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2) What is the history of Mutual Funds in India
and role of SEBI in mutual funds industry?
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Unit Trust of India was the first mutual fund set up in India
in the year 1963. In early 1990s, Government allowed public sector banks and institutions
to set up mutual funds.
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In the year 1992, Securities and exchange Board of India (SEBI)
Act was passed. The objectives of SEBI are – to protect the interest of investors
in securities and to promote the development of and to regulate the securities market.
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As far as mutual funds are concerned, SEBI formulates policies
and regulates the mutual funds to protect the interest of the investors. SEBI notified
regulations for the mutual funds in 1993. Thereafter, mutual funds sponsored by
private sector entities were allowed to enter the capital market. The regulations
were fully revised in 1996 and have been amended thereafter from time to time. SEBI
has also issued guidelines to the mutual funds from time to time to protect the
interests of investors.
All mutual funds whether promoted by public sector or private
sector entities including those promoted by foreign entities are governed by the
same set of Regulations. There is no distinction in regulatory requirements for
these mutual funds and all are subject to monitoring and inspections by SEBI. The
risks associated with the schemes launched by the mutual funds sponsored by these
entities are of similar type.
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3) How is a mutual fund set up?
A mutual fund is set up in the form of a trust, which has sponsor,
trustees, asset Management Company (AMC) and custodian. The trust is established
by a sponsor or more than one sponsor who is like promoter of a company. The trustees
of the mutual fund hold its property for the benefit of the unit holders. Asset
Management Company (AMC) approved by SEBI manages the funds by making investments
in various types of securities. Custodian, who is registered with SEBI, holds the
securities of various schemes of the fund in its custody. The trustees are vested
with the general power of superintendence and direction over AMC. They monitor the
performance and compliance of SEBI Regulations by the mutual fund.
SEBI Regulations require that at least two thirds of the directors
of trustee company or board of trustees must be independent i.e. they should not
be associated with the sponsors. Also, 50% of the directors of AMC must be independent.
All mutual funds are required to be registered with SEBI before they launch any
scheme.
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4) What is Net Asset Value (NAV) of a scheme?
The performance of a particular scheme of a mutual fund is
denoted by Net Asset Value (NAV).
Mutual funds invest the money collected from the investors
in securities markets. In simple words, Net Asset Value is the market value of the
securities held by the scheme. Since market value of securities changes every day,
NAV of a scheme also varies on day to day basis. The NAV per unit is the market
value of securities of a scheme divided by the total number of units of the scheme
on any particular date. For example, if the market value of securities of a mutual
fund scheme is Rs 200 lakhs and the mutual fund has issued 10 lakhs units of Rs.
10 each to the investors, then the NAV per unit of the fund is Rs.20. NAV is required
to be disclosed by the mutual funds on a regular basis - daily or weekly - depending
on the type of scheme.
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5) What are the different types of mutual
fund schemes?
Schemes according to Maturity Period:
A mutual fund scheme can be classified into open-ended scheme
or close-ended scheme depending on its maturity period.
Open-ended Fund/ Scheme
An open-ended fund or scheme is one that is available for subscription
and repurchase on a continuous basis. These schemes do not have a fixed maturity
period. Investors can conveniently buy and sell units at Net Asset Value (NAV) related
prices which are declared on a daily basis. The key feature of open-end schemes
is liquidity.
Close-ended Fund/ Scheme
A close-ended fund or scheme has a stipulated maturity period
e.g. 5-7 years. The fund is open for subscription only during a specified period
at the time of launch of the scheme. Investors can invest in the scheme at the time
of the initial public issue and thereafter they can buy or sell the units of the
scheme on the stock exchanges where the units are listed. In order to provide an
exit route to the investors, some close-ended funds give an option of selling back
the units to the mutual fund through periodic repurchase at NAV related prices.
SEBI Regulations stipulate that at least one of the two exit routes is provided
to the investor i.e. either repurchase facility or through listing on stock exchanges.
These mutual funds schemes disclose NAV generally on weekly basis.
