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livemint.com / 4 months ago
Sebi steps up checks on portfolio overlap in mutual fund schemes
Subscribe to enjoy similar stories. MUMBAI : India’s market regulator is closely scrutinizing new fund offers (NFOs) for portfolio overlap with existing schemes, even though its draft proposals on overlapping stocks in mutual fund schemes are yet to be notified.
In an 18 July consultation paper, the Securities and Exchange Board of India (Sebi) proposed that mutual funds ensure that no more than 50% of the stocks held in a sectoral or thematic scheme are the same as those held in other equity schemes, with the exception of large-cap schemes, in the same fund house. “Now, whenever a mutual fund files for a thematic NFO, Sebi is asking for a model portfolio and the extent of overlap with the fund house’s existing equity strategies," said a person aware of the matter, on the condition of anonymity.
If the overlap with existing schemes is much higher while filing the NFO, Sebi is "asking for the rationale behind launching another one", said a mutual fund executive who was asked the same, on the condition of anonymity. While thematic NFOs help asset management companies (AMCs) expand their asset base, limited differentiation among schemes offers little value to investors, with the growing number of such funds ultimately complicating choices rather than simplifying them.
Fund houses are allowed to launch one scheme in each category, while there is no cap on sectoral and thematic funds under current regulations. As a result, in the past year, there were 37 sectoral and thematic fund NFOs, compared with only 19 NFOs across the entire equity category, according to the Association of Mutual Funds in India (Amfi).
To assess the extent of portfolio overlap, Mint examined the top five thematic funds by assets. The data from the
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Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
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Even at $5 trillion, Nvidia is underappreciated
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Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
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