The year 2020 was painful for the Indian mutual fund industry. After a surge in flows during the covid-19-driven stock market crash in March, the industry saw sustained net outflows from its equity schemes, a much-watched barometer. The outflows coincided with record number of new demat accounts, expected to touch 10 million in FY21, suggesting that India’s retail investors were dumping mutual funds to try their luck in the stock market.
Solving the KYC mess: 5 steps that SEBI has taken to make things easy
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