 "Mutual Fund outflows reach Rs 60,000 cr in June")
As per the latest data available with the Securities and Exchange Board of India, there was a net outflow of Rs 59,726 crore in June as against a net inflow of Rs 1,46,094 crore in the previous two months.
In May, investors had pumped in Rs 33,661 crore in various mutual fund (MF) schemes, while in April they had put in Rs 1.12 lakh crore in several such products.
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At gross level, MFs mobilised Rs 8.92 lakh crore in June, while there were redemptions worth Rs 9.51 lakh crore as well. This resulted in a net outflow of Rs 59,726 crore.
This significant level of funds withdrawal has also led to the decline in the total assets under management of MFs that fell to Rs 9.75 lakh crore as on June 30, from a record Rs 10.11 lakh crore in the previous month.
MF is an investment vehicle that pools funds from many investors for investing in securities such as stocks, bonds, money market instruments and similar assets.
The strong outflow in MF schemes coincided with a gain in BSE's benchmark Sensex by 5 % last month.
Overall, during the current financial year so far, MF on a net basis have mobilised Rs 86,369 crore as compared to Rs 53,783 crore garnered in the entire 2013-14 fiscal.