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Axis Mutual Fund has doubled its asset under management in the last 15 months to Rs 24,000 crore aided by fresh fund flow and better equity market performance.
Chandresh Nigam, Managing Director and CEO, Axis Asset Management Company said the mutual fund's attempt to reach beyond top 15 cities through select Axis Bank network of 24,000 branches has paid rich dividends.
"We would continue to focus on channelising retail investors fund into equity markets by delivering highest risk adjusted returns. Of our total AUM, 40 per cent asset belongs to equity and equity-linked schemes," he said speaking to Business Line .
He expects corporate profits to improve progressively from the next fiscal and markets to remain on bullish note with correction occasionally.
Post Budget, he said, the challenge for the industry is to restrain outflow of Rs 1.50 lakh crore of non-equity funds that may be withdrawn due to the Budget extending the tax benefit available on the schemes to 3 years from one year.
The industry is hopeful that the Government would consider the industry plea not to impose the new norm to alter tax benefit on existing investors. The government has made it clear that it is not interested in retrospective tax, he said.
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