Sundaram Mutual gets SEBI's nod to launch nine new fund offers

MUMBAI: Sundaram Mutual, a wholly-owned subsidiary of Sundaram Finance, today said it has received market regulator Sebi's nod to launch nine new fund offers and six of these may be rolled out this fiscal.

"Sebi has already given its approval to nine new fund offers (NFOs) including three each from small cap, micro cap and international fund. We are planning to launch six such NFOs during the current fiscal itself," Sundaram Mutual Deputy CEO Sunil Subramaniam said at an event here today.

All three proposed world brand international funds will be meant for domestic investors, he said.

Sundaram Mutual's current investor base stands at 12 lakh. "The company is looking at taking its total assets under management ( AUM) to Rs 25,000 crore by the fiscal-end from the current level of Rs 19,579 crore," Sundaram Mutual's Head of Equity S Krishnakumar said.

"We believe that the Sensex may cross the 35,000-37,000 mark by March 2016, which will be driven by the overall economic growth of the country," he said.

Reacting to a budgetary proposal to change the definition of 'long term' for debt mutual funds to 36 months from 12 months now, Subramaniam said that this would affect existing investors in a big way.

"We've got 1,200 crore of investors' money under this segment and the fund amounting to Rs 900 crore will mature by August-September and hence we have demanded that the Budgetary measures shouldn't be applicable to these existing investors," he said.