Mumbai: Euphoria of the stock market spread to the mutual fund industry too.
In the latest new fund offer (NFO), SBI mutual funds, the largest house in India in terms of money under management, mobilized more than Rs 12,000 Crore in a balanced profit fund.
This is the biggest NFO mobilization by equity funds in the history of the mutual fund industry.
The previous biggest collection was Rs 9,800 Crore by Icici Prudential MF through Flexi Cap funds last month.
According to the SBI MF executive on Wednesday the last day of NFO and will take a few more days to make peace and arrive at the final mobilization number.
Industrial sources expect that number to pass the Crore Sign of Rs 12,500.
The SBI MF executive said that with the stock market at a high-level record, a large number of investors who were not too comfortable investing in stocks had put their money in their funds.
There are also investors who want a higher return than fixed deposit rates, which are at historical low levels.
Industrial figures show in July NFO equity has mobilized the 13,709-crore RS, while the current month’s figure is expected to cross the number.
The big NFO collection is one reason to record the net stream of Rs 22,584-Crore to equity funds, AMFI officials have said earlier this month.
Currently five other Equity NFOs and one offer remain live income, data from Industrial Fund Value Analysis Website research shows.
SBI MF records Rs 12,000 Crore in new funds
