Indian mutual fund assets reach Rs 4.89 trillion

Indian mutual funds’ assets under management (AUM) grew by Rs.860 billion in the month of July, to a corpus of Rs.4.89 trillion, according to crisil. Growth of this magnitude in a single month has rarely been seen in the Indian mutual fund industry. According to CRISIL, “The large number of new fund offerings, the sharp rally in the equity markets, and liquid fund inflows, drove these levels of AUM growth.”

Reliance Mutual Fund continued to top the AUM chart with AUM in excess of Rs.660 billion, while ICICI Prudential Mutual Fund took the second spot with AUM of Rs.487 billion. UTI Mutual Fund was third with AUM of Rs.425 billion. In the secondary market, mutual funds were net sellers to the extent of Rs.9 billion in July, after being net buyers of Rs.7 billion in June.

In July, the Cabinet Committee on Economic Affairs allowed Navaratnas and Miniratnas in the public sector to invest up to 30 per cent of their surplus funds in public sector equity mutual funds. As a result, after a nine-year gap, these organisations can again invest in equity mutual funds. The move could result in investment flows of Rs.600 billion into the sector from cash-rich public sector undertakings.

(Sourced from the press release of Crisil)




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