Invest In India » Mutual Fund Industry http://investmoneyinindia.com Indian Financial News Resource Wed, 23 May 2012 07:20:15 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 SEBI to save Indian corporate from slowdown http://investmoneyinindia.com/2588/sebi-to-save-indian-corporate-from-slowdown http://investmoneyinindia.com/2588/sebi-to-save-indian-corporate-from-slowdown#comments Sat, 18 Dec 2010 06:16:48 +0000 Tushar Mathur http://investmoneyinindia.com/?p=2588 ©2009 Copyright by Invest In India

]]> Slowdown or meltdown brings the progress of the country at the back stage.

Securities and Exchange Board of India (SEBI) is devising plans to put a check to such economic crises.

SEBI said it would try to find ways to impose restrictions on big companies from getting excessively leveraged.
While speaking at an ‘Emerging Market Finance Conference’ organised by the Indira Gandhi Institute of Development Research, SEBI Chairman, C B Bhave said, “Big entities create big mess. Regulators must explore ways to impose restrictions on big companies from getting excessively leveraged so that there is no systemic failure.”

“If any sector is over-leveraged for a long time, without doubt it will fail,” Bhave said.

He further opined that regulators need to check whether companies are excessively leveraged, he said, without elaborating.

Recently SEBI advised the asset management companies (AMCs) to stay away from exposure to real estate debt in certain schemes. The regulator had also directed AMCs to maintain a list of ‘negative sectors’ and give an undertaking that they would not invest in sectors appearing in that list.

Financial innovation must never lose sight of the real world, Bhave said.

“Lowering the cost of transaction is a very important issue for us. Financial innovation must focus on bringing down cost so that more and more people can participate in the equity market,” Bhave said

Sebi Chairman, Bhave, said that the mutual fund industry should focus on bringing down transaction cost to attract more investors to the equity market.

India’s saving rate is as high as 40 per cent but not enough savings go into risk capital, he said, adding that participation in risk capital should be increased.




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]]> http://investmoneyinindia.com/2588/sebi-to-save-indian-corporate-from-slowdown/feed 0 Mutual Fund Industry loses 1.7 million equity folios http://investmoneyinindia.com/2494/mutual-fund-industry-loses-1-7-million-equity-folios http://investmoneyinindia.com/2494/mutual-fund-industry-loses-1-7-million-equity-folios#comments Wed, 20 Oct 2010 05:39:29 +0000 Malvika http://investmoneyinindia.com/?p=2494 ©2009 Copyright by Invest In India

]]> Business Standard reports that in the first six month of the current financial year the mutual fund industry lose close to 1.7 million equity folios, or 4 percent retail equity investors.

The reason for this loss is that the equity markets are moving towards all time highs and the investors are cashing out.

The equity folios were 41.1 million at the beginning of the year. The number fell to 39.4 billion in September.

The number of folios, which includes debt, balanced and exchange-traded funds, declined by over a million during the first half from 48.1 million to 47.1 million, says  Association of Mutual Funds in India (Amfi),

Investors in the fund market are a mix of high net worth investors (HNIs) and retail investors. The retail investors, accounts to large portion.

“The market rally is the main reason for redemptions and closure of folios. The distributors’ apathy to selling MF products has also contributed,” says R S Srinivas Jain, chief marketing officer of SBI Mutual Fund.

Except HDFC Mutual Fund, other top mutual Fund providers like Reliance, ICICI prudential, Birla, UTI saw a decline in the number of folio.

Sunil Subramaniam, executive director (sales & marketing), Sundaram Mutual Fund, said “The loss is certainly a cause for concern. But it is healthy that investors are happy with their investments and are booking profits.”

An expert of mutual fund industry said, “Retail participation in equity schemes was not encouraging and with such a massive decline in the number of folios, it would not be easy for funds to attract retail investors, who are desperate to book profits.”




