SEBI happy with mutual fund growth in Odisha

Securities and Exchange Board of India (SEBI) constantly endeavours to make investors aware of the potential of mutual fund investments and increase their reach to the masses.

Addressing the audience at the Retail Saving Opportunity Conclave in Bhubaneshwar, organised by Indian Chamber of Commerce (ICC), SEBI’s Executive Director Mr SV Murali Dhar Rao accredited that Odisha’s mutual fund sector has shown steady growth.

“Odisha’s contribution to the national MF industry was 0.57% in March 2015, and the rate has increased to 0.91% by October 2018. Though the contribution to the national basket has been low, the growth of the industry in the State is impressive,” stated Rao.

Rao claimed that the state’s retail investors had contributed close to 26% to the overall Assets Under Management (AUM). Out of that 92% are invested in equity or equity-oriented assets. The remaining 8% were allocated to non-equities like debt securities and money market instruments.

Another speaker, Mr Sudhir Roy Choudhary, National Expert Committee Member of ICC spoke about the importance of encouraging mutual fund investments in semi-urban and rural regions. The recent years have witnessed more novice investors from small towns.

Rao said SEBI had formulated many guidelines to protect investors’ interest and as a result, the AUM of the mutual fund sector has more than doubled since 2014. Debashish Mohanty of UTI Fund House and LIC Senior Divisional Manager LP Das also attended the conclave.