(2/n) who m I ? I am one of those unlucky 300,000 Indian investors who were risk averse and chose debt funds over equity to park my hard earned money with this fund @FTIIndia . Now the entire money has been frozen since 24th Apr with no communication on timelines by fund house..
(3/n) I would rather say a mismanaged fund house who mails you in the morning that your money is safe but you receive another mail 3am next day which says that you cant access your money now and even we don't know when you can access it..
(4/n) Mutual funds were supposed for those investors who cant or don't want to analyze the individual securities and thus park their funds with a fund manager who is supposed to work in the interest of these investors while charging his fee from the fund AUM..
(5/n) and debt MFs were for those who don't want to take equity risks and required their money in short term - lot of debt term investors do SWP for managing their monthly expenses, every investors has different interest in parking his money in debt funds..
(6/n) one of the reason cited by the fund house @FTIIndia for their action was - they are facing liquidity crunch to bear the redemption pressure due to COVID situation. Remember - mail on 23rd Apr cited that there was no problem at all and there were regular mails which said to
(7/n) continue your SIPs. Now, on 10th May today there is still no direction from the fund house and sadly no action plan either by @SEBI_India @amfiindia @PMOIndia @nsitharamanoffc @RBI @FinMinIndia or any other authority to give any schedule of redemption..
(8/n) more than 2 weeks today and 300,000 of us are still waiting for own frozen funds. All those #mutualfundssahihai campaigns were just a bait to trap investors like us. Now there is complete silence on the matter and the entire MF industry is trying to make us believe that
(9/n) all the other funds are safe - I am highly doubtful now! How do I believe any of this communication now which has no other meaning but to market products of an industry with no accountability from the group. one thing is for sure, if this problem persists for few more days
(10/n) there are atleast 300,000 of us who wont believe in mutual funds for ever. If the confidence is not restored at earliest by giving the investors a smooth exit from this mess, the whole industry is set to suffer with people revisiting their investment philosophy..
(11/n) the comment might look naïve to many but one should check the fund outflow data after this @FTIIndia fiasco on 24th and derive your own conclusion. If this incident is not able to wake up the regulators @SEBI_India to direct @FTIIndia for returning our money
(12/n) I don't know who will trust these debt funds anymore. With faith in Indian regulators @SEBI_India and governance of India, I really hope that the matter will be resolved at earliest and the confidence will get restored. Few days from now would decide either #MFsahihai
(13/n) or #MFsahiNahihai. I also hope @FTI_Global @FTIIndia are taking the note of the situation and would resolve the matter at earliest which is deteriorating their global brand equity that got built in a long time. Investors require an exemplary resolution @FTI_Global
(14/n) which could either mean to buy the 4Bn securities into their own balance sheet and give an exit to the investors, otherwise the dent to the fund house could be unimaginable globally.
#wakeupIndia #MFsahinahihai @FTIIndia @SEBI_India @PMOIndia @RBI @Swamy39 @AnilSinghvi_
#wakeupIndia #MFsahinahihai @FTIIndia @SEBI_India @PMOIndia @RBI @Swamy39 @AnilSinghvi_
(end) @ZeeBusiness @CNBC_Awaaz @CNBCTV18News @arnab_newshour @FTI_Global @nsitharaman @nsitharamanoffc @jayantsinha @amfiindia @Sanjay_69
with still some faith left
signing off
1/300,000 unlucky investor who chose @FTIIndia as their emergency fund custodian
with still some faith left
signing off
1/300,000 unlucky investor who chose @FTIIndia as their emergency fund custodian
@threadreaderapp pls unroll