Close-ended Fund/ Scheme
A close-ended fund or scheme has a stipulated maturity period
e.g. 5-7 years. The fund is open for subscription only during a specified period
at the time of launch of the scheme. Investors can invest in the scheme at the time
of the initial public issue and thereafter they can buy or sell the units of the
scheme on the stock exchanges where the units are listed. In order to provide an
exit route to the investors, some close-ended funds give an option of selling back
the units to the mutual fund through periodic repurchase at NAV related prices.
SEBI Regulations stipulate that at least one of the two exit routes is provided
to the investor i.e. either repurchase facility or through listing on stock exchanges.
These mutual funds schemes disclose NAV generally on weekly basis.
Schemes according to Investment Objective:
A scheme can also be classified as growth scheme, income scheme,
or balanced scheme considering its investment objective. Such schemes may be open-ended
or close-ended schemes as described earlier. Such schemes may be classified mainly
as follows:
Growth / Equity Oriented Scheme
The aim of growth funds is to provide capital appreciation
over the medium to long- term. Such schemes normally invest a major part of their
corpus in equities. Such funds have comparatively high risks. These schemes provide
different options to the investors like dividend option, capital appreciation, etc.
and the investors may choose an option depending on their preferences. The investors
must indicate the option in the application form. The mutual funds also allow the
investors to change the options at a later date. Growth schemes are good for investors
having a long-term outlook seeking appreciation over a period of time.
Income / Debt Oriented Scheme
The aim of income funds is to provide regular and steady income
to investors. Such schemes generally invest in fixed income securities such as bonds,
corporate debentures, Government securities and money market instruments. Such funds
are less risky compared to equity schemes. These funds are not affected because
of fluctuations in equity markets. However, opportunities of capital appreciation
are also limited in such funds. The NAVs of such funds are affected because of change
in interest rates in the country. If the interest rates fall, NAVs of such funds
are likely to increase in the short run and vice versa. However, long term investors
may not bother about these fluctuations.
Balanced Fund
The aim of balanced funds is to provide both growth and regular
income as such schemes invest both in equities and fixed income securities in the
proportion indicated in their offer documents. These are appropriate for investors
looking for moderate growth. They generally invest 40-60% in equity and debt instruments.
These funds are also affected because of fluctuations in share prices in the stock
markets. However, NAVs of such funds are likely to be less volatile compared to
pure equity funds.
Money Market or Liquid Fund
These funds are also income funds and their aim is to provide
easy liquidity, preservation of capital and moderate income. These schemes invest
exclusively in safer short-term instruments such as treasury bills, certificates
of deposit, commercial paper and inter-bank call money, government securities, etc.
Returns on these schemes fluctuate much less compared to other funds. These funds
are appropriate for corporate and individual investors as a means to park their
surplus funds for short periods.
Gilt Fund
These funds invest exclusively in government securities. Government
securities have no default risk. NAVs of these schemes also fluctuate due to change
in interest rates and other economic factors as is the case with income or debt
oriented schemes.
Index Funds
Index Funds replicate the portfolio of a particular index such
as the BSE Sensitive index, S&P NSE 50 index (Nifty), etc These schemes invest in
the securities in the same weightage comprising of an index. NAVs of such schemes
would rise or fall in accordance with the rise or fall in the index, though not
exactly by the same percentage due to some factors known as "tracking error" in
technical terms. Necessary disclosures in this regard are made in the offer document
of the mutual fund scheme.
There are also exchange traded index funds launched by the
mutual funds which are traded on the stock exchanges.
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6) What are sector specific funds/schemes?
These are the funds/schemes which invest in the securities
of only those sectors or industries as specified in the offer documents. e.g. Pharmaceuticals,
Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns
in these funds are dependent on the performance of the respective sectors/industries.
While these funds may give higher returns, they are more risky compared to diversified
funds. Investors need to keep a watch on the performance of those sectors/industries
and must exit at an appropriate time. They may also seek advice of an expert.
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7) What are Tax Saving Schemes?
These schemes offer tax rebates to the investors under specific
provisions of the Income Tax Act, 1961 as the Government offers tax incentives for
investment in specified avenues. e.g. Equity Linked Savings Schemes (ELSS). Pension
schemes launched by the mutual funds also offer tax benefits. These schemes are
growth oriented and invest pre-dominantly in equities. Their growth opportunities
and risks associated are like any equity-oriented scheme.
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8) What is a Fund of Funds (FoF) scheme?
