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Prime Blog Articles
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There are more than sixty Public Sector Undertakings (PSUs), seventeen Public Sector Banks (PSBs) and around a dozen State owned undertakings, that are listed on the exchanges. A couple of days ago, some mutual fund managers raised a desperate shout to the government about the ‘non-performance’ of the shares in these undertakings.
As the stock indices defy gravity to soar past earlier highs, AMCs are back to using a time-tested ploy to manage their flows – rationing your investments.
Mirae Asset has just drastically slashed the monthly SIPs it will allow into its Mirae Asset Emerging Bluechip Fund from Rs 25000 to Rs 2500 from November 6. SIPs and STPs registered earlier will be allowed to continue, but new registrations will need to be capped at Rs 2500. The scheme had already put a stop to all lumpsum investments from October 2016 and capped its SIPs at Rs 25000 a month in November 2017. This is a rare instance of a large and mid-cap equity fund regulating inflows, but such rationing is a common practise with small-cap funds.
The new flexi-cap fund category recently announced by SEBI will mitigate the risk of many multi-cap funds being forced into buying to mid & small cap stocks. The definition of the flexi-cap category is quite open-ended now. The circular requires flexi cap funds to hold least 65% of their portfolio in equity and equity-related instruments to be flexi cap.