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MF News Essel MF to bear GST for its distributors

Essel MF to bear GST for its distributors

The fund house will bear the 18% GST on behalf of its fund’s distributors.
Team Cafemutual Dec 5, 2017

Essel Mutual Fund has announced a bonanza offer to its distributors whereby it will bear  GST benefit on behalf of its distributors.

The fund house will bear the 18% GST  therefore insulating distributors against the impact of GST, says a press release.

The GST benefit will be available on all present and future schemes of Essel Mutual Fund, till March 2019.

On the announcement of this scheme, Rajiv Shastri, CEO, Essel Mutual Fund, said, “For the industry to grow it is important that distributors and IFAs remain engaged and encouraged. Towards this end, and based on the feedback received from the distribution community, we are happy to announce this initiative. We believe in inclusive growth which benefits all stakeholders and this initiative is in line with Essel Finance’s motto, ‘Grow With Us.’

Essel Finance, a part of the conglomerate Essel Group announced its entry to the Rs.2 1 trillion mutual fund industry in October 2017. Earlier in August, Essel Finance had acquired Peerless Funds Management.

The company has AUM of Rs.980 crore as on September 2017.

 

 

 

7 Comments
dB DESAI · 1 week ago
Other AMCs should have done this immediately after announcing the applicability of GST to the distributors. Most were busy in justifying the reverse charge mechanism etc even in the service tax era.
dB DESAI · 1 week ago
Other AMCs should have done this immediately after announcing the applicability of GST to the distributors. Most were busy in justifying the reverse charge mechanism etc even in the service tax era.
Vivek · 1 week ago
Motilal Oswal is already doing it, if they can, all the AMCs can.
Distributors should collectively put pressure on all the AMCs to do the same.
Rajesh Bhatia · 1 week ago
A WELCOME MOVE INDEED ..THAT TOO FROM A NEW ENTRANT!!!
OTHER AMCs SHOULD HAVE DONE LONG BACK...
Vijay mallaya · 1 week ago
Hi other amc have no time in such bullshits they know most of aum Ifa ate going to push in them so y bear the brunt.. Essel motilal are doing just to pull client and Ifa base for more aum
Ibn narayan · 1 week ago
Other AMC s also to follow the Essel mf bold decision
amit bhupendre thakker · 1 week ago
there should be universal law if Essel mutrual funds can do why not other AMC Not do
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