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Informist, Friday, Sep 20, 2024

--LIC MF MD: Will launch ETFs in Jan-Mar 
--LIC MF MD: Will launch multi-asset allocation fund in Oct-Dec 
--LIC MF MD: Will issue addendum on minimum SIP revision by Oct 7 
--LIC MF MD:To cut minimum monthly SIP limit to 200 rupees from 1,000 
--LIC MF MD: To cut minimum daily SIP limit to 100 rupees from 300 
--CONTEXT: Comments by LIC MF MD at NFO launch 
--LIC MF MD: Aim to cross AUM of 1 trln rupees by FY26 

By Kshipra Petkar

MUMBAI – LIC Mutual Fund will soon cut the minimum daily systematic investment plan limit to 100 rupees from 300 rupees, Managing Director and Chief Executive Officer Ravi Kumar Jha said at a press conference today. The monthly systematic investment plan limit would be cut to 200 rupees from 1,000 rupees, he said.

The addendum for these changes will be issued by Oct 7.

"This will help all our investors and will also increase the participation of smaller investors such as shopkeepers, and vegetable vendors, among others," Jha said.

In July, Securities and Exchange Board of India Chairperson Madhabi Buch had said that over the next three years, more investors would be able to invest in mutual funds through systematic investment plans with as little as 250 rupees a month.

"The magic is sachetisation of MF products and that'll lead the growth of the Indian MF industry in the next three years," Buch said.  More

In August, flows into systematic investment plans of the mutual fund industry were at an all-time high of 235.47 bln rupees, and assets under management were at 13.4 trln rupees as on Aug 31.

Jha said the aim was to increase the company's assets under management to 1 trln rupees by 2025-26 (Apr-Mar). "We have grown to more than 35,000 crores (350 bln) by Mar 31 2026. This year, we hope to cross 60,000 crores (600 bln rupees) and by next financial year, we should cross 1 lakh crore (1 trln rupees)," Jha said.

The fund house also plans to increase the number of branches to 50 by this financial year from the current 35. "We are going to open a branch in Dehradun, Prayagraj, and Hubballi, among others. So, we are expanding so that the investors, distributors, LIC agents get a chance to personally visit our branches. They can personally experience the kind of support which they will be getting from LIC MF and that comfort will give us good support of AUM from these new investors and new customers," Jha said.

Going forward, he said the fund house plans to come out with a multi-asset allocation fund in Oct-Dec, while in Jan-Mar, it plans to launch one-two exchange traded funds. "We are looking for one or two ETFs. We have got feedback from insurance companies about launching banking ETF. So, in the last quarter, we should be issuing that," Jha said.  End

Edited by Avishek Dutta

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