The domestic mutual fund industry has grown 5.91% in November with its average assets under management at Rs 8.07 lakh crore. In October, the AAUM of the industry stood at Rs 7.62 lakh crore.

 

The mutual fund industry is highly exposed to the banking sector, according to the SEBI data. Banking stocks accounted for 14.17% of the total equity assets under management of the industry at the end of October.

 

India's top fund houses offloaded a substantial chunk of telecom stocks from their portfolio over a month ago, as the bruising tariff war threatens to further dent the profits of these firms. The overall exposure of the MF industry to telecom services was down by 44% to Rs.4,096 crs in Oct'09.

 

Debt mutual funds may have to soon value their investments of more than 91 days maturity based on their market price or a third-party decided price to ensure that their NAVs are close to the realizable value.

 

Reliance MF launched a new product, Reliance Smart Step, which will provide long-term capital growth by investing smaller amount at higher market levels and investing higher amount at lower market levels.

 

Peerless Funds Management Company Ltd, a wholly-owned subsidiary of The Peerless General Finance & Investment Company Ltd has announced that it has received the final regulatory approval from the SEBI to launch its Mutual Fund business in the country.

 

The SEBI said fund houses will have to launch additional plans as separate schemes for any ongoing open-ended scheme, other than dividend and growth plans, which differ from the main scheme in terms of portfolio or maturity.

 

Principal MF has filed an offer document with SEBI to launch Principal Precious Metal Fund, an open ended FOF, which will predominantly invests in units of domestic and/or overseas Gold Exchange Traded Funds.