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Mar 06, 2013
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Budget falls short of MF industry’s expectations
Despite extended tax sops and an increase in the investment limit for the much-publicised Rajiv Gandhi Equity Savings Scheme (RGESS), several expectations and demands of the mutual fund industry did not see the light of the day in the Budget.The MF industry is surprised that the KYC norms have only been eased for investments into insurance schemes and is making a representation to the finance ministry through capital market regulator Sebi to rectify this anomaly. “I think mutual funds deserve the same benefit as the insurance companies. After all, investments into mutual funds is also by way of cheque payments and not cash,” said Ajit Menon, executive VP & head, sales, DSP BlackRock Investment Managers. Those who have done their KYC while opening a bank account will not be required to do a separate KYC for buying an insurance policy from April 1, according to the Budget announcement.
Source -
http://www.financialexpress.com
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