A scheme that invests primarily in other schemes of the same
mutual fund or other mutual funds is known as a FoF scheme. An FoF scheme enables
the investors to achieve greater diversification through one scheme. It spreads
risks across a greater universe.
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9) What is a Load or no-load Fund?
A Load Fund is one that charges a percentage of NAV for entry
or exit. That is, each time one buys or sells units in the fund, a charge will be
payable. This charge is used by the mutual fund for marketing and distribution expenses.
Suppose the NAV per unit is Rs.10. If the entry as well as exit load charged is
1%, then the investors who buy would be required to pay Rs.10.10 and those who offer
their units for repurchase to the mutual fund will get only Rs.9.90 per unit. The
investors should take the loads into consideration while making investment as these
affect their yields/returns. However, the investors should also consider the performance
track record and service standards of the mutual fund which are more important.
Efficient funds may give higher returns in spite of loads.
A no-load fund is one that does not charge for entry or exit.
It means the investors can enter the fund/scheme at NAV and no additional charges
are payable on purchase or sale of units.
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10) Can a mutual fund impose fresh load or increase
the load beyond the level mentioned in the offer documents?
Mutual funds cannot increase the load beyond the level mentioned
in the offer document. Any change in the load will be applicable only to prospective
investments and not to the original investments. In case of imposition of fresh
loads or increase in existing loads, the mutual funds are required to amend their
offer documents so that the new investors are aware of loads at the time of investments.
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11) What is a sales or repurchase/redemption
price?
The price or NAV a unit holder is charged while investing in
an open-ended scheme is called sales price. It may include sales load, if applicable.
Repurchase or redemption price is the price or NAV at which
an open-ended scheme purchases or redeems its units from the unit holders. It may
include exit load, if applicable.
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12) What is an assured return scheme?
Assured return schemes are those schemes that assure a specific
return to the unit holders irrespective of performance of the scheme.
A scheme cannot promise returns unless such returns are fully
guaranteed by the sponsor or AMC and this is required to be disclosed in the offer
document.
Investors should carefully read the offer document whether
return is assured for the entire period of the scheme or only for a certain period.
Some schemes assure returns one year at a time and they review and change it at
the beginning of the next year.
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13) Can a mutual fund change the asset allocation
while deploying funds of investors?
Considering the market trends, any prudent fund managers can
change the asset allocation i.e. he can invest higher or lower percentage of the
fund in equity or debt instruments compared to what is disclosed in the offer document.
It can be done on a short term basis on defensive considerations i.e. to protect
the NAV. Hence the fund managers are allowed certain flexibility in altering the
asset allocation considering the interest of the investors. In case the mutual fund
wants to change the asset allocation on a permanent basis, they are required to
inform the unit holders and giving them option to exit the scheme at prevailing
NAV without any load.
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14) How to invest in a scheme of a mutual fund?
Mutual funds normally come out with an advertisement in newspapers
publishing the date of launch of the new schemes. Investors can also contact the
agents and distributors of mutual funds who are spread all over the country for
necessary information and application forms. Forms can be deposited with mutual
funds through the agents and distributors who provide such services. Now a days,
the post offices and banks also distribute the units of mutual funds. However, the
investors may please note that the mutual funds schemes being marketed by banks
and post offices should not be taken as their own schemes and no assurance of returns
is given by them. The only role of banks and post offices is to help in distribution
of mutual funds schemes to the investors.
Investors should not be carried away by commission/gifts given
by agents/distributors for investing in a particular scheme. On the other hand they
must consider the track record of the mutual fund and should take objective decisions.
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15) Can non-resident Indians (NRIs) invest in
mutual funds?
Yes, non-resident Indians can also invest in mutual funds.
Necessary details in this respect are given in the offer documents of the schemes.
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16) How much should one invest in debt or equity
oriented schemes?
An investor should take into account his risk taking capacity,
age factor, financial position, etc. As already mentioned, the schemes invest in
different type of securities as disclosed in the offer documents and offer different
returns and risks. Investors may also consult financial experts before taking decisions.
Agents and distributors may also help in this regard.
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17) How to fill up the application form of a
mutual fund scheme?
An investor must mention clearly his name, address, number
of units applied for and such other information as required in the application form.
