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Our Market Bureau
Mumbai, Jan 1: Mutual funds have recorded a 50 per cent growth in sales in the second quarter of the year July-September, 1998 with mobilisations aggregating to Rs 6,093 crore. The total sales during the previous quarter April-June was at Rs 4,075 crore.
Out of the total sales of Rs 6,093 crore, the Unit Trust of India (UTI) accounted for the bulk of collections at Rs 4310 crore or 70 per cent of the total mobilisation, the private sector mobilised Rs 1,631 crore and the public sector Rs 152 crore.
According to a newsletter released by the Association of Mutual Funds in India (Amfi), existing schemes accounted for Rs 4,602 crore and six new schemes for Rs 1,491 crore. Redemptions, however, were up by 86 per cent to Rs 5,124 crore. During the quarter, of the amount mobilised by UTI of Rs 4,310 crore, Rs 2,949 crore came from existing schemes and Rs 1,361 crores from two new schemes, while its redemptions totalled at Rs 3,220 crore.Six new schemes, two open-ended growth schemes, two close-ended incomeschemes and two assured return income schemes were launched by mutual funds. Of these, three schemes were launched by private sector mutual funds, two by Unit Trust of India (UTI) and one scheme by public sector mutual fund.The two assured return income schemes collected a huge Rs 1,361 crore, with Rs 114 crore flowing into the two close-ended income schemes and Rs 16 crore into the two open-ended schemes growth schemes.
The total assets under management of 31 mutual funds as on September 30, 1998 amount to Rs 67,862 crore. The mutual fund industry in the said quarter had 75 open-ended schemes with total sales of Rs 4,618 crore, a total of 133 close-ended schemes with sales of Rs 114 crore and 50 assured return schemes with total sales of Rs 1,361 crore.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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