The Securities & Exchange Board of India and the government are working on sweeping changes to the policy on mutual funds that could see them gain access to a substantial amount of money from the state-administered provident fund and other retirement programmes, a move that could lift the fortunes of the asset management industry. The long-term mutual fund policy will also feature proposals on tax breaks and incentives besides obliging asset managers to reach out to investors in the hinterland in an attempt to increase the industry's asset base and attract higher investments, said a senior official involved with the drafting of the plan who didn't want to be named.
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