Mutual fund (MF) houses are mulling to launch more variants
of systemic investment plans (SIPs) to attract investors as growth in the
sector picks up.
The variants include SIP top-ups and Smart SIPs.
SIP top-up will be available in two forms --
variable and fixed. Variable SIP top-ups allow investors to increase their
monthly instalments by certain percentage points on a monthly basis. In Smart
SIPs, investors are free to increase their monthly instalments in multiples of
Rs 500 or so.
Enthused by the 100 per cent
growth in its SIPs in the year gone-by, Kotak Asset Management Company is now
looking at launching different variants of the plans. With an AUM of Rs 63,000
crore, Kotak AMC is ranked among the top 10 fund houses in the country.
"Our
SIPs have grown by 100 per cent in the last fiscal year, driven by better fund
performance and the efforts made by the company," Kotak AMC Managing
Director and Chief Executive Nilesh Shah told PTI on the sidelines of an industry
event here today.
"Now we are planning to come up with
different variants of SIPs in the later part of the year, which include Smart
SIPs and SIP Top-ups,"
ICICI
Prudential Asset Management Company, which is likely to come up with its new
SIP top-up offerings shortly, has made changes in the scheme information
document and the key information memorandum of all the schemes to allow top-up
facility.
Last week, Mirae Asset Management launched a SIP
top-up scheme. Mirae
Asset Chief Investment Officer Gopal Agrawal said, "We launched SIP top-up
last week in which we are advising our investors to increase their SIP amount
every year in multiple of Re 1."
According to an industry estimate, SIP folios in
the MF industry increased by 30 per cent in March to 93.44 lakh from 71.70 lakh
a year ago, while the inflows jumped 39 per cent during the same period to Rs
2,747 crore from Rs 1,971 crore a year ago.
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