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]]> http://investmoneyinindia.com/2494/mutual-fund-industry-loses-1-7-million-equity-folios/feed 0 MFs dig infra for big bucks http://investmoneyinindia.com/2303/mfs-dig-infra-for-big-bucks http://investmoneyinindia.com/2303/mfs-dig-infra-for-big-bucks#comments Sat, 27 Feb 2010 10:11:00 +0000 Tushar Mathur The mutual fund industry didn’t get anything from the finance minister, but that has not stopped them from exploring how they could work out some of the other proposals in direct taxes to their advantage . Though a sizable part of the industry was expecting the FM to scrap the tax arbitrage opportunity available to corporates investing in short-term debt products, he did not oblige.

Some mutual fund players were trying to figure out whether they could corner the extra Rs 20,000 investment that qualifies for tax deduction announced in the Budget. In addition to Rs 1 lakh under section 80C, an investor can invest an extra Rs 20,000 in long-term infrastructure bonds to claim tax deduction, the FM said in his Budget speech.

“We are not sure whether we will be able to launch a product to invest in these bonds,’’ said the chief of a private sector mutual fund. “Since this is in addition to Rs 1 lakh, even our tax saving schemes won’t be able to attract this amount,’’ he added. “MFs are unlikely to get this pie.

Even in the past, the government had allowed ICICI and IDBI to issue taxfree bonds,’’ said another MF manager. “The government is most likely to come up with a list of institutions which can issue such bonds in the near future.’’

Financial advisers are unanimous that the bonds will be useful for investors looking for long-term taxfree returns. However, they await details — such as the lock-in period and interest rate — before recommending them to their clients. They believe that the bonds could lose their charm if they have a long lock-in . However, the tax-free status, backed with government guaranty, would still make them hugely popular among risk-averse investors.

©2009 Copyright by Invest In India

]]> The mutual fund industry didn’t get anything from the finance minister, but that has not stopped them from exploring how they could work out some of the other proposals in direct taxes to their advantage . Though a sizable part of the industry was expecting the FM to scrap the tax arbitrage opportunity available to corporates investing in short-term debt products, he did not oblige.

Some mutual fund players were trying to figure out whether they could corner the extra Rs 20,000 investment that qualifies for tax deduction announced in the Budget. In addition to Rs 1 lakh under section 80C, an investor can invest an extra Rs 20,000 in long-term infrastructure bonds to claim tax deduction, the FM said in his Budget speech.

“We are not sure whether we will be able to launch a product to invest in these bonds,’’ said the chief of a private sector mutual fund. “Since this is in addition to Rs 1 lakh, even our tax saving schemes won’t be able to attract this amount,’’ he added. “MFs are unlikely to get this pie.

Even in the past, the government had allowed ICICI and IDBI to issue taxfree bonds,’’ said another MF manager. “The government is most likely to come up with a list of institutions which can issue such bonds in the near future.’’

Financial advisers are unanimous that the bonds will be useful for investors looking for long-term taxfree returns. However, they await details — such as the lock-in period and interest rate — before recommending them to their clients. They believe that the bonds could lose their charm if they have a long lock-in . However, the tax-free status, backed with government guaranty, would still make them hugely popular among risk-averse investors.

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]]> http://investmoneyinindia.com/2303/mfs-dig-infra-for-big-bucks/feed 0 Debt funds boost mutual fund assets: CRISIL http://investmoneyinindia.com/2044/debt-funds-boost-mutual-fund-assets-crisil http://investmoneyinindia.com/2044/debt-funds-boost-mutual-fund-assets-crisil#comments Wed, 30 Sep 2009 09:21:00 +0000 Tushar Mathur The mutual fund industry’s assets under management (AUM) reached a new peak at the end of August touching Rs.7.57 trillion, growing by 5 per cent over the previous month. Only the debt category, driven by ultra short term debt funds, registered net inflows during the month. All other categories saw net outflows.

As for returns, equity funds outperformed due to strong performance from mid-cap and small-cap funds while long-term debt funds saw negative returns due to rising yields. “Ultra short term debt funds saw strong inflows in August, with banks parking their surplus funds in these schemes. The new no entry load rule seems to have initially dulled the inflows into equity funds even though fund performances were good during the month,” said Krishnan Sitaraman, director, CRISIL Fund Services.

