Now that the mutual fund industry is doing badly, we all need to do something to keep it alive. Why should it be kept alive? do not ask such stupid questions. We should keep it alive, so it should be kept alive.
Here are a few suggestions:
1. Every stock broker should be forced to open one folio per week for the next 5 years.
2. The Rajiv Gandhi Equity Seva Grameen Authority will be the nodal authority to open 1.75 crore folios in the next 12 years. A sum of Rs. 100 crores has been set aside for this purpose.
3. If the client wants to invest in cash KYC will be revoked. This is necessary because a few of them will not have the details as required. As a start this scheme will be available only in New Delhi and Mumbai.
4. All websites carrying information, analysis, etc. about mutual funds will be eligible for subsidy if they write good things about mergers, acquisitions and stop telling people to remove money from funds not doing well.
5. A special section 80 CCCDEMF is being introduced as a deduction for investing in mutual funds. Rs. 20,00,000 invested in this fund will be eligible for deduction from income. However it will be available only if it is invested in 5* rated funds, and the rating should not change over the next 5 years.
6. Profits from investing in mutual funds will be tax free up to Rs. 10 crores, but will be eligible only for fund schemes which have less than Rs. 20 crores AUM.
7. The so called experts who come on TV and talk about mutual funds will be given a special allowance of Rs. 22,00,000 per annum. However they will talk well only about funds in the public sector. Public sector banks are however not eligible for this scheme.
more to follow…
was inspired today….some of my friends KNOW why this is so sarchy…but then…malice towards all….
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