Saturday, May 16, 2020
Tuesday, May 12, 2020
Key Market Updates from April 2020
GLOBAL MACRO & MARKETS
2020 kick started on a brighter note with Global markets staging a sharp rebound on the back of policy responses.
to the disruption caused by COVID19. MSCI World rallied up to 10.8% in April with NIFTY 50 outperforming.
major global equity indices. Among developed markets, S&P 500 led the rebound and was up 12.7%m/m, just shy
of 16.5% from its all-time high in February. Owing to sharp fall in oil prices and rapid deterioration in global
sovereign rating outlook, MSCI EM lagged the rally and posted 9% return over the month. US Dollar Index stayed.
flat m/m. LME Metal Index appreciated 2.5% as factories in China resumed production in April. Among precious.
metals, Gold continued the momentum posting 7%m/m return. Though WTI crude oil prices entered uncharted.
territory over storage concerns, Brent crude was up 11% by end of the month.
DOMESTIC MACRO AND MARKET
On the back of shooting demand for Indian generics and series of FDA approvals, at 30%, Indian Pharma posted
its strongest ever monthly return in history. FPI outflows settled at -$0.15B after -$8.3B in March. BSE Smallcap
posted 15.5% returns versus 14.4% against Sensex and 13.7% against BSE Midcap index. Healthcare, Auto and
Energy sector outperformed while Industrials, Real estate and Consumer Staples underperformed the market
over the month. Cyclicals fared equally well against Defensives after facing a dreadful selloff in March.
India's high frequency data update:
Extraordinary situation happens to yield record level data.
1 PMI: April PMI plunged to record low of 27.4 owing to massive supply chain disruptions and loss in
demand amid lockdown conditions.
2 Auto sales: Auto sales contracted across the board in April due to lockdown.
3 Core sector production: Core sector growth was down 6.5%yoy in March as against growth of 7.2% in
February and 5.8% in March2019.
4 Index of Industrial Production (IIP): February IIP expanded 3.2%yoy as against 1.6% in January partly
aided by extra working day in February 2020.
5 Credit growth: Credit growth stood at 7.2% yoy, driven majorly by 50.5%yoy growth infood credit in
early April. Deposits grew 9.5%yoy in the same period.
6 Trade deficit: Trade deficit in March was consistently lower at US$9.8 bn as imports plunged 28.7% while
exports were lower at 34.6%. For full year ending Mar’20, deficit stood at $153B.
7 Inflation: Inflation eased further on the back of record food grain and horticulture production and
collapse in crude oil prices. At 5.9%, CPI inflation was back into the target range of the RBI. Core CPI
remained unchanged at 4.1%.
8 GST collection: GST collection in April slipped to a record low of INR 0.28Tn as compared to INR 1.13 Tn
recorded in the same month last year as the government announced waiver on late fee and penalty to
support business inactivity during lockdown.
9 Hiring activity: Hiring activity fell by 18%yoy in March as per Naukri Jobspeak index. Sharp fall in hiring witnessed in travel, hospitality, airlines and retail sectors.
RBI ready to use all its tools to deal with the pandemic fallout: RBI Governor.
RBI announced second round of relief measures in a matter of few weeks aimed at maintaining adequate liquidity.
in the financial system, facilitate bank credit flow and ease financial stress. While the Centre has decided to front.
load the expenditure, RBI increased the Ways and Means Advances (WMA) limit of the states by 60%. The Central
Bank also announced Targeted Long-Term Repo Operations of INR 50,000 Cr to ensure that small and mid-sized.
corporates, including NBFCs and MFIs get enough liquidity. A special refinancing facility of similar size has been.
provided to agencies like NABARD, SIDBI and National Housig Bank (NHB). A further 25bps cut announced in the.
reverse repo rate is targeted to disincentivise banks from parking money with the RBI and enhance credit flow in the system.
Chart of the month: Liquidity surplus at an all-time high led by significant RBI support. Sharp decline in.
interest rates may continue as transmission improves.
