Non FMP NFO funds in the market

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LEAVING aside the regular stream of fixed maturity plan (close-ended debt funds) in the mutual funds' new fund offer (NFO) space, there has been a dearth of NFOs of equity and non-FMP (fixed maturity plan) debt funds in recent months. An FCRB analysis, however, reveals no let up in the steady flow of draft offer documents being filed by various mutual funds with the securities market regulator, Securities and Exchange Board of India (Sebi), which propose the launch of non-FMP funds. Although, draft offer documents for FMPs still outnumbered the former.

Some of the proposed non-FMP funds from the draft offer documents even offer attractive features and scope for investors. In the past one year (March 2011 to February 2012), as per Capitaline NAV India mutual fund database, 34 NFOs took place for funds which were not FMPs. Of these, 13 were non-FMP bond funds, four were liquid funds, five gold fund of-funds (FoFs), three equity funds, two gold exchange-traded funds (ETFs), two gilt funds, two tax-planning equity funds, two global FoFs, and one equity index ETF.

In the same one-year period, as per the Sebi website, 213 draft offer documents were filed with Sebi, out of which, 92 were not for FMPs. However, of these 92 proposed NFOs, only 18 hit the mutual fund NFO market. The balance 74 have not come out with their NFOs either due to non-receipt of clearances from Sebi or due to their own delays. However, industry officials say the purpose of going to Sebi with draft offer documents of funds is to actually launch NFOs on those funds and not to delay them.

These 74 funds, whose draft offer documents were filed with Sebi but did not hit the NFO market, included the usual range of funds from regular bond funds to domestic equity funds. But, they also included some novel or uncommon NFO proposals such as Smallcap Benchmark ETF (filed in May last year before Goldman Sachs India MF acquired Benchmark MF), BNP Paribas Russia Fund, Axis Focussed 25 Fund, DSP Blackrock Emerging Europe Fund, Baroda Pioneer Global Equity-Gold and Mining Fund, HSBC China Consumer Opportunities Fund, DSP Blackrock IIFL Dividend Opportunities ETF Global Allocation Fund, Quantum Multi Asset Fund and FT India Feeder-Templeton Asian Growth Fund.

This is not the first time that the mutual funds have come up with such a wide array of funds providing enhanced choices for Indian investors. In 2008, Benchmark MF had filed draft offer documents to launch ETFs on crude oil, silver and government securities and global FoFs investing pre-dominating in ETFS covering the themes of clean energy, private equity and water. In 2010, Birla Sun Life MF filed a proposal for a T-20 Fund and Reliance MF filed one for an Indonesia Opportunities Fund.  

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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. HDFC TaxSaver
2. ICICI Prudential Tax Plan
3. DSP BlackRock Tax Saver Fund
4. Birla Sun Life Tax Relief '96
5. Reliance Tax Saver (ELSS) Fund
6. IDFC Tax Advantage (ELSS) Fund
7. SBI Magnum Tax Gain Scheme 1993
8. Sundaram Tax Saver

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