He must give his bank account number so as to avoid any fraudulent encashment of
any cheque/draft issued by the mutual fund at a later date for the purpose of dividend
or repurchase. Any changes in the address, bank account number, etc at a later date
should be informed to the mutual fund immediately.
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18) What should an investor look into an offer
document?
An abridged offer document, which contains very useful information,
is required to be given to the prospective investor by the mutual fund. The application
form for subscription to a scheme is an integral part of the offer document. SEBI
has prescribed minimum disclosures in the offer document. An investor, before investing
in a scheme, should carefully read the offer document. Due care must be given to
portions relating to main features of the scheme, risk factors, initial issue expenses
and recurring expenses to be charged to the scheme, entry or exit loads, sponsor’s
track record, educational qualification and work experience of key personnel including
fund managers, performance of other schemes launched by the mutual fund in the past,
pending litigations and penalties imposed, etc.
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19) When will the investor get certificate
or statement of account after investing in a mutual fund?
Mutual funds are required to dispatch certificates or statements
of accounts within six weeks from the date of closure of the initial subscription
of the scheme. In case of close-ended schemes, the investors would get either a
demat account statement or unit certificates as these are traded in the stock exchanges.
In case of open-ended schemes, a statement of account is issued by the mutual fund
within 30 days from the date of closure of initial public offer of the scheme. The
procedure of repurchase is mentioned in the offer document.
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20) How long will it take for transfer
of units after purchase from stock markets in case of close-ended schemes?
The performance of a particular scheme of a mutual fund is
denoted by Net Asset Value (NAV).
According to SEBI Regulations, transfer of units is required
to be done within thirty days from the date of lodgment of certificates with the
mutual fund.
There are also exchange traded index funds launched by the
mutual funds which are traded on the stock exchanges.
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21) As a unit holder, how much time will it
take to receive dividends/repurchase proceeds?
A mutual fund is required to dispatch to the unit holders the
dividend warrants within 30 days of the declaration of the dividend and the redemption
or repurchase proceeds within 10 working days from the date of redemption or repurchase
request made by the unit holder.
In case of failures to dispatch the redemption/repurchase proceeds
within the stipulated time period, Asset Management Company is liable to pay interest
as specified by SEBI from time to time (15% at present).
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22) Can a mutual fund change the nature of the
scheme from the one specified in the offer document?
Yes. However, no change in the nature or terms of the scheme,
known as fundamental attributes of the scheme e.g. structure, investment pattern,
etc. can be carried out unless a written communication is sent to each unit holder
and an advertisement is given in one English daily having nationwide circulation
and in a newspaper published in the language of the region where the head office
of the mutual fund is situated. The unit holders have the right to exit the scheme
at the prevailing NAV without any exit load if they do not want to continue with
the scheme. The mutual funds are also required to follow similar procedure while
converting the scheme form close-ended to open-ended scheme and in case of change
in sponsor.
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23) How will an investor come to know about
the changes, if any, which may occur in the mutual fund?
There may be changes from time to time in a mutual fund. The
mutual funds are required to inform any material changes to their unit holders.
Apart from it, many mutual funds send quarterly newsletters to their investors.
At present, offer documents are required to be revised and
updated at least once in two years. In the meantime, new investors are informed
about the material changes by way of addendum to the offer document till the time
offer document is revised and reprinted.
There are also exchange traded index funds launched by the
mutual funds which are traded on the stock exchanges.
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24) How to know the performance of a mutual
fund scheme?
The performance of a scheme is reflected in its net asset value
(NAV) which is disclosed on daily basis in case of open-ended schemes and on weekly
basis in case of close-ended schemes. The NAVs of mutual funds are required to be
published in newspapers. The NAVs are also available on the web sites of mutual
funds. All mutual funds are also required to put their NAVs on the web site of Association
of Mutual Funds in India (AMFI) www.amfiindia.com and thus the investors can access
NAVs of all mutual funds at one place
The mutual funds are also required to publish their performance
in the form of half-yearly results which also include their returns/yields over
a period of time i.e. last six months, 1 year, 3 years, 5 years and since inception
of schemes. Investors can also look into other details like percentage of expenses
of total assets as these have an affect on the yield and other useful information
in the same half-yearly format.
The mutual funds are also required to send annual report or
abridged annual report to the unit holders at the end of the year.