Poor monsoon to affect auto sector after festival season

Edelweiss Research has said in a recent report that in North, West and South India, the impact of a weak monsoon does not seem to be substantial so far on the passenger car and two-wheeler segment. Nearly 90 per cent of the dealers (barring some in UP and Haryana) that their researchers met expected the festival season beginning October to be strong. The exception is the tractor segment where inventory build up is visible.

Based on their interactions with dealers, the researchers have concluded that around 50 per cent of two-wheeler and 30 per cent of car volumes in the rural sector are accounted for by farmers, around 30 per cent by the salaried class, and the balance by businessmen (primarily small traders, dependent on farmers for their income). Hence, around 70 per cent of vehicle buyers are directly or indirectly dependent on agriculture. Hence, most dealers (over 90 per cent) expect the impact of poor rains on volumes to be felt December onwards. However, late rains (that augur well for the post monsoon Rabi crop) and various measures by state governments may buffer the blow.

WPI inflation turns positive

For the week ending September 5, 2009, headline inflation (the wholesale price index, WPI) stood at 0.12 per cent. Inflation for the week ending 11 July 2009 was revised to (-) 0.63 per cent from (-) 1.17 per cent. “Looking forward, we expect food prices to move up due to the start of the festive season in October. WPI inflation could cross 7 per cent by end March 2010,” says a research note from Anand Rathi Financial Services.

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]]> The mutual fund industry’s assets under management (AUM) reached a new peak at the end of August touching Rs.7.57 trillion, growing by 5 per cent over the previous month. Only the debt category, driven by ultra short term debt funds, registered net inflows during the month. All other categories saw net outflows.

As for returns, equity funds outperformed due to strong performance from mid-cap and small-cap funds while long-term debt funds saw negative returns due to rising yields. “Ultra short term debt funds saw strong inflows in August, with banks parking their surplus funds in these schemes. The new no entry load rule seems to have initially dulled the inflows into equity funds even though fund performances were good during the month,” said Krishnan Sitaraman, director, CRISIL Fund Services.

Poor monsoon to affect auto sector after festival season

Edelweiss Research has said in a recent report that in North, West and South India, the impact of a weak monsoon does not seem to be substantial so far on the passenger car and two-wheeler segment. Nearly 90 per cent of the dealers (barring some in UP and Haryana) that their researchers met expected the festival season beginning October to be strong. The exception is the tractor segment where inventory build up is visible.

Based on their interactions with dealers, the researchers have concluded that around 50 per cent of two-wheeler and 30 per cent of car volumes in the rural sector are accounted for by farmers, around 30 per cent by the salaried class, and the balance by businessmen (primarily small traders, dependent on farmers for their income). Hence, around 70 per cent of vehicle buyers are directly or indirectly dependent on agriculture. Hence, most dealers (over 90 per cent) expect the impact of poor rains on volumes to be felt December onwards. However, late rains (that augur well for the post monsoon Rabi crop) and various measures by state governments may buffer the blow.

WPI inflation turns positive

For the week ending September 5, 2009, headline inflation (the wholesale price index, WPI) stood at 0.12 per cent. Inflation for the week ending 11 July 2009 was revised to (-) 0.63 per cent from (-) 1.17 per cent. “Looking forward, we expect food prices to move up due to the start of the festive season in October. WPI inflation could cross 7 per cent by end March 2010,” says a research note from Anand Rathi Financial Services.




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]]> http://investmoneyinindia.com/2044/debt-funds-boost-mutual-fund-assets-crisil/feed 0 Association of Mutual Funds in India (AMFI) http://investmoneyinindia.com/380/association-of-mutual-funds-in-india-amfi http://investmoneyinindia.com/380/association-of-mutual-funds-in-india-amfi#comments Thu, 16 Oct 2008 05:22:00 +0000 Tushar Mathur With the increase in mutual fund players in India, a need for mutual fund association in India was generated to function as a non-profit organisation. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August, 1995.

AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors.

Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders.

The objectives of Association of Mutual Funds in India:

The Association of Mutual Funds of India works with 30 registered AMCs of the country. It has certain defined objectives which juxtaposes the guidelines of its Board of Directors. The objectives are as follows:
This mutual fund association of India maintains a high professional and ethical standards in all areas of operation of the industry.

