Regulatory changes for the Mutual Fund industry

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1 07 Sep 2012 T h e m o n t h l y n e w s l e t t e r f r o m F u n d s I n d i a Inside this issue: Regulatory changes for the Mutual Fund industry - Srikanth Meenakshi The month ahead - Equity recommendations - B.Krishna Kumar Consistent Performers - FundsIndia Re- Higher Expenses Must Not Become Money for Nothing Dhirendra Kumar Regulatory changes for the Mutual Fund industry Srikanth Meenakshi Greetings from FundsIndia! As expected, last month SEBI rolled out a series of regulatory changes for the mutual fund industry. The impact of these changes will have a modest increase in the cost of mutual fund investing in the form of higher expense ratio. The promise is that these changes and increase will make the industry stronger and sustain it better over the long term. At this time, what we know about these changes are in the form of a press release. There have been a lot of opinions in both print and online media about these changes, and SEBI is yet to issue clear circulars clarifying many aspects of the proposals. Along with the mutual fund investors around the country, we at FundsIndia await such clear directions so we can formulate the way forward. Our compact with the investors is to provide innovative, unbiased, free online service to mutual fund investors across the country backed by high-quality customer services and technology-empowered operations. We ll hold steadfast to that promise. In other news, we are happy to announce that we had the first winner of our IPad contest for new account openings last month. A gentleman named Sushil Kumar from Pune won a brand new Apple IPad (3rd generation) just by opening and getting his account activated with us. Now, we are extending this to the month of September as well, and interestingly, also including account referrals as eligible for this prize yes, all you have to do is refer a person to open an account with FundsIndia, and if the account gets activated in the month of September, both of you would be eligible for the draw! Good luck! Also, in the month of August, we did a fresh launch of our NPS for corporates program. This program enables corporates to offer additional tax benefits to their employees in the form of NPS contributions. Please check out for more details. If you d like to have your company participate, please let your HR team get in touch with us ASAP! Happy investing!

2 Page 2 The month ahead - Equity recommendations B.Krishna Kumar The Nifty did a whole lot of nothing in August. The flow of news on the economic as well as the political front has not been comforting. The late pick-up in monsoon was the only positive feature from a stock market sentiment perspective. The 10-year bond yield too has been stuck in a trading range and does not provide any meaningful clue about the interest rate movement in the near term. International crude oil futures have are ruling firm which is a cause of concern. A hike in diesel price would send positive signal to the stock market and could trigger a short-term rally. From a technical perspective, the Nifty is at crossroad. A look at the daily chart of the Nifty indicates that the index is now traded between the swing high at 5,470 and swing low at 5,032. The Nifty has to move above 5,450 to suggest that the bullish sequence of higher top and higher bottom is at play. On the contrary, a fall below 5,030 would be a major sign of weakness and could trigger a slide all the way back to the major support at 4,700. We suggest caution and advice traders to stay clear of the Nifty until there is clarity about the direction of the next major swing. On the other hand, investors may take a look at individual stocks where the risk-reward is quite compelling. This month, we take a look at a couple of stocks from the cement sector. The popular names such as ACC, Ambuja Cements, Grasim and Madras Cement come across as promising investment candidates. We discuss the outlook for ACC and Ambuja Cement. Investors may buy these two stocks for quick 15-20% returns from a short-term perspective. Ambuja Cements is one of the most efficient cement companies in the country and has been a steady performer at the stock market as well. After a sharp rally, the stock has corrected in the past few days, offering an opportunity to buy. the short-term outlook is bullish and a rally to the near term resistance at Rs.220 appears likely. Investors may use price weakness to build long positions in Ambuja Cement, for a target of Rs.220. A fall below the recent support at Rs.174 would be a sign of weakness and would invalidate the positive outlook. Those buying the Ambuja Cements stock need to keep a stop loss at Rs.174. Similar to Ambuja Cements, ACC too has resumed its uptrend after having been in a short-term corrective phase. As observed in the daily chart featured below, the stock could rally to Rs.1,600. Continued on page 3...

