Life Insurance Corporation (LIC) has initiated talks with public sector banks to sell the 35 percent stake held by its Japanese partner Nomura in its mutual fund arm, sources at the insurance behemoth said.
Mutual fund managers who believed the slump in oil prices would be short-lived have been taking it on the chin, but some are not giving up, betting that the market will bounce back and they will have the last laugh.
Mutual fund distributors clocked a staggering income of Rs 4,729 crore in 2014-15, a surge of 84 percent from the preceding financial year, mainly on account of sharp rally in market and robust inflows in equity schemes.
UTI Mutual Fund, the country's oldest fund house, has attained an asset base of over Rs one lakh crore with about one crore investor accounts and is now targetting leadership positions across various segments.
With an aim to provide incentives to mutual funds' distributors for selling systematic investment plans (SIPs), industry body Amfi has relaxed the norms for upfront commission payments for such schemes.
Taking note of the rising instances of mutual fund players improperly using the investor education funds, markets regulator Sebi today asked the industry to take corrective action or else the regulator will have to step in.
With rising demand from retail investors for mutual fund schemes, the draft papers by fund houses filed with capital markets regulator Sebi for launching New Fund Offers have gone as high as 100 since January.
Maharashtra continued to dominate the mutual fund landscape in the country with an assets base of Rs 1.21 lakh crore at the end of April in equity-oriented schemes, followed by Delhi in the second place.