Various studies on mutual fund schemes including yields of
different schemes are being published by the financial newspapers on a weekly basis.
Apart from these, many research agencies also publish research reports on performance
of mutual funds including the ranking of various schemes in terms of their performance.
Investors should study these reports and keep themselves informed about the performance
of various schemes of different mutual funds.
Investors can compare the performance of their schemes with
those of other mutual funds under the same category. They can also compare the performance
of equity oriented schemes with the benchmarks like BSE Sensitive Index, S&P CNX
Nifty, etc.
On the basis of performance of the mutual funds, the investors
should decide when to enter or exit from a mutual fund scheme.
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25) How to know where the mutual fund scheme
has invested money mobilised from the investors?
The mutual funds are required to disclose full portfolios of
all of their schemes on half-yearly basis which are published in the newspapers.
Some mutual funds send the portfolios to their unit holders.
The scheme portfolio shows investment made in each security
i.e. equity, debentures, money market instruments, government securities, etc. and
their quantity, market value and % to NAV. These portfolio statements also required
to disclose illiquid securities in the portfolio, investment made in rated and unrated
debt securities, non-performing assets (NPAs), etc.
Some of the mutual funds send newsletters to the unit holders
on quarterly basis which also contain portfolios of the schemes.
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26) Is there any difference between investing
in a mutual fund and in an initial public offering (IPO) of a company?
Yes, there is a difference. IPOs of companies may open at lower
or higher price than the issue price depending on market sentiment and perception
of investors. However, in the case of mutual funds, the par value of the units may
not rise or fall immediately after allotment. A mutual fund scheme takes some time
to make investment in securities. NAV of the scheme depends on the value of securities
in which the funds have been deployed.
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27) If schemes in the same category of different
mutual funds are available, should one choose a scheme with lower NAV?
Some of the investors have the tendency to prefer a scheme
that is available at lower NAV compared to the one available at higher NAV. Sometimes,
they prefer a new scheme which is issuing units at Rs. 10 whereas the existing schemes
in the same category are available at much higher NAVs. Investors may please note
that in case of mutual funds schemes, lower or higher NAVs of similar type schemes
of different mutual funds have no relevance. On the other hand, investors should
choose a scheme based on its merit considering performance track record of the mutual
fund, service standards, professional management, etc. This is explained in an example
given below.
Suppose scheme A is available at a NAV of Rs.15 and another
scheme B at Rs.90. Both schemes are diversified equity oriented schemes. Investor
has put Rs. 9,000 in each of the two schemes. He would get 600 units (9000/15) in
scheme A and 100 units (9000/90) in scheme B. Assuming that the markets go up by
10 per cent and both the schemes perform equally good and it is reflected in their
NAVs. NAV of scheme A would go up to Rs. 16.50 and that of scheme B to Rs. 99. Thus,
the market value of investments would be Rs. 9,900 (600* 16.50) in scheme A and
it would be the same amount of Rs. 9900 in scheme B (100*99). The investor would
get the same return of 10% on his investment in each of the schemes. Thus, lower
or higher NAV of the schemes and allotment of higher or lower number of units within
the amount an investor is willing to invest, should not be the factors for making
investment decision. Likewise, if a new equity oriented scheme is being offered
at Rs.10 and an existing scheme is available for Rs. 90, should not be a factor
for decision making by the investor. Similar is the case with income or debt-oriented
schemes.
On the other hand, it is likely that the better managed scheme
with higher NAV may give higher returns compared to a scheme which is available
at lower NAV but is not managed efficiently. Similar is the case of fall in NAVs.
Efficiently managed scheme at higher NAV may not fall as much as inefficiently managed
scheme with lower NAV. Therefore, the investor should give more weightage to the
professional management of a scheme instead of lower NAV of any scheme. He may get
much higher number of units at lower NAV, but the scheme may not give higher returns
if it is not managed efficiently.
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28) How to choose a scheme for investment from
a number of schemes available?
As already mentioned, the investors must read the offer document
of the mutual fund scheme very carefully. They may also look into the past track
record of performance of the scheme or other schemes of the same mutual fund. They
may also compare the performance with other schemes having similar investment objectives.