3 Page 3 Continued from page 2... Investors may buy ACC on weakness with a stop loss at Rs.1,240, for a target of Rs.1,610. A breakout past the initial resistance-cum-target level of Rs.1,610 would lend momentum to the uptrend and the stock could then rally to Rs.1,675. Mr. B.Krishnakumar is the Head of Equity Research at FundsIndia. With extensive experience in tracking the stock market (over 15 years) he has worked with companies such as The Hindu, Business Line and Dow Jones Newswires. He will be contributing to our monthly newsletter with his stock market outlook which shall hold good for a month. Mr.B.Krishnakumar can be reached at b.krishnakumar@fundsindia.com Mr.B.Krishna Kumar also hosts a weekly webinar that discusses the market outlook for the following week. You can register for the webinar by clicking here:

4 Page 4 Consistent Performers FundsIndia Research In this page, we feature mutual fund schemes in popular categories that have stood the test of time and delivered performance consistently. These schemes have consistently featured in the top quartile of their category in terms of performance over multiple time periods in the past. For equity funds and income funds, we have chosen three, five and seven year time periods for such ranking. For short term and ultra-short term funds, we have chosen shorter time frames. Please note that in some cases, we have pruned the list for length - we have removed institutional schemes and those that have very high initial investment amounts (in the debt side) from this list. This list will be updated every month, although we do not anticipate significant changes on a month-on-month basis. ings data for this report has been sourced from Value Research Online. Large Cap Funds 3-Y 7-Y 7-Y Average Rating Franklin India Bluechip / / / % 5 Star DSPBR Top 100 Equity Reg / / / % 5 Star HDFC Index Sensex Plus / / / % 4 Star ICICI Prudential Top / / / % 4 Star SBI Magnum Equity / / / % 5 Star Large & Mid Cap Funds 3-Y 7-Y 7-Y Average Rating UTI Dividend Yield / / / % 5 Star ICICI Prudential Dynamic / / / % 4 Star HDFC Growth / / / % 4 Star Mid & Small Cap Funds 3-Y 7-Y 7-Y Average Rating Reliance Equity Opportunities / / / % 5 Star SBI Magnum Emerging Businesses / / / % 5 Star Multi Cap Funds 7-Y 3-Y 7-Y Average Rating HDFC Equity / / / % 5 Star Continued on page 5

5 Page 5 Continued from page 4... Hybrid: Equity-oriented Funds 7-Y 3-Y 7-Y Average Rating HDFC Prudence / / / % 4 Star HDFC Balanced / / / % 5 Star Canara Robeco Balance / / / % 4 Star Tata Balanced / / / % 4 Star Tax Planning Funds 7-Y 3-Y 7-Y Average Rating Canara Robeco Equity Tax Saver / / / % 5 Star Franklin India Taxshield / / / % 4 Star MIP 1-Y 3-Y Re- 1-Y turn 3-Y Average Rating ICICI Prudential ChildCare-Study / / / % 4 Star Debt Short Term Funds 1-Y 1-Y Average Rating DWS Short Maturity Premium Plus / / / % Unrated Debt Ultra Short Term Funds 1-Y 1-Y Average Rating Birla Sun Life Short Term Opportunities Ret / / / % 2 Star HDFC Floating Rate Income LT / / / % 1 Star IDFC Ultra Short Term / / / % 3 Star Tata Fixed Income Portfolio Scheme C3 Reg / / / % 1 Star Taurus Short Term Income / / / % 5 Star Peerless Short Term / / / % 5 Star Religare Short-term Plan A / / / % 1 Star Tata Fixed Income Portfolio Scheme B2 Reg / / / % 3 Star Templeton India Low Duration / / / % 5 Star Birla Sun Life Floating Rate LT Ret / / / % 4 Star Continued on page 6...