It also recommends and promotes the top class business practices and code of conduct which is followed by members and related people engaged in the activities of mutual fund and asset management. The agencies who are by any means connected or involved in the field of capital markets and financial services also involved in this code of conduct of the association.

AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual fund industry.

Association of Mutual Fund of India do represent the Government of India, the Reserve Bank of India and other related bodies on matters relating to the Mutual Fund Industry.

It develops a team of well qualified and trained Agent distributors. It implements a programme of training and certification for all intermediaries and other engaged in the mutual fund industry.

AMFI undertakes all India awarness programme for investors inorder to promote proper understanding of the concept and working of mutual funds.

At last but not the least association of mutual fund of India also disseminate informations on Mutual Fund Industry and undertakes studies and research either directly or in association with other bodies.

The sponsorers of Association of Mutual Funds in India

Bank Sponsored

SBI Fund Management Ltd.
BOB Asset Management Co. Ltd.
Canbank Investment Management Services Ltd.
UTI Asset Management Company Pvt. Ltd.

Institutions

GIC Asset Management Co. Ltd.
Jeevan Bima Sahayog Asset Management Co. Ltd.
Private Sector

Indian:-
BenchMark Asset Management Co. Pvt. Ltd.
Cholamandalam Asset Management Co. Ltd.
Credit Capital Asset Management Co. Ltd.
Escorts Asset Management Ltd.
JM Financial Mutual Fund
Kotak Mahindra Asset Management Co. Ltd.
Reliance Capital Asset Management Ltd.
Sahara Asset Management Co. Pvt. Ltd
Sundaram Asset Management Company Ltd.
Tata Asset Management Private Ltd.

Predominantly India Joint Ventures:-

Birla Sun Life Asset Management Co. Ltd.
DSP Merrill Lynch Fund Managers Limited
HDFC Asset Management Company Ltd.
Predominantly Foreign Joint Ventures:-
ABN AMRO Asset Management (I) Ltd.
Alliance Capital Asset Management (India) Pvt. Ltd.
Deutsche Asset Management (India) Pvt. Ltd.
Fidelity Fund Management Private Limited
Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.
HSBC Asset Management (India) Private Ltd.
ING Investment Management (India) Pvt. Ltd.
Morgan Stanley Investment Management Pvt. Ltd.
Principal Asset Management Co. Pvt. Ltd.
Prudential ICICI Asset Management Co. Ltd.
Standard Chartered Asset Mgmt Co. Pvt. Ltd.

Association of Mutual Funds in India Publications

AMFI publices mainly two types of bulletin. One is on the monthly basis and the other is quarterly. These publications are of great support for the investors to get intimation of the knowhow of their parked money.

©2009 Copyright by Invest In India

]]> With the increase in mutual fund players in India, a need for mutual fund association in India was generated to function as a non-profit organisation. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August, 1995.

AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors.

Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders.

The objectives of Association of Mutual Funds in India:

The Association of Mutual Funds of India works with 30 registered AMCs of the country. It has certain defined objectives which juxtaposes the guidelines of its Board of Directors. The objectives are as follows:
This mutual fund association of India maintains a high professional and ethical standards in all areas of operation of the industry.

It also recommends and promotes the top class business practices and code of conduct which is followed by members and related people engaged in the activities of mutual fund and asset management. The agencies who are by any means connected or involved in the field of capital markets and financial services also involved in this code of conduct of the association.

AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual fund industry.

Association of Mutual Fund of India do represent the Government of India, the Reserve Bank of India and other related bodies on matters relating to the Mutual Fund Industry.

It develops a team of well qualified and trained Agent distributors. It implements a programme of training and certification for all intermediaries and other engaged in the mutual fund industry.

AMFI undertakes all India awarness programme for investors inorder to promote proper understanding of the concept and working of mutual funds.

At last but not the least association of mutual fund of India also disseminate informations on Mutual Fund Industry and undertakes studies and research either directly or in association with other bodies.