Though past performance of a scheme is not an indicator of its future performance
and good performance in the past may or may not be sustained in the future, this
is one of the important factors for making investment decision. In case of debt
oriented schemes, apart from looking into past returns, the investors should also
see the quality of debt instruments which is reflected in their rating. A scheme
with lower rate of return but having investments in better rated instruments may
be safer. Similarly, in equities schemes also, investors may look for quality of
portfolio. They may also seek advice of experts.
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29) Are the companies having names like mutual
benefit the same as mutual funds schemes?
Investors should not assume some companies having the name
"mutual benefit" as mutual funds. These companies do not come under the purview
of SEBI. On the other hand, mutual funds can mobilise funds from the investors by
launching schemes only after getting registered with SEBI as mutual funds.
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30) Is the higher net worth of the sponsor a
guarantee for better returns?
In the offer document of any mutual fund scheme, financial
performance including the net worth of the sponsor for a period of three years is
required to be given. The only purpose is that the investors should know the track
record of the company which has sponsored the mutual fund. However, higher net worth
of the sponsor does not mean that the scheme would give better returns or the sponsor
would compensate in case the NAV falls.
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31) Where can an investor look out for information
on mutual funds?
Almost all the mutual funds have their own web sites. Investors
can also access the NAVs, half-yearly results and portfolios of all mutual funds
at the web site of Association of mutual funds in India (AMFI) www.amfiindia.com.
AMFI has also published useful literature for the investors.
Investors can log on to the web site of SEBI www.sebi.gov.in
and go to "Mutual Funds" section for information on SEBI regulations and guidelines,
data on mutual funds, draft offer documents filed by mutual funds, addresses of
mutual funds, etc. Also, in the annual reports of SEBI available on the web site,
a lot of information on mutual funds is given.
There are a number of other web sites which give a lot of information
of various schemes of mutual funds including yields over a period of time. Many
newspapers also publish useful information on mutual funds on daily and weekly basis.
Investors may approach their agents and distributors to guide them in this regard.
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32) Can an investor appoint a nominee for his
investment in units of a mutual fund?
Yes. The nomination can be made by individuals applying for
/ holding units on their own behalf singly or jointly. Non-individuals including
society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family,
holder of Power of Attorney cannot nominate.
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33) If mutual fund scheme is wound up, what
happens to money invested?
In case of winding up of a scheme, the mutual funds pay a sum
based on prevailing NAV after adjustment of expenses. Unit holders are entitled
to receive a report on winding up from the mutual funds which gives all necessary
details.
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34) How can the investors redress their complaints?
Investors would find the name of contact person in the offer
document of the mutual fund scheme whom they may approach in case of any query,
complaints or grievances. Trustees of a mutual fund monitor the activities of the
mutual fund. The names of the directors of asset Management Company and trustees
are also given in the offer documents. Investors should approach the concerned Mutual
Fund / Investor Service Center of the Mutual Fund with their complaints, If the
complaints remain unresolved, the investors may approach SEBI for facilitating redressal
of their complaints. On receipt of complaints, SEBI takes up the matter with the
concerned mutual fund and follows up with it regularly. Investors may send their
complaints to:
Securities and Exchange Board of India Office of Investor Assistance
and Education (OIAE)
Exchange Plaza, “G” Block, 4th Floor,
Bandra-Kurla Complex,
Bandra (E), Mumbai – 400 051.
Phone: 26598510-13
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35) What is the procedure for registering a
mutual fund with SEBI?
An applicant proposing to sponsor a mutual fund in India must
submit an application in Form A along with a fee of Rs.25,000. The application is
examined and once the sponsor satisfies certain conditions such as being in the
financial services business and possessing positive net worth for the last five
years, having net profit in three out of the last five years and possessing the
general reputation of fairness and integrity in all business transactions, it is
required to complete the remaining formalities for setting up a mutual fund. These
include inter alia, executing the trust deed and investment management agreement,
setting up a trustee company/board of trustees comprising two- thirds independent
trustees, incorporating the asset management company (AMC), contributing to at least
40% of the net worth of the AMC and appointing a custodian. Upon satisfying these
conditions, the registration certificate is issued subject to the payment of registration
fees of Rs.25.00 lacs For details, see the SEBI (Mutual Funds) Regulations, 1996.
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