Personal Finance Blog India –

What is CKYC in Mutual funds:

CKYC – Centralized KYC – an initiative of Govt Of India  which will be administered by CERSAI – Central Registry Of Securitization Asset Rsconstruction And Security Interest Of India.

Central KYC Registry will be a centralized repository of KYC records of investors in the financial sector with uniform KYC norms allowing inter-usability of KYC records across the financial sector.

W.e.f. February 01, 2017, new mutual fund investor will need to comply with new CKYC procedure.

Mutual fund investors will be categorized as below:

  1. New investors who are not KYC compliant: Such investors will need to use new CKYC form or KYC KRA form along with additional supplementary CKYC form.Mutual fund companies may accept this supplementary form for limited period of time only.
  2. Existing KYC compliant mutual fund investor :For now, there are no new requirements to be fulfilled by existing KYC compliant investors.
  3. Existing CKYC compliant investors:No further KYC formalities are required.

The objective of CKYC is to allow investors to complete KYC formalities only once and make this information available across all the entities in the finance industry and not limited to securities.

CKYC compiled investors will be provided with 14 digit KYC identification (KIN) which confirms their KYC compliance.

Click here to download CKYC application form.

Budget 2017 & Outline Of Its Impact On Tax Saving,Mutual Funds ,Real Estate & NPS

Budget 2017 and its impact on personal Tax Saving,Mutual funds,Real Estate & NPS

Changes proposed in personal income tax slab:

  1. Tax rate for individuals having income in the range of Rs.2.50,000 to 3,00,000 reduced from 10% to 5%.
  2. Rebate of Rs.5000 u/s 87A have reduced up to Rs.2500/-.This rebate will now available if taxable income is upto Rs.3,50,000.
  3. 10% Surcharge if annual taxable income is in between 50 L and 1 Crore.
  4. No change in surcharge of 15% on taxable income above Rs.1 Crore.

Changes proposed in Mutual funds:

No major changes have proposed for mutual funds except:

  1. RGESS – Rajiv Gandhi Equity Saving Scheme which was available for first time equity investors will be phased out.
  2. Provisions of LTCG -Long Term Capital Gains for equity remains as it is.

Changes proposed in NPS:

  1. Budget 2017 proposes tax exemption for partial withdrawal (up to 25% of contribution)  made in specific cases.

Budget 2017 and its effect on Real Estate:

  1. LTCG has been tweaked for real estate.Holding period reduced up to 02 years from earlier 03 years to be eligible for long term capital gains.
  2. Individuals and HUFs paying rent of more than Rs.50,000 will need to deduct 5% tax at source.It can be done once in a year (from rent for last month of financial year).

Mid Cap Mutual Funds:

Mid cap oriented Mutual funds:

As name suggests, these funds have mandate to invest in mid cap or mid+small cap stocks.

Due to high growth potential, such stocks can offer higher returns over blue chips, of course with commensurate higher risk.Also wide spectrum of stocks are available in mid cap space,so its also subject to stock selection risk from fund manager.

Wealth created by Sundaram Select Mid cap since its inception of 2002:

Review of Sundaram Select midcap

Performance of Sundaram Select mid cap against BSE mid cap index & Nifty.

[If you want to see enlarged image then click on it.]

If you are long term investor then check if there is special mid cap fund in your portfolio.If not,then take help of an advisor to choose fund which can suit your portfolio.

Please note: Past performance indicates what you have missed in the past and its not necessarily indication of future performance.Fund -Sundaram Select mid cap chosen for example and not necessarily as advice.


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