The sponsorers of Association of Mutual Funds in India

Bank Sponsored

SBI Fund Management Ltd.
BOB Asset Management Co. Ltd.
Canbank Investment Management Services Ltd.
UTI Asset Management Company Pvt. Ltd.

Institutions

GIC Asset Management Co. Ltd.
Jeevan Bima Sahayog Asset Management Co. Ltd.
Private Sector

Indian:-
BenchMark Asset Management Co. Pvt. Ltd.
Cholamandalam Asset Management Co. Ltd.
Credit Capital Asset Management Co. Ltd.
Escorts Asset Management Ltd.
JM Financial Mutual Fund
Kotak Mahindra Asset Management Co. Ltd.
Reliance Capital Asset Management Ltd.
Sahara Asset Management Co. Pvt. Ltd
Sundaram Asset Management Company Ltd.
Tata Asset Management Private Ltd.

Predominantly India Joint Ventures:-

Birla Sun Life Asset Management Co. Ltd.
DSP Merrill Lynch Fund Managers Limited
HDFC Asset Management Company Ltd.
Predominantly Foreign Joint Ventures:-
ABN AMRO Asset Management (I) Ltd.
Alliance Capital Asset Management (India) Pvt. Ltd.
Deutsche Asset Management (India) Pvt. Ltd.
Fidelity Fund Management Private Limited
Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.
HSBC Asset Management (India) Private Ltd.
ING Investment Management (India) Pvt. Ltd.
Morgan Stanley Investment Management Pvt. Ltd.
Principal Asset Management Co. Pvt. Ltd.
Prudential ICICI Asset Management Co. Ltd.
Standard Chartered Asset Mgmt Co. Pvt. Ltd.

Association of Mutual Funds in India Publications

AMFI publices mainly two types of bulletin. One is on the monthly basis and the other is quarterly. These publications are of great support for the investors to get intimation of the knowhow of their parked money.

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]]> http://investmoneyinindia.com/380/association-of-mutual-funds-in-india-amfi/feed 0 Mutual funds under redemption pressure http://investmoneyinindia.com/382/mutual-funds-under-redemption-pressure http://investmoneyinindia.com/382/mutual-funds-under-redemption-pressure#comments Thu, 16 Oct 2008 05:11:00 +0000 Tushar Mathur The mutual fund industry seems to be facing some redemption pressure now, which could be the reason why they have been net sellers of equity so far this month. According to the data available on the Web site of the Securities and Exchange Board of India, they have been net sellers to the tune of Rs 732.9 crore. They were net sellers of equity in August as well; in October they were net sellers of debt too for Rs 713.5 crore.
“They are bound to face redemption pressure”, said Juzer Gabajiwala, Head, Mutual Fund Distribution, Ventura Securities.

“What is happening now is that corporate houses have been taking their corpuses out, especially from liquid funds such as Fixed Maturity Plans.”

The fund houses have increased their cash surplus to about 15 to 20 per cent of their assets under management so that they can meet demand for redemption if necessary, said Mr R. Swaminathan, Vice-President and National Head of Mutual Funds, IDBI Capital.

Retail reaction
Retail investors have not pushed the panic button on mutual funds, said analysts.
“They have been selling equities and holding on to their investments in mutual funds as they know that in the long run they will be able to make some money”, said P. R. Dilip, Managing Director, Impetus Wealth Management Ltd.

Fund managers say fund houses should now concentrate on educating people to stay invested in funds for the long run. Though many fund houses do have new schemes and products in the pipeline. They seem to waiting for a better time to offer it to the investors, said Swaminathan.

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]]> The mutual fund industry seems to be facing some redemption pressure now, which could be the reason why they have been net sellers of equity so far this month. According to the data available on the Web site of the Securities and Exchange Board of India, they have been net sellers to the tune of Rs 732.9 crore. They were net sellers of equity in August as well; in October they were net sellers of debt too for Rs 713.5 crore.
“They are bound to face redemption pressure”, said Juzer Gabajiwala, Head, Mutual Fund Distribution, Ventura Securities.

“What is happening now is that corporate houses have been taking their corpuses out, especially from liquid funds such as Fixed Maturity Plans.”

