month. 
 
SEBI found APMS was collecting funds and indulging in unauthorised portfolio management activities. SEBI alleged APMS and directors for offering financial products and services to individual and corporate clients with ‘guaranteed returns’ and managing their portfolio without obtaining registration from SEBI. 
 
As per the order, the total assets under management with Alderbrooke as on 31 July 2013 were Rs24.38 crore comprising Rs19.31 crore from corporate clients and Rs5.07 crore from individuals and it was neither registered as portfolio manger nor as broker with SEBI
.
SEBI in its order asked APMS and its two directors, to cease and desist from acting as a portfolio manager and not to solicit or undertake such activity or any other activities in the securities market for period of five years. SEBI also directed APMS and its directors to refund investors money with returns which are due to the investors as per the terms of investment within one month and submit a repayment report to SEBI.
 
SEBI also directed APMS to withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents and websites in relation to their portfolio management activities or any activities in the securities market. 
 

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