Prashant Mahesh

Prashant Mahesh / TNN / Feb 19, 2024, 06:45 IST Share Financial planners believe investors can set up systematic withdrawal

The regulator has, in a communication sent to Association of Mutual Funds in India (AMFI) on Tuesday evening, asked fund houses to list the steps they are taking to protect investors in such schemes in next 21 days, said two people in the know.

Financial Literacy News: Many investors tend to keep money idle in savings bank accounts to meet near-term goals like paying school /college fees, vacation, or buying electron

Madhu Nair has been appointed as the CEO of Union Mutual Fund, replacing G Pradeepkumar. Nair brings experience from HSBC Mutual, Invesco MF, Kotak MF, and Kothari Pioneer MF. Union Mutual Fund manages assets worth Rs 13,595 crore.

They bought oil & gas, real estate, cement, and consumer durables stocks. Crude oil prices have fallen 9.5% since October 2023, and the governments decision to maintain fuel prices ahead of elections and reasonable valuations got fund managers interested in ONGC and Oil India.

India Business News: Wealth managers believe investors should diversify their mutual fund portfolios across various asset classes like equity, fixed income and gold, in su.

As per data from Accord Fintech and the ET Intelligence Group, mutual funds have been steady buyers of these products over the last couple of years, largely through their hybrid schemes and now own assets worth ₹11,446 crore as of February 2024 more than double the ₹4,186 crore owned in February 2023.

Senior citizens can earn another 50 basis points, while women investors earn an additional 10 basis points, taking the maximum rate to 9.4% for a woman senior citizen.

​​T​hey also purchased insurance stocks like SBI Life, HDFC Life, and ICICI Prudential Life Insurance after favourable guidelines on the surrender value of policies were announced by the insurance regulator IRDAI. Also, the recent removal of the age limit on availing of health insurance is seen as boosting the prospects of life insurance companies.

Vedanta, Hindalco, NMDC, GAIL India and ONGC were among the top picks in that space. Some leading mutual funds also lapped up Kotak Mahindra Bank, whose shares have been beaten down after the Reserve Bank of India's ban on the private lender from issuing new credit cards and onboarding new customers through mobile and online banking, and the exit of joint managing director KVS Manian. Some funds bought shares of Axis Bank, while sold ICICI Bank and Jio Financial Services.