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The Securities and Exchange Board of India (SEBI) has proposed the launch of a new platform aimed at helping investors trace inactive and unclaimed Mutual Fund (MF) folios. The service, called MITRA (Mutual Fund Investment Tracing and Retrieval Assistant), will allow investors to track their overlooked or forgotten MF investments.

Addressing investor concerns

Over the years, many mutual fund investors lose track of their investments. This can happen if investments were made in physical form with minimal KYC details, or if the investor’s personal information is out of date.

In some cases, these investments can remain in open-ended growth option schemes indefinitely until the investor or their nominee approaches the concerned Asset Management Company (AMC) for redemption or transfer.

Due to missing KYC details such as PAN or a valid email address, these folios may not even appear in a unitholder’s Consolidated Account Statement.

SEBI’s new platform is intended to address this issue by creating an industry-level, searchable database of inactive and unclaimed MF folios.

How MITRA will help investors

The MITRA platform, developed by SEBI in collaboration with the two leading RTAs (Registrar and Transfer Agents) — CAMS and KFIN Technologies — will provide the following benefits to investors:

Identify forgotten investments: Investors can search for old or forgotten investments made under their name, or discover investments made by others that they may be the rightful claimant of.

Encourage KYC compliance: By encouraging investors to update their KYC details, the platform aims to reduce the number of non-compliant folios.

The platform will contribute to a more transparent financial ecosystem by helping investors find their inactive or unclaimed investments.

Minimise fraud risks: The platform will incorporate safeguards to reduce the risk of fraudulent redemptions.

Defining inactive folios

The draft circular defines an “inactive folio” as a mutual fund folio where no investor-initiated transactions (financial or non-financial) have occurred in the last 10 years, but there is still a balance in the units.

These inactive folios may belong to investors who have either forgotten about their investments or simply chosen not to redeem them.

The platform aims to encourage investors to track down such investments and update their KYC details, but there will be no consequences for those who are aware of and choose to keep their investments active.

Launch timeline

The platform will be jointly hosted by CAMS and KFIN Technologies, and accessible through several platforms, including MF Central, AMCs, and AMFI websites.

The beta version of the service is expected to be launched within the next few months for a two-month trial period.

AMCs, RTAs, and Mutual Fund distributors will be required to raise awareness about the new platform among investors.

SEBI is now inviting public comments on the draft circular. Investors, industry professionals, and other stakeholders can submit their feedback by January 7, 2025.

The feedback can be submitted online via the SEBI website.

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Shares of Vedanta Ltd will be in focus on Tuesday morning after the Anil Agarwal-led company announced the fourth interim dividend, totalling Rs 3,324 crore for the ongoing financial year. Vedanta said its board approved a dividend of Rs 8.50 per share for FY25 while suggesting Tuesday, December 24, 2024, as the record date for the purpose of payment of dividend. The interim dividend will be duly paid within the stipulated timelines as prescribed under law, Vedanta said.

Vedanta had announced Rs 20 per share as third interim dividend, worth Rs 7,821 crore. Vedanta earlier announced interim dividends of Rs 4 per share and Rs 11 per share, respectively. With this, Vedanta announced dividends worth Rs 43.50 per share for FY25. Promoters owned 56.38 per cent stake in Vedanta as on September 30.

Vedanta peer comparison — high dividend paying cos

In the past 12 months, Vedanta has announced Rs 54.50 per share dividend. It is leading the largecap pack in terms of dividend payout. Vedanta’s dividend yield (excluding the announced one) stood at 9 per cent against 6 per cent for Coal India (Rs 26 dividend per share in past 12 months), 6 per cent for Hindustan Zinc Ltd (Rs 29 per share), 5 per cent for ONGC (Rs 12.50 per share) and 5 per cent for IOC (Rs 7 per share). IT firms HCL Technologies Ltd and Infosys announced dividends of Rs 54 and Rs 49, respectively, but dividend yields stayed at 2-3 per cent.

Vedanta dividend history

Vedanta had declared a total of Rs 10,959 crore or Rs 29.50 per share dividend in FY24. The dividend yield stood at 10.86 per cent. It announced Rs 101.50 per share dividend in FY23, amounting to Rs 37,572 crore. In FY22, Vedanta shared Rs 16,689 crore or Rs 45 per share dividend with shareholders. FY21 saw Vedanta announcing a total dividend of Rs 3,519 crore or Rs 9.50 per share dividend.

Vedanta rating

Vedanta said India Ratings and Research Private Limited has upgraded ratings on Non-Convertible Debentures (NCDs) to ‘IND AA-/Rating Watch with Developing Implications’ and the rating on commercial paper has been withdrawn.

Background

There were earlier concerns over the Vedanta parent Vedanta Resources’ mounting debt. Vedanta Resources sold 2.7 per cent stake in Vedanta in the June quarter. Vedanta also offloaded 1.51 per cent stake sale in Hindustan Zinc Ltd, a group firm. Besides, Vedanta raised $1 billion from qualified institutional placement (QIP), which analysts felt could lead to an improvement in liquidity and financial flexibility. The moves were seen positive, as they may help retire high-cost borrowing, resulting in lower interest outflