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Mutual Fund Market Insight

Source: CSO, CCIL, SBI

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  • 24 Jun, 2016

    Lower expense ratios of MFs good for investors

    With the Securities and Exchange Board of India (Sebi) constantly asking fund houses to lower mutual fund expens­es, investors have been able to bring down the cost of invest­ing substantially. Reports suggest Sebi is likely to launch another drive to bring down the maximum expense ratio that equity mutu­al funds can charge from 2.5 per cent to two per cent, and thereafter in phases to 1.5 per cent.

  • Active funds give higher returns than index funds

    Most investors prefer active funds as fund managers can customise the investment mix depending on the investors' goal and risk appetite

  • India Inc's foreign borrowings fall 45%

    India Inc raised $1.32 bil­lion from overseas markets in May, down 45 per cent from the same month a year ago, RBI data showed on Thursday. Indian companies had raised $2.39 billion from foreign mar­kets in May 2015

  • Monetary Policy Committee to be in place by Sept

    The Centre is working on set­ting up a Monetary Policy Com­mittee and hopes to have it in place within the next few months. "This is a work in progress... Our effort is to have the Com­mittee in place by September," Economic Affairs Secretary Shaktikanta Das said.

  • RBI's Vision 2018 zeroes in on electronic payments

    The Reserve Bank of India (RBI) will review rules gov­erning various payment and set­tlement agents, build a robust payment infrastructure and strengthen existing payment sys­tems, the central bank detailed in its vision document for pay­ment and settlement systems released on Thursday.

  • RBI cash infusions drive rate swaps to lowest since April

    INDIA'S one-year inter­est-rate swaps slipped to the lowest level since ear­ly April on optimism cash supply in the financial sys­tem is improving. A benchmark overnight inter bank rate has averaged 6.46% so far this month, 11 basis points lower than for all of May data compiled by Bloomberg show. DSP BlackRock Investment Man­agers predicts the Reserve Bank of India will infuse as much as Rs 1.5 trillion ($22.3 billion) through its open-market bond purchases in the year ending March 2017. The RBI has already bought bonds worth Rs800.1 billion since April 1, including a purchase of Rs 100 billion on Monday.

  • 23 Jun, 2016

    Late monsoon, rising prices may further delay rate cut by RBI

    The likely build-up of a sce­nario of delayed monsoon and hardening of prices might lead to a longer than expected pause in rate cuts by the Reserve Bank of India (RBI) A report by Dun & Bradstreet, D&B Economy Observer, said that it is not only the rate cut but the transmission of the same that will be in focus in the near term as indicated by the RBI.

  • RBI's cash bonanza prompts manager's switch to shorter Re debt

    FUND managers are switching to shorter Indi­an bonds, as the Reserve Bank of India's cash injec­tions drive money-market rates lower. DSP BlackRock Invest­ment Managers is favouring notes in the five- to 10-year segment, predicting that the central bank will infuse as much as Rs 1.5 lakh crore ($22.2 billion) through open-market debt purchas­es in the year ending March 2017

  • NPS an option for conservative NRIs

    The Pension Fund Regulatory and Development Authority (PFRDA), which regulates the National Pension System (NPS), has extended the eNPS facility to non-resident Indians (NRIs). So far, NRIs could enrol for NPS by visiting a bank branch, but now they can do so online from the country of their residence, provided they have an Aadhaar or PAN card. Before an NRI decides to invest in the scheme, she should weigh the pros and cons.

  • No change in interest rates on small savings schemes for July-October quarter

    Government has kept inter­est rates unchanged for various small savings schemes for the July-October quar­ter of 2016-17 fiscal. The Finance Ministry in a statement on Monday said that interest rate on one-year deposits for July-October quarter of this fiscal has been kept unchanged at 7.1 percent.

  • How rural and urban inflation compare in India

    For the most part of the last five years, consumer price inflation in rural areas has outpaced consumer price infla­tion in urban areas,

  • RBI promises liquidity support over Brexit

    AS stocks, bonds and the rupee turned volatile ahead of the 'Brexit' referendum on Thursday, the RBI on Wednesday promised liquidity support and all necessary steps to ensure orderly conditions in financial markets while Sebi and stock exchanges also beefed up their risk management systems,

  • Govt may lower capital limit norm for foreign funds

    THE government may soon relax capitalisation norms under FDI regulations to enable foreign funds to set up offices in India. As per present rules, a foreign en­tity requires $50 million capital to operate as a port­folio manager in India un­der the foreign direct in­vestment (FDI) regula­tions. Foreign funds, which are keen on relocating to In­dia to operate their fund management business, find this minimum capital re­quirement steep and have been asking the govern­ment to lower the limit'.

  • Govt Backtracks on Small-savings Rate Reforms

    If the govt doesn't stick to the formula set by itself and does things arbitrarily, small savings rate hike also may not happen when interest rates go up

  • Blame NPAs, not High Rates, for Slow Credit Growth: Rajan

    Reserve Bank of India governor Raghuram Rajan defend­ed his stance on interest rates and the decision to make banks recog­nise bad assets, saying that slow credit delivery has largely been on account of the stress in public sec­tor lenders and not due to high in­terest rates or the lack of capital.

  • 21 Jun, 2016

    Rajan exit has no impact on ratings: Fitch

    Fitch Ratings said India's sovereign rat­ings will not be affected solely by the unexpected departure of Reserve Bank of India governor Raghu-ram Raj an at the end of his term in September, adding the country's policies would be the main driver.

  • Centre allows premature closure of PPF account

    In a significant move, the Finance Ministry has allowed subscribers of the Public Provident Fund (PPF) to prematurely close their ac­counts after a minimum of five years for reasons such as higher education or expenditure to­wards medical treatment.

  • Gold returns to haunt equity managers

    Gold exchange-traded funds (ETFs) have emerged one of the best money-making instru­ments for mutual fund (MF) investors in the past year. On average, the return has been a little over 11 per cent.

  • Sebi's Proposal on REITs may Boost Returns of Retail Investors

    Sebi's proposed relaxation in investment norms for Real Estate Investment Trusts is likely to boost retail investors' returns even as it in­creases their risktoo, experts said.

  • GST blueprint fuels speculation over additional tax on securities

    The model goods & servi­ces tax (GST) draft released by the Union government has raised questions on whether capital market trans­actions would be subject to an additional tax. The confusion has arisen from the definition of "goods" which as per the draft law includes "securities"

  • Welcome Opening to Foreign Investment

    Sentiment hurt by Rajan's exit should perk up

  • 20 Jun, 2016

    CPI inflation on track to meet RBI's target for March 2017

    Consumer Price Index (CPI) inflation rose fur­ther to 5.8% year-on-year (y-o-y) in May from an upwardly revised 5.5% in April. A recent Nomura report, India: CPI infla­tion rises on higher food prices, estimates that 10% trimmed means that CPI inflation rose to 5.1% y-o-y in May (4.9% in April). On a seasonally adjusted basis, CPI inflation rose 0.7% month-on-month, despite a 0.9% rise in April, indicating a strong build-up in underlying momentum.

  • Steps to boost private investments are showing results

    Besides the government staff eco­nomic analysts are keenly await­ing when and how the Centre will implement 7th Pay Commission award, which has implications for government finances (with esti­mated outgo of Rs'74,000 crore in FY17) as well as on inflation. Also, with private investments yet to show decisive signs of picking up, the government has the difficult task of' keeping the tempo inpublic spending, especially capital in­vestments, at a time it is losing the benefits of low crude oil prices. Fi­nance secretary Ashok Lavasa speaks on these issues in an inter­view fo Prasanta Sahu. Excerpts:

  • Choosing a nominee for your assets

    Every time we invest in a finan­cial asset, we spend considerable time evaluating every risk and return associated with it. But, there's one more thing we must do every time we make an invest­ment — choose a nominee.

  • Dos and Don'ts of MF investing

    Do's • Select the right scheme • Be clear about growth or dividend Don'ts • Avoid being too greedy about returns • Avoid looking at port­folio performance too frequently

  • 'Globally, mutual fund costs are heading lower'

    The financial distribution industry is in churn with tighter regulations and the advent of robo advisors. In an email interview, Sanjay Sachdev, the Global Chairperson of the Financial Planning Standards Board (also Chairman of Zyfin Holdings), shares his views on the outlook for financial planners in India.

  • India's share down in foreign flows into EMs

    Between 2012 and 2014, the Indian equity market cornered a large por­tion of the foreign flows that went into emerging markets (EMs). So, too, for the large part of 2015. However, in the first half of this calen­dar year, several smaller markets, includ­ing Brazil and Mexico, have attracted more from abroad than we did

  • Amfi tells MFs to disclose distributor commission

    TO ENFORCE Sebi's di­rective, industry body Amfi has asked all mutual fund houses to disclose the com­mission paid to individual distributors in the last fi­nancial year. Also, the association of mutual funds in India (Am­fl) has listed 497 distributors that qualify for disclosure of commission criteria laid by Sebi.

  • MF Is A Bridge To Asset Classes

    Very often financial planners meet someone who intending to invest in stocks, bonds, real estate, mutual funds, gold etc. Such a statement clearly reflects that a large number of investors think that like stocks, bonds, gold and real estate, mutual funds are also an asset class which should be there in their portfolio.

  • Reality check on GDP

    With no clear direction from profits, one doesn't know where the value addition is coming from

Industry Data (As on 31st May 2016) in Crores
Industry AUM 1,381,625
Industry Equity AUM 486,319
Industry Equity Gross Sales (for the month) 17,214
Industry Equity Net Sales (for the month) 6,327
Industry Fixed Income AUM 895,307
Industry Fixed Income Gross Sales (for the month) 1,436,613
Industry Fixed Income Net sales (for the month) -64,512
Source: AMFI

Poornapushkala Quiz Winner - May

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Term of the Month

Inflation Targeting: Implications for Growth and Stability

The Indian economy adopted an inflation targeting framework in 2015. This requires RBI to publicly announce a medium term inflation target and to achieve it within specified time lines. The initial target of bringing CPI inflation to 6% by January 2016 has already been achieved; now the task is to maintain inflation at 4% (plus or minus 2%) from 2016-17 onwards.


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