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Staring OCT 1,  there have been some changes in Mutual fund schemes in India. Main focus for these reforms has been to get more capital participation from small cities which could bring more money on the table. Though SEBI has also enabled Fund Management Companies (FMC) to charge a bit extra for this.

Fund houses can charge investment and advisory fee on MF schemes, which would have to be disclosed in the initial offer document provided. For a fund of funds scheme, total expenses levied would be capped at 2.50% of the net assets of the scheme.Apart of current expenses, SEBI would allow to levy brokerage and transaction costs incurred for trade execution purposes and is included in the cost of investment. Ceiling for this has been kept at 0.12% in case of cash market and 0.05% in case of derivatives.
Besides, mutual funds are allowed to charge additional 0.30% of daily net assets, if the new inflows from places other than top-15 cities are more than 30% of the gross new inflows in the scheme, or are 15% of the average assets under management, whichever is higher.The expenses marked under this effect would have to be used for distribution expenses incurred for bringing inflows from small cities.
Among other measures, the fund houses are required to calculate the NAV of the scheme on daily basis and they need to publish the same in minimum two daily newspapers with nation-wide circulation. Also, any exit load charged by the FMCs will be required to be credited to back to the scheme.

Fund Houses also need to keep part of their assets for the purpose of investor education and awareness purposes.

Lastly for more clarity in the schemes, the fund houses will need to make more disclosures. They are mandated to shift to the one plan per scheme model.  Moving away from the present practice of cluttering one scheme with numerous plans will surely result in less confusion in mind of investors.

Overall reforms look good to get more Financial/Capital inclusion from smaller cities. But someone has to pay, which will be investors in this case.

 

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2 Comments on Mutual Funds Reform in India

  1. animesh says:

    Good information.. thanks

  2. silver price says:

    Notifying the proposals approved by its board, Sebi said today that the fund houses might charge investment and advisory fees on their schemes, which would have to be fully disclosed in the offer document. In case of a fund of funds scheme, the total expenses of levied on the scheme would be capped at 2.50 per cent of the daily net assets of the scheme.

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