The fund houses have increased their cash surplus to about 15 to 20 per cent of their assets under management so that they can meet demand for redemption if necessary, said Mr R. Swaminathan, Vice-President and National Head of Mutual Funds, IDBI Capital.

Retail reaction
Retail investors have not pushed the panic button on mutual funds, said analysts.
“They have been selling equities and holding on to their investments in mutual funds as they know that in the long run they will be able to make some money”, said P. R. Dilip, Managing Director, Impetus Wealth Management Ltd.

Fund managers say fund houses should now concentrate on educating people to stay invested in funds for the long run. Though many fund houses do have new schemes and products in the pipeline. They seem to waiting for a better time to offer it to the investors, said Swaminathan.




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]]> http://investmoneyinindia.com/382/mutual-funds-under-redemption-pressure/feed 0 Older mutual funds mean better returns? http://investmoneyinindia.com/151/older-mutual-funds-mean-better-returns http://investmoneyinindia.com/151/older-mutual-funds-mean-better-returns#comments Mon, 07 Jul 2008 13:36:48 +0000 Tushar Mathur http://investmoneyinindia.com/?p=151 ©2009 Copyright by Invest In India

]]> Old Mutual FundsKeeping an eye on daily finance news and tips, I’ve realized something: of late, many companies have set up mutual fund houses in order to capitalize on India’s booming economy. But do you know which of these were the first to set up shop in India? And how are they doing now?

The Indian mutual fund industry boasts of some of the most popular names of the business world, both Indian as well as foreign. Reliance, ICICI-Prudential, Fidelity and HSBC are some of the leading fund houses offering mutual funds that have yielded stupendous returns. But there are some funds that have a long history of existence.

UTI: Unit Trust of India was the first mutual fund established in India by the Government of India. It offered many guaranteed return schemes that were in vogue during the 1980s and early ‘90s. These schemes invested exclusively in debt instruments that offered high interest in order to generate high returns for investors. The fund started offering equity funds that invested a major part of their corpus in the stock market and stock market instruments. But sadly, all the funds from this fund house have been laggards, partly due to the bureaucratic approach of the fund and partly due to the risk-averseness of the fund manager.

SBI: The State Bank of India, the country’s largest bank, ventured into the mutual fund business by establishing SBI Mutual Fund. It offers many funds such as Magnum Contra, Mangum Taxgain and Magnum Comma. Initially, none of the funds from SBI gave magnificent returns. But then the fund manager changed his approach and revamped his fund offerings. As a result, some of SBI’s funds like Contra and Taxgain became the most popular funds due to their ability to generate high returns.

Franklin Templeton: The story of Franklin Templeton is slightly different. Basically, Franklin Templeton is an American mutual fund house. When it wanted to enter India in 1996, it bought out Kothari Pioneer ITI Mutual Fund that had been in operating since 1994, thus giving it a presence of over 17 years. Franklin has some of the best performing mutual funds in the country — Franklin Taxshield is one of the most consistent tax-saving mutual funds. Besides, Franklin Prima Plus, Prima and Bluechip have brought smiles on the faces of their investors by giving astounding returns. This is the only private sector mutual fund in the country to offer a pension plan, the Templeton India Pension Plan.

HDFC: The Housing Development Finance Corporation marked its entry by taking over Zurich Mutual Fund in 2001. HDFC Equity (previously Zurich India Equity Fund) has been a consistent performer and has outperformed its benchmark index every year. Hence, it finds a place of pride in every investor’s portfolio. HDFC Taxsaver, Long Term Advantage Fund and Top 200 are other funds from this house that have yielded spectacular returns.

Birla: Birla Mutual Fund is the fund house belonging to the Aditya Birla Group. One of its funds, Birla Advantage Fund is the oldest in the country. It gave spectacular returns till 2000. However, it made the mistake of concentrating its portfolio on the IT sector and with the bust of this sector, the fund’s performance deteriorated. Some of its other funds, however, such as Birla Equity Fund, have yielded handsome returns.

Have you invested in any of these funds? Were you happy with the returns generated?

I personally have bought funds from HDFC and SBI and they are doing pretty well.

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