Mumbai: The mutual fund industry is certainly going
through a tough period for reasons known to all. And figures
establish the same.
The July-to-September (2001) quarter has proved to be a
flat one for mutual funds if one takes into account net
collections. Association of Mutual Funds in India (Amfi)
figures suggest that while the sale of units of various
mutual funds resulted in an inflow of Rs 36,203 crore, redemptions
led to an outflow of Rs 35,877 crore, leaving the net collection
figure at a mere Rs 326 crore.
This is despite the fact that 19 new schemes were launched
during the period under consideration, sales from which
totalled Rs 586 crore. Equity-linked saving schemes, which
basically provide tax-saving avenues, too, experienced a
net outflow of Rs 40 crore.
Due to the depreciation of equity values, assets under management
too declined 5.80 per cent at Rs 91,811 crore. Income funds,
balanced funds and growth funds showed net outflows. Thus,
while there was a net outflow of Rs 1,581 crore in income
funds during the quarter under consideration, balanced funds
depicted a net outflow of Rs 383 crore and growth funds
that of Rs 41 crore.
Schemes such as money market funds and gilt funds, basically
related to short-term money market operations, did better.
In such schemes, returns can be ascertained in the very
short term. While money market funds led from the front,
recording a net inflow of Rs 2,234 crore, gilt funds received
net inflows of Rs 137 crore.
Private sector mutual funds did better by recording net
inflows of Rs 1,219 crore. While Indian-owned joint venture
funds received a net inflow of Rs 828 crore, foreign-owned
joint venture funds too received a net inflow of Rs 691
crore. On the other hand, private sector Indian funds recorded a net outflow of Rs 300
crore.
Finally, the largest mutual fund of the country, the Unit
Trust of India, continues to perform poorly. In the period
under consideration, it recorded a net outflow of Rs 1,262
crore, taking the net outflows during the year to Rs 3,927
crore.
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