Common Source: CMIE, RBI, Bloomberg, Nippon India Mutual Fund Research
Disclaimer:
The information herein above is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The document has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. The sponsors, the Investment Manager, the Trustee or any of their directors, employees, affiliates or representatives (‘entities & their affiliates”) do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Entities & their affiliates including persons involved in the preparation or issuance of this material, shall not be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material. Recipient alone shall be fully responsible for any decision taken on the basis of this document. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
अंतर्राष्ट्रीय मैक्रो और बाजार
2020 किक ने वैश्विक बाजारों के साथ एक शानदार नोट पर शुरुआत की, जो नीतिगत प्रतिक्रियाओं की पीठ पर एक तेज पलटाव था।
COVID19 के कारण होने वाला व्यवधान। MSCI वर्ल्ड ने अप्रैल में NIFTY 50 के बेहतर प्रदर्शन के साथ 10.8% तक की बढ़ोतरी की।
प्रमुख वैश्विक इक्विटी सूचकांक। विकसित बाजारों में, एसएंडपी 500 ने रिबाउंड का नेतृत्व किया और 12.7% मी / मी, सिर्फ शर्मीली थी
फरवरी में अपने सर्वकालिक उच्च से 16.5%। तेल की कीमतों में भारी गिरावट और वैश्विक स्तर पर तेजी से गिरावट के कारण
सॉवरिन रेटिंग आउटलुक, MSCI EM ने रैली को पीछे छोड़ दिया और महीने में 9% रिटर्न पोस्ट किया। यूएस डॉलर इंडेक्स रहा।
फ्लैट एम / एम। एलएमई मेटल इंडेक्स ने अप्रैल में चीन में कारखानों के उत्पादन को 2.5% की सराहना की। अनमोल के बीच।
धातुएँ, गोल्ड ने 7% मी / मी रिटर्न की गति जारी रखी। हालांकि डब्ल्यूटीआई कच्चे तेल की कीमतों में कोई बदलाव नहीं हुआ है।
भंडारण चिंताओं पर क्षेत्र, ब्रेंट क्रूड महीने के अंत तक 11% ऊपर था।
घरेलू मैक्रो और बाजार
भारतीय जननांगों की शूटिंग मांग के आधार पर और FDA अनुमोदन की श्रृंखला, 30% पर, इंडियन फार्मा ने पोस्ट किया
इतिहास में इसकी अब तक की सबसे मजबूत वापसी है। एफपीआई का बहिर्वाह मार्च में $ 0.15B के बाद - $ 0.15B पर आ गया। बीएसई स्मॉलकैप
सेंसेक्स के मुकाबले 15.5% रिटर्न 14.4% और बीएसई मिडकैप इंडेक्स के मुकाबले 13.7% है। हेल्थकेयर, ऑटो और
ऊर्जा क्षेत्र ने बेहतर प्रदर्शन किया, जबकि Industrials, Real Estate और Consumer Staples ने बाजार को कमजोर कर दिया
महीने भर में। मार्च में भयावह बिकवाली का सामना करने के बाद साइक्लिकल ने डिफेंसिव के खिलाफ समान रूप से अच्छा प्रदर्शन किया।
भारत का उच्च आवृत्ति डेटा अपडेट:
असाधारण स्थिति रिकॉर्ड स्तर डेटा प्राप्त करने के लिए होती है।
1 PMI: अप्रैल PMI ने भारी आपूर्ति श्रृंखला अवरोधों और नुकसान में 27.4 के कारण कम रिकॉर्ड किया
लॉकडाउन स्थितियों के बीच मांग।
2 ऑटो बिक्री: लॉकडाउन के कारण अप्रैल में ऑटो की बिक्री पूरे बोर्ड में हो गई।
3 कोर सेक्टर का उत्पादन: 7.2% की वृद्धि के मुकाबले मार्च में कोर सेक्टर की वृद्धि दर 6.5% कम रही
फरवरी और मार्च 2017 में 5.8%।
4 औद्योगिक उत्पादन सूचकांक (आईआईपी): फरवरी में आईआईपी ने 3.2% का विस्तार किया जबकि जनवरी में आंशिक रूप से 1.6% था
फरवरी 2020 में अतिरिक्त कार्य दिवस द्वारा सहायता प्राप्त।
5 क्रेडिट ग्रोथ: क्रेडिट ग्रोथ 7.2% योय रही, इसमें प्रमुख रूप से 50.5% यो विकास ग्रोथ क्रेडिट था
अप्रैल के शुरू में। उसी अवधि में जमा में 9.5% की वृद्धि हुई।
6 व्यापार घाटा: मार्च में व्यापार घाटा यूएस $ 9.8 बीएन पर लगातार कम था क्योंकि आयात 28.7% था
निर्यात 34.6% कम था। Mar20 को समाप्त करने वाले पूरे वर्ष के लिए, घाटा $ 153B था।
7 मुद्रास्फीति: मुद्रास्फीति ने रिकॉर्ड खाद्य अनाज और बागवानी उत्पादन की पीठ पर और ढील दी
कच्चे तेल की कीमतों में गिरावट 5.9% की दर से, सीपीआई मुद्रास्फीति आरबीआई की लक्ष्य सीमा में वापस आ गई थी। कोर सी.पी.आई.
