The new financial year (FY24) is just a few days away. Next month i.e. from April 01, the new financial year will start and along with it some tax related rules will also change. Due to the changes in the rules, the world of Mutual Funds is also going to be affected. Keeping this in mind, many Asset Management Companies have started their preparations. One such preparation is to attract foreign schemes to raise maximum funds.
These companies started
According to a latest report by news agency PTI, many asset management companies have opened subscription for international schemes just before the new tax rules coming into effect from 01 April. These companies are trying to raise maximum funds before the rules change. According to the report, the asset management companies that have taken this step include Franklin Templeton Mutual Fund, Mirae Asset Mutual Fund and Edelweiss Mutual Fund.
Edelweiss MF statement
According to PTI news, Edelweiss Mutual Fund has opened its seven international funds for subscription from today i.e. Monday. The company has started accepting both switch-in and one-time payments in these plans. The company’s product, marketing and digital business head Niranjan Awasthi told PTI, “We have some limitations, that’s why we thought that before March 31, investors should be given a chance to take advantage of some taxation benefits.”
Mirae AMF opened them
Mirae Asset Mutual Fund has also opened some of its schemes from today. This company has now started taking lumpsum payments in three international ETFs and three fund of funds based on these ETFs. Existing SIP (Systematic Investment Plan) and STP (Systematic Transfer Plan) will reopen from March 29, while new SIP or STP will not be approved.
The company’s ETF product head and fund manager Siddharth Srivastava says, since we have little scope to take new funds, these funds may be closed for subscription in the coming time, to meet the current regulatory limits and guidelines of foreign funds. can be followed.
This is the opinion of experts
At the same time, Franklin Templeton Mutual Fund has started accepting new and lump sum investments in its three overseas schemes. Market experts say that investors investing in these schemes before March 31 are going to benefit, as they will be able to take advantage of indexation. After April 01, they will not get the benefit of indexation. In such a situation, investing money in international schemes till March 31 is a profitable deal.
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