Bhubaneswar: The Security and Exchange Board of India (SEBI) believes that Odisha’s share while investing in Mutual Funds has been on the increasing trend. There has been a promising contribution from other eastern states in this sector as well.
This information was shared by the SEBI Chief General Manager (CGM) Biranchi Narayan Sahoo among a large gathering of Mutual Funds partners, industrial bodies and others on a discussion during the Retail Saving Opportunities Conclave, organised by the Indian Chamber of Commerce in the state capital Friday.
“The share of eastern states like Odisha to India’s mutual fund industry is growing rapidly. Last year it was 0.57 per cent and by 2019 July this contribution goes up to 0.85 per cent. Not only Odisha, the whole eastern region of the country contributes immensely to the Mutual Fund industry. Participation of individual investors is also growing at a rapid pace,” Sahoo said.
The SEBI CGM also talked about the initiatives taken by the body to increase awareness among the investors, allay their fears, discourage bogus commissions, taking service providers on board to facilitate their business reaching out to the investors among other measures.
Sahoo also said that in terms of saving in mutual funds India is lagging behind counties likes USA and others. The total Assets under Management (AUM) of Mutual Funds (MF) industry of India is equal to 11 per cent of county’s GDP. This number is about 100 per cent in USA. Only 6 per cent of our household saving goes to MF. So, there is a huge scope for people of the country to channelise their saving to mutual funds for better return.
Other dignitaries present at the event were Chairman of ICAI Bhubaneswar Chapter Saktidhar Singh and member of ICC National committee on banking, financial services and insurance Sudhin Roy Choudhury.
