At the SEBI Board meeting on December 4, the borrowing limit for mutual funds to be raised from the current 20 per cent to 40 per cent of their net assets was discussed. The net assets would be considered for period of six months ranging from the date of letter issued to the concerned mutual fund. The market regulator said that this is for the purpose of mutual funds meeting their redemptions listed under the agenda for the board meeting. The Urban investors account 71 per cent of the 4.44 crore investors of mutual funds industry.
As such their net assets add up to 86 per cent of the total assets. The discrepancy exists as the IIEF survey was conducted on a certain sample and the figures quoted were projected figures based on the sample results, said SEBI. Also, the sample consisted of people within the age group of 18 to 59. SEBI, on the other hand, had collected data of unit holders directly from the mutual fund houses.
As such their net assets add up to 86 per cent of the total assets. The discrepancy exists as the IIEF survey was conducted on a certain sample and the figures quoted were projected figures based on the sample results, said SEBI. Also, the sample consisted of people within the age group of 18 to 59. SEBI, on the other hand, had collected data of unit holders directly from the mutual fund houses.
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