Mutual Funds Get 19 Lakh New Investors In 2 Months

New Delhi: Mutual fund houses added close to 19 lakh investor accounts in April-May of 2017-18, taking the total tally to a record 5.72 crore, driven by growing interest from retail and HNI investors alike.

This is on top of 77 lakh folios added in the entire past fiscal and 59 lakh in the preceding financial year. In the two years, investor accounts went up following robust contribution from smaller towns.
Folios are numbers designated to individual investor accounts though an investor can have multiple ones. According to data from the Association of Mutual Funds in India (Amfi) on total investor accounts with 42 active fund houses, the number of folios rose to a record 5,71,90,112 at the end of May from 5,53,99,631 at March-end, a gain of 17.90 lakh.

Growing participation from retail as well as HNI (high net worth individuals) categories have contributed to higher overall investor accounts, FundsIndia.com Head of Mutual Fund Research Vidya Bala said. The number of retail investor accounts, which comprise equity, equity-linked saving schemes and balanced categories, surged to 4.60 crore in May-end from 4.4 crore at the end of March.

Mutual funds have gained popularity among Indian investors in the last two years

“A good percentage of investors stay invested in equity oriented schemes for at least 24 months or more than that. This increase in equity-oriented schemes holding period is for applicability of long-term capital gain,” Bajaj Capital CEO Rahul Parikh said.

“Even the Investors’ confidence in MF has increased. Now they are holding their investments in equity-oriented schemes for a longer period of time for both lumpsum as well as SIP (systematic investment plan) investments,” he added. Overall, the country’s mutual fund industry managed an asset base of over Rs. 19 lakh crore, which is likely to cross the Rs. 20 lakh crore mark this fiscal.

Mutual funds are investment vehicles made up of a pool of funds collected from a large number of investors. The funds are invested in stocks, bonds and money market instruments, among others

 

Surrey softball tourney raising funds this weekend for Kassandra Kaulius memorial scholarship

SURREY — Twenty-four women’s teams will play ball this weekend to raise money for a scholarship set up in memory of a Surrey woman who was killed by a drunk driver.

The fifth annual Kassandra Kaulius Memorial Softball Tournament will be at Softball City in South Surrey June 23-25, hosted by the Kaulius family and Surrey Storm Softball Association.

The 22-year-old aspiring teacher and pitcher for the Storm’s senior ladies team was heading home from playing a game of softball at Cloverdale Athletic Park on May 3, 2011 when a drunk motorist driving a van ran a red light and T-boned her car at 103 km/h., at 152nd Street and 64th Avenue.

Kassandra’s mom, Markita Kaulius, said the annual tournament is “bittersweet” because her family gets to see her daughter’s old teammates and swap stories but, she added, “We know how much she would have loved being there to play in this tournament herself.”

The tournament is now the largest senior women’s softball tournament in the province for ages 18 and up, she said.

“At the time of Kassandra’s death she was studying to become a teacher and it was her dream to make a difference and give back to others,” Kaulius said. To date, 21 scholarships have been given. That’s $15,000, all told.

“Our dream was to assist another young person in helping make their dream come true of pursuing a post-secondary education. It helps in our healing that in a small way Kassandra is still helping someone receive their education.”

 

Pb CM assures probe into diversion of scholarship scheme funds

Chandigarh, Jun 15 (PTI) The Punjab government will get probed the alleged diversion of the Post Matric Scholarship scheme SC funds and strict action will be taken against those found guilty, Chief Minister Amarinder Singh said today.

Responding to a question of Congress MLA Raj Kumar Chabbewal during the Question Hour, the CM assured the House that the entire matter would be thoroughly examined to fix the accountability and identify lapses, if any.

The CMs assurance came amid claims by Minister for Welfare of SC and BC Sadhu Singh Dharamsot that no funds were “transferred” under the post-matric scholarship SC scheme.

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Chabbewal had raised the issue of alleged diversion of funds and inordinate delay on the part of the Centre in releasing the sum for disbursement of scholarships under Post Matric Scholarship Scheme for the eligible scheduled caste students.

To which Minister for SC/BC Welfare Sadhu Singh Dharamsot informed the House that the Centre has not disbursed a sum of Rs 717 crore, for the period 2016-17, as a result fee of students could not be paid.

He also said that the chief minister had taken up the issue with the government of India and had gone to Delhi with the Punjab Chief Secretary to pursue the matter and get the funds released.

Congress MLA Kuljit Singh Nagra, describing the delay in release of funds as a serious matter, said the previous SAD- BJP government had allegedly diverted funds meant for SC scholarship and sought a probe into the matter.

Later, Punjab minister Charanjit Singh Channi accused the previous government of not contributing its own share in setting up polytechnic colleges in the state.

Channi, replying to a query of AAP MLA from Budhlada Budh Ram who sought to know whether the building of government polytechnic college at Bareta in Mansa district had been completed, said, “During previous regime, the Centre had allotted Rs 86 crore for setting up polytechnic colleges in the state but the Punjab government did not put in its share”.

He alleged that the SAD-BJP regime played with “future of the students” of the state as only buildings were built but no staff was appointed.

Leader of Opposition H S Phoolka then sought to know whether the government had fixed responsibility on any officer or former minister in this regard.

To which Channi replied, “If he starts suspending officials then the entire Punjab State Board of Technical Education and Industrial Training board will become staff- less.”

The minister assured the House that anybody found guilty would not be spared.

Meanwhile, the CM announced that Sultanpur Lodhi city in Kapurthala district would get a complete facelift ahead of the 550th Parkash Utsav of Guru Nanak Devi to be held in 2019.

Congress MLA Navtej Singh Cheema had demanded that a new and spacious guest house should be constructed at Sultanpur Lodhi as the present PWD building was in deplorable condition.

In response to another question, the CM said the finance ministry will soon release a “white paper” which will highlight financial crisis gripping the state as a result of the mismanagement of the previous SAD-BJP regime.

In reply to demands by several MLAs about deploying more employees in government hospitals to cope with shortage of staff, Amarinder said it was not only the health sector that had been affected by the paucity of funds but other departments were also face the same problem. PTI CHS SMJ