Capital markets regulator Sebi has notified rules allowing private equity funds to sponsor a mutual fund house as they can bring in strategic guidance and talent to drive the growth of the industry.
The Nifty climbed 86.4 points or 0.40 per cent to hit its record peak of 21,505.05. It finally closed higher by 34.45 points or 0.16 per cent at 21,453.10
NS Venkatesh, CEO, AMFI, said that mutual fund industry’s growth has been on an upward trend. The half yearly growth has been encouraging and he is optimistic that the trend will continue to grow.
The China Securities Regulatory Commission did not reply to a request for comment.
Sectorally, Nifty Realty gained 1.45 per cent, Nifty Financial Services 25/50 rose 1.18 per cent, the media index climbed 1.02 per cent, and Nifty Private Bank jumped 0.92 per cent.
A stronger-than-expected US economy is helping to keep a global slowdown in check this year but a weakening Chinese economy will prove to be a bigger drag next year, the OECD forecast on Tuesday.
During August, revenues from import of goods were 3% higher, while that from domestic transactions (including import of services) were 14% higher than the revenues from these sources during the same month last year.
While the deal, aimed at bolstering UK’s steel security, is the first major step towards its decarbonisation — reducing direct emissions by 50 million tonnes over a decade — it could also put around 3,000 jobs at risk.
Bajaj Finance, Axis Bank, HCL Tech and Mahindra & Mahindra were among the major laggards.
Japan’s benchmark Nikkei 225 index slipped 0.6 per cent in morning trading to 32,469.85.