6 Page 6 Continued from page 5... Debt Income Funds 1-Y 1-Y Average Rating Birla Sun Life Medium Term Retail / / / % 5 Star Templeton India Income Builder / / / % 4 Star SBI Magnum Income / / / % 3 Star Birla Sun Life Short Term 2.9 3/ / / % 4 Star Principal Income Long Term / / / % 3 Star IDFC SSI Medium-term Plan B / / / % 5 Star Get upto 11.75% when you invest in Shriram City Union Finance Limited - NCD Shriram City Union Finance, a non banking finance company, plans to raise money through a public issue of secured non convertible debentures of face value of Rs 1,000 each aggregating up to Rs 250 crore with an option to retain over-subscription up to Rs 250 crore for issuance of additional NCDs aggregating to a total of up to Rs 500 crore. The Issue opens on September 12, The NCDs proposed to be issued under this issue have been rated 'AA' by CARE for an amount of up to Rs 500 crore, and 'AA-/ stable' by CRISIL for an amount of up to Rs 500 crore. The rating of the NCDs by CARE indicates high degree of safety regarding timely servicing of financial obligations and carrying very low credit risk. The rating of NCDs by CRISIL indicates high degree of safety regarding timely servicing of financial obligations and carrying very low credit risk. Issue Opening Date September 12, 2012 Issue Closing Date September 26, 2012, or with an option to close earlier and or extend upto a period as may be determined by their company Board. Effective Yield (per annum) NCD Holders who are Individuals NCD Holders who are Individuals NCD Holders who are Individuals NCD Holders who are Non Individuals NCD Holders who are Individuals NCD Holders who are Non Individuals 11.50% p.a 11.75% p.a 11.50% p.a 10.60% p.a 11.75% p.a 10.75% p.a Put and Call option None None None None Tenure Months 36 Months 60 Months Months Redemption Date 36 months 60 months from the 36 months from the Deemed date of Allotment 60 months from the Deemed date of Allotment from the Deemed date of Allotment Deemed date of Allotment Listing NSE and BSE Click here to start investing in Shriram NCD>>

7 Page 7 Higher Expenses Must Not Become Money for Nothing By Dhirendra Kumar Aug 27, 2012 Under SEBI's new rules, investors will have to pay more for fund investments but the fund industry must keep its end of the bargain The latest round of mutual fund reforms that SEBI has announced have generally been welcomed in the media and investment analysts. The new rules could re-vitalise the mutual fund industry and create an incentive for fund management outfits to expand to smaller cities and towns. However, there s no doubt that the price of all this activity will have to be paid by investors. Funds are going to be more expensive than they used to be by a margin ranging from 0.1% a year to 0.3% a year. Apart from this, investors will also have to bear service tax on at least some part of the expenses that are charged from them. This is undoubtedly a negative. It hardly needs be pointed out that higher expenses are never a good thing for investors. However, I have no hesitation in saying that on balance, the current round of reforms are a positive force and the higher expenses are a justifiable side-effect of achieving some desirable outcomes. The main point here is that higher expenses are contingent upon fund management companies successfully expanding their reach to a greater proportion of the country s population. It does mean that if a fund so expands its reach, then its existing investors will have to pay some of the cost of expansion to smaller cities. On the face of it, this looks like a sort of a subsidy charged to investors from larger cities. This is not different from similar cross-contributions in other areas. For instance, banks agricultural and other priority sector business is subsidised by more affluent customers. In life insurance, longer-lived customers implicitly pay for less healthy ones. There are many more examples like this. No financial service, probably no business, runs on the basis of charging from each customer precisely what that particular customer costs. Having said that, there is now greater responsibility on SEBI for ensuring that fund companies live up to the task that they are charged with. The better economics of the business must contribute to a genuine broad-basing of the business. This will mean that AMCs, specially the larger one, will have to spend more on business development in the real sense of the word; and SEBI will have to make sure that they do. Another way in which costs can be kept under control and that is by making sure that SEBI s new direct plan initiative meets with a broad response from funds. The idea is that AMCs should launch separate plans under various funds which can only be bought directly by investors without going through distributors. Since distributions costs get greatly reduced, these plans should have lower expenses. They will thus have a different (higher) NAV than the distributor-sold plans and thus higher returns. According to what SEBI has said so far, it appears that the AMCs are under no obligation to launch direct plans for every single fund. On the other hand, it s very likely that AMCs will be under pressure from distributors, especially large and powerful ones like banks to not launch direct plans. This is something that the regulator and even the media will have to guard against. AMCs must launch direct plans for their equity and hybrid funds and the expense levels of these funds must genuinely reflect the absence of distributor remuneration. SEBI s new set of regulations begin a new phase for Indian mutual fund investors as well as the industry. The regulator has made clear its intentions of treating higher expenses as an incentive to create a new kind of fund industry, which will ultimately benefit the investor. As in all new regulations, there will be weak points that no one could have visualised beforehand. However, it would be good if all stakeholders can appreciate the underlying spirit of the changes and work towards genuinely expanding funds. It would conversely be very bad if the usual suspects set about to figure out loopholes and ways to game the system. Syndicated from Value Research Online Article can be viewed online here h2_storyview.asp?str=20776 Wealth India Financial Services Pvt. Ltd., H.M Center, Second Floor, 29, Nungambakkam High Road, Nungambakkam, Chennai Phone: contact@fundsindia.com

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