HDFC Mutual Fund names new fund managers for schemes managed by Prashant Jain

HDFC Mutual Fund has announced the names of fund managers who will manage the three schemes that were managed by Prashant Jain before his resignation. The fund house already announced that Chirag Setalvad will take over as Head of Equities and Shobhit Mehrotra has been redesignated as Head - Fixed Income. 
 
Roshi Jain will manage the HDFC Flexi Cap Fund with assets worth Rs 26,511 crore. Jain was earlier the VP-Portfolio Management at Franklin Templeton before she joined HDFC AMC in December, 2021. HDFC Top 100 Fund will be managed by Rahul Baijal. He was associated with Sundaram AMC from July 1, 2016 – June 28, 2022 as senior equity fund manager. Before that Baijal was associated with Bharti Axa Life Insurance Company Limited as Vice President - Investments (Fund Manager).
 
HDFC Balanced Advantage Fund will be co-managed by Gopal Agarwal and Srinivasan Ramamurthy (Equity Assets) and Anil Bamboli (Debt Assets). Gopal Agarwal has been in the mutual fund industry for 20 years and has been associated with Mirae Asset Management, DSP Mutual and Tata AMC. 
 
The fund house said that Rahul Baijal, Senior Member - Investment Team (Equity), shall be redesignated as Senior Fund Manager – Equities. Nandita Menezes, Assistant Manager - Dealing & Investments shall be re-designated as ‘Assistant Manager – Investment Process control, Equity Dealer (Backup)’. Priya Ranjan is the dedicated Fund Manager for Overseas Investments. The new fund managers will take charge from 29th July onwards

 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
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Debashis Basu
Founder