4.1% पर अपरिवर्तित रहा।
8 जीएसटी संग्रह: अप्रैल में जीएसटी संग्रह 1.13 टन की तुलना में INR 0.28Tn के निचले स्तर तक गिर गया।
पिछले साल इसी महीने में दर्ज किया गया था क्योंकि सरकार ने देर से शुल्क और जुर्माने पर छूट की घोषणा की थी
लॉकडाउन के दौरान व्यापार निष्क्रियता का समर्थन करें।
9 हायरिंग एक्टिविटी: मार्च में नौकारी जॉब्सपेक इंडेक्स के अनुसार हायरिंग एक्टिविटी में 18% की कमी आई। हायरिंग में तेज गिरावट
यात्रा, आतिथ्य, एयरलाइंस और खुदरा क्षेत्रों में देखा गया।
RBI महामारी से निपटने के लिए अपने सभी उपकरणों का उपयोग करने के लिए तैयार: RBI गवर्नर
RBI ने पर्याप्त तरलता बनाए रखने के उद्देश्य से कुछ ही हफ्तों में राहत उपायों के दूसरे दौर की घोषणा की।
वित्तीय प्रणाली में, बैंक ऋण प्रवाह को आसान बनाने और वित्तीय तनाव कम करने में मदद करता है। जबकि केंद्र ने सामने का फैसला किया है।
व्यय को कम करके, RBI ने राज्यों के तरीके और साधन अग्रिम (WMA) सीमा को 60% बढ़ा दिया। केंद्रीय
बैंक ने छोटे और मध्यम आकार के सुनिश्चित करने के लिए INR 50,000 Cr के दीर्घकालीन रेपो परिचालन की भी घोषणा की।
एनबीएफसी और एमएफआई सहित कॉरपोरेट्स को पर्याप्त तरलता मिलती है। समान आकार की एक विशेष पुनर्वित्त सुविधा है।
नाबार्ड, सिडबी और नेशनल हाउसिग बैंक (एनएचबी) जैसी एजेंसियों को प्रदान किया गया। में आगे 25 जीबी की कटौती की घोषणा की गई।
रिवर्स रेपो दर को लक्षित किया जाता है कि वे बैंकों को आरबीआई के साथ पार्किंग मनी से विघटित करें और सिस्टम में ऋण प्रवाह बढ़ाएं।
महीने का चार्ट: RBI के महत्वपूर्ण समर्थन के कारण उच्च स्तर पर तरलता अधिशेष। में तेज गिरावट।
ट्रांसमिशन में सुधार के रूप में ब्याज दरें जारी रह सकती हैं।
सामान्य स्रोत: CMIE, RBI, ब्लूमबर्ग, निप्पॉन इंडिया म्यूचुअल फंड रिसर्च
अस्वीकरण: ऊपर दी गई जानकारी केवल सामान्य पढ़ने के उद्देश्यों और व्यक्त किए जा रहे विचारों के लिए है
राय और इसलिए इसे दिशा-निर्देशों, सिफारिशों या पाठकों के लिए एक पेशेवर मार्गदर्शक के रूप में नहीं माना जा सकता है।
दस्तावेज़ सार्वजनिक रूप से उपलब्ध जानकारी के आधार पर तैयार किया गया है, आंतरिक रूप से विकसित डेटा और अन्य स्रोतों को माना जाता है
विश्वसनीय। प्रायोजक, निवेश प्रबंधक, ट्रस्टी या उनके निदेशक, कर्मचारी, सहयोगी या प्रतिनिधि (& संस्थाएँ)
उनके सहयोगी ") के लिए कोई जिम्मेदारी नहीं मानते हैं, या सटीकता, पूर्णता, पर्याप्तता और इस तरह की विश्वसनीयता का वारंट नहीं करते हैं
जानकारी। इस जानकारी के प्राप्तकर्ता को अपने स्वयं के विश्लेषण, व्याख्याओं और जांच पर भरोसा करने की सलाह दी जाती है। पाठक भी हैं
एक सूचित निवेश निर्णय पर पहुंचने के लिए स्वतंत्र पेशेवर सलाह लेने की सलाह दी। संस्थाओं और उनके सहयोगी
इस सामग्री की तैयारी या जारी करने में शामिल व्यक्ति, किसी भी प्रत्यक्ष, अप्रत्यक्ष, विशेष के लिए किसी भी तरह से उत्तरदायी नहीं होंगे।
