The mutual fund industry witnessed gross inflows of Rs 79,121 crore during the first four months of the current fiscal, up Rs 22,500 crore from Rs 56,624 crore collected in the first three months of the year.
Redemptions were at Rs 77,918 crore, an increase of Rs 20,462 crore from the level during the first three months of current fiscal. This puts net inflows during the year at Rs 1,203 crore.
For Unit Trust of India (UTI), the country's largest mutual fund, there has been an erosion of Rs 610 crore in its assets during July with assets under management standing at Rs 45,787 crore as of July 31, 2002. The trust's market share stood below 45 per cent.
Between April and July 2002, the trust's outflows were to the tune of Rs 7,000 crore, with majority of the outflows happening in the first three months at Rs 6,355 crore.
In June, redemptions were at Rs 3,658 crore, mainly due to maturing of schemes. Net outflows in the four months till July-end was at Rs 6,040 crore.
Private sector mutual funds, with net inflows worth Rs 6,600 crore, have increased their market share to more than 47 per cent. Gross inflows were at Rs 72,782 crore and redemptions at Rs 66,180 crore.
Public sector funds, which had net inflows of Rs 640 crore, maintained their share at 8 per cent in the assets' stake.