आकस्मिक, परिणामी, दंडात्मक या अनुकरणीय क्षति, जिसमें निहित जानकारी से उत्पन्न होने वाले खोए हुए लाभ के कारण शामिल हैं
पदार्थ। इस दस्तावेज के आधार पर लिए गए किसी भी निर्णय के लिए अकेले प्राप्तकर्ता पूरी तरह से जिम्मेदार होगा।
म्यूचुअल फंड निवेश बाजार के जोखिमों के अधीन हैं, योजना से संबंधित सभी दस्तावेजों को ध्यान से पढ़ें।
Monday, May 11, 2020
Market Review - April 2020
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The month of April 2020 was a mixed month for the capital markets. Equities registered strong growth across all major markets on back of large monetary and fiscal stimulus announced by most major countries. However, in fixed income market, credit concerns rose due to lack of clarity regarding moratorium on NBFC debt and were aggravated on back of announcement of winding up of some debt schemes by a large mutual fund. Further, spread of COVID-19 continues to remain a concern with number of infected cases globally increasing nearly 4 times in last one month to 3.6 million by 3rd May 2020. In India, though numbers are rising, they remain relatively low in absolute terms considering the large population. The total infected cases in India reached over 42,000, up from ~1,400 cases as on end-March 2020. Government has extended the lockdown to 17th May 2020 but with some relaxations in areas where the number of cases are low. | |
Inflation moderates, outlook benign:Consumer Price Index (CPI) fell
in month of March 2020 to 5.91% YoY, down 66 bps m-o-m. The fall in
CPI was driven due to fall in food inflation (mainly vegetables,
especially onions) which moderated to 7.82% YoY, down 1.63%. Fuel
inflation was marginally higher than last month, however with sharp
fall in crude prices it is likely to moderate going forward. The core CPI&
inched up slightly on back of higher personal effect inflation but
remained within comfortable range. Core CPI has remained below 4%
for past six months now.
Lower fuel prices, weak aggregate demand and improved supply of
food grains & horticulture are likely to keep inflation benign, except
for supply disruption, if any.
Wholesale Inflation remains rangebound:Wholesale Price Index (WPI) also fell to 0.9% in March 2020 from 2.3% in February 2020 driven by
lower fuel inflation, soft manufacturing inflation and moderation in food articles inflation. Fuel inflation turned negative to -2.5% YOY
(Feb'20: 2.9%) on back of fall in crude prices whereas food articles inflation fell to 4.5% YoY (Feb'20: 7.7%). Inflation of manufactured products
(64% weightage in the index) softened slightly to 0.3% (Feb'20: 0.5%).
Industrial production improves in Feb'20 but likely to contract in near term:IIP for the month of February 2020 jumped to 4.5% from 2.1%, a
month ago. Mining grew by 10.0% (Jan'20: 5.3%) while manufacturing grew by 3.2% (Jan'20: 1.6%). Electricity production also increased by
8.1% YoY (Feb'20: 3.1%). By usage, the intermediate and primary goods grew by 22.4% and 7.4% while infrastructure goods turned marginally
positive to 0.1% after being negative for past 6 months. Consumer durables and capital goods contracted by -6.4% and -9.7% respectively.
However, going forward, IIP is likely to contract significantly on back of lockdown imposed by Government since 25th March 2020.
Core Industries contracts sharply, likely to remain weak in near term: The core industries registered degrowth of 6.5% in March 2020 driven
by contraction in all segments except coal (+4%). Cement production contracted by ~25% while Steel and Fertilizers fell by 13.1% and 11.8%
respectively. Electricity production fell by 7.2% too. Recent data indicates electricity generation has fallen between 20-25% in April 2020 due
to lockdown. In March 2020, the impact of lockdown was largely restricted to last week only. Thus, with lockdown being imposed for full
month in April 2020, the core industries growth is likely to weaken further.
Macroeconomic Update (contd...)
Market Review - April 2020
Trade Deficit stable, likely to improve going forward:India's trade
deficit for March 2020 was marginally lower at ~US$ 9,758 million
compared to last month. Net gold* imports fell sharply during the
month on back of lower volumes and weaker demand. Net oil
imports widened slightly as benefit of lower oil imports due to fall
in oil prices was set off by weaker oil exports. Excluding oil and
gold, the trade deficit increased as lower imports of electronic
goods was more than offset by weaker exports of engineering
goods and chemicals. INR appreciated by ~0.7% against USD and
closed at 75.1.
Due to disruption in demand and excess global supply, crude oil prices have fallen sharply (over past 2 months). Further, weak gold volumes
and likely fall in non-oil non-gold imports should lead to lower trade deficit and thus, improving current account position going forward. This is
likely to be offset partially by weak exports and lower remittances from abroad, especially from gulf countries.
Commodity prices mixed: Commodity prices witnessed mixed trends during the month. Brent crude prices fell below US $20/barrel due to
concerns over excess supply & storage but ended the month at US $25, up ~11% from last month. Gold prices ended the month at US
$1,687/ounce on back of demand for safe haven assets and increase in global liquidity
Summary and Conclusion
Given the evolving situation, it is difficult to assess the exact impact of coronavirus on growth. If the spread of virus is contained within a
reasonable time, impact on growth is likely to be limited for the short term and it should recover in second half of FY21. Stimulative measures
announced by major global central banks and governments of many countries should help counter the impact on growth to a certain extent.
While immediate impact of disruption is negative for India in near term but once the spread is contained, India stands to benefit in this
environment, in our opinion. Amongst the Emerging Markets (EMs), India is uniquely placed as most major EM economies have high
dependence on exports and/or are net oil exporters. Thus, weakness in global growth and fall in oil prices is likely to hurt these economies
significantly. But India is a net importer of oil and stands to gain significantly due to fall in oil prices. Further, India's dependence on exports is
relatively limited as compared to other EMs. Thus, once the situation stabilises, India could see relatively stronger recovery.
Further, disruption in global supply chain caused by this event has highlighted risk of overdependence on a single country. Thus, over medium
to long term, many global MNCs are likely to consider diversifying their manufacturing operations from China and India could be a likely
beneficiary given the low corporate tax rate, skilled population, relatively low wages and a large domestic market. For more on this, please refer
“HDFC MF Yearbook 2020” published in January 2020 and available on our websitewww.hdfcfund.com
Market Review - April 2020
3/4
Equity Market Update
In April 2020, Indian markets were up ~14.5% month on month after correcting ~23% in month of March 2020. The key drivers of rebound in
markets were global fiscal and monetary stimulus announced by major countries, positive news on favourable trial results of a particular
medicine in US for treatment of COVID-19 and relatively low number of positive cases in India, compared to other countries. The rally in
equities was broad based with mid & small caps also rising sharply, in line with large caps. Most sectoral performance was positive with
Healthcare, Auto and Oil & Gas outperforming significantly.
Globally, equity markets also rebounded in April 2020 and most major indices globally delivered positive returns. The tables below give the
details of performance of key domestic and global indices.
FPIs remained net seller second month in a row, albeit the pace of outflow
slowed significantly. FPIs sold equity worth US $0.9 billion in April 2020,
after selling US $8.3 billion a month ago. Total FPI's equity outflows in first
four months of CY20 have been US $7.3 billion as against inflows of US $9.8
billion during the corresponding period last year. Net inflows in domestic
equity oriented mutual funds stood at INR 11,344 crore in March 2020
compared to net inflows of INR 9,958 crore a month ago. For FY20, total
inflows in domestic equity oriented mutual fund stood at INR 67,035 crore.
Outlook
th As on 30 April 2020, NIFTY 50 was trading near 19.0x FY21 (e) and 14.8x
FY22 (e) price to earnings ratio. While multiples remains attractive, in
uncertain times like the current one, limited reliance can be placed on the
Price to earnings multiples for gauging valuations as earnings are difficult
to predict, especially for FY21. In our opinion, Indian market cap to GDP
and price to book value are better indicators of valuation of overall market
in current scenario. As of end-April 2020, Indian market capitalisation is
~60% of GDP, a level seen last post correction during global financial crisis
in 2008-09.
Price to book value has also corrected sharply over the past couple of
months and is now trading at significantly lower than its long term average.
Further, it is worth noting that the gap between 10Y Gsec and 1Y-Forward
NIFTY 50 Earning yield* has reduced significantly and it is now below 10
year average. This further indicates that equity markets are attractively
priced.
Markets thus hold promise over the medium to long term in our opinion.
Further, DIPAM (Department of Investment and Public Asset
Management) secretary (source: Interview dated 4th February 2020, in
Financial Express) has mentioned that Exchange Traded Funds (ETFs) are
going to be less preferred route for divestments going forward. This should
lead to better valuations of PSUs as regular supply of shares through ETFs
was a big overhang on their share prices.
*Earning yield = 1/(one year forward P/E).
Yield gap (%)
Earnings yields (%)
India 10-y G-Sec yields (%)
10Y Gsec and NIFTY Earning Yield
%
Outlook
RBI's decision of widening the policy corridor by 25 bps, announcement of TLTRO 2.0, SLF-MF, conduct of operation TWIST of INR 10,000
crore along with RBI Governor's statement about benign inflation and challenging growth outlook - indicates that RBI is open to take further
conventional and unconventional policy measures to counter the impact on slowdown due to the pandemic. The measures announced by RBI
are mainly targeted towards improving the transmission of policy measures and improving liquidity.
In other developments, amount to be raised via T-bills was increased from INR 3 lakh crore to INR 4.5 lakh crore for Q1FY21. This is
significantly positive for Gsec yields as it would reduce the supply of dated securities. Further, sharp fall in oil prices, positive outlook on
Balance of payment, benign inflation outlook, lower global rates and easing liquidity by Major central banks bodes well for lower yields in
India. Further, once the FPIs selling abates and fixed income markets stabilises, we believe, there is reasonable room for yields to decline.
However, likely significant shortfall in revenues due to lockdown and growth slowdown along with announced/planned fiscal stimulus leading
to high fiscal slippage in FY21, excess SLR (Statutory Liquidity Ratio) investments within banking system, any sharp reversal in oil prices, etc.
are key risks to our view. In view of the above, yields at the longer end of the curve are likely to trade within a range in the foreseeable future.
Considering the aforesaid factors, we maintain our view that the short to medium end of the yield curve offers better risk adjusted returns. In
view of the above, we continue to recommend investment in short to medium duration debt funds.
Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, Worldometers.info, World Bank
4/4
Debt Market Update
*Average daily liquidity infused / absorbed through Liquidity Adjustment Facility, exports refinance, marginal
standing facility and term repos/reverse repos; ^ - bi-annual yield; # annualised yields;
@ - Spreads have been calculated by subtracting non-annualised Gsec yields from annualised corporate
bond yields
Mar-20 Apr-20 Change (%)
10Yr G-Sec Yield (%, 6.45 GoI 2029)^ 6.14 6.11 -0.03
AAA 10Yr Corporate Bond Yields (%)# 7.30 7.33 0.03
@
AAA 10Y corporate bond spread against 6.45 GS 2029 Yield (bps) 116 122 0.06
Average liquidity absorbed / (infused) by RBI* (INR billion) (approx.) 2,992 4,700
MIBOR Overnight Rate (%) 4.81 4.41 -0.40
DISCLAIMER
This document is dated May 6, 2020. The views expressed herein are based on internal data, publicly available information and other sources believed to be reliable.
Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The information contained in this document is
for general purposes only and not an investment advice. The document is given in summary form and does not purport to be complete. The document does not have
regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. The information/ data
herein alone are not sufficient and should not be used for the development or implementation of an investment strategy. The statements contained herein are based
on our current views and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Past performance may or may not be sustained in future. Stocks/Sectors referred above are illustrative and not
recommended by HDFC Mutual Fund / AMC. The Fund may or may not have any present or future positions in these sectors. HDFC AMC / HDFC Mutual Fund is not
guaranteeing / offering / communicating any indicative yield on investments made in the scheme(s). Neither HDFC AMC and HDFC Mutual Fund (the Fund) nor any
person connected with them, accepts any liability arising from the use of this document. The recipient(s) before acting on any information herein should make
his/her/their own investigation and seek appropriate professional advice and shall alone be fully responsible / liable for any decision taken on the basis of information
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS,
READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
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DEBT MARKET UPDATE  | |||
Know Your Distributor (KYD) Guidelines
Know Your Distributor (KYD) Guidelines
Demo video of self declaration
Securities and Exchange Board of India (SEBI) has advised AMFI to review the existing registration procedure for Mutual Fund Distributors and initiate necessary action to strengthen the same to ensure correctness of information furnished in the registration application and also to have in person verification of the all ARN holders.
AMFI has therefore decided to introduce Know Your Distributor (KYD) process for the Mutual Fund distributors with effect from September 1, 2010. The KYD procedure consists of document verification and Bio-Metric process done. The distributor is therefore required to apply for KYD simultaneously along with application for registration of ARN. Please click here for detailed process note and KYD application form for
AMFI has engaged the services of Computer Age Management Services Ltd. (CAMS) to Carry out the KYD process through their centers referred as "CAMS POS app".
Click here to get the list of CAMS-POS
भारतीय प्रतिभूति और विनिमय बोर्ड (सेबी) ने एएमएफआई को सलाह दी है कि वह म्यूचुअल फंड डिस्ट्रीब्यूटर्स के लिए मौजूदा पंजीकरण प्रक्रिया की समीक्षा करें और पंजीकरण आवेदन में दी गई सूचना की शुद्धता सुनिश्चित करने के लिए इसे मजबूत करने के लिए आवश्यक कार्रवाई शुरू करें और साथ ही एआरएन का व्यक्ति सत्यापन भी करवाएं। धारकों।
इसलिए एएमएफआई ने 1 सितंबर, 2010 से म्यूचुअल फंड वितरकों के लिए नो योर डिस्ट्रीब्यूटर (केवाईडी) प्रक्रिया शुरू करने का फैसला किया है। केवाईडी प्रक्रिया में दस्तावेज सत्यापन और बायो-मेट्रिक प्रक्रिया शामिल है। इसलिए वितरक को एआरएन के पंजीकरण के लिए आवेदन के साथ-साथ केवाईडी के लिए आवेदन करना आवश्यक है। कृपया विस्तृत प्रक्रिया नोट और के लिए केवाईडी आवेदन पत्र के लिए यहां क्लिक करें
व्यक्ति
गैर व्यक्तिगत
एएमएफआई ने केवाईडी प्रक्रिया को "केम पीओएस" के रूप में संदर्भित करने के लिए कंप्यूटर एज मैनेजमेंट सर्विसेज लिमिटेड (सीएएमएस) की सेवाओं को संलग्न किया है।
CAMS-POS की सूची प्राप्त करने के लिए यहां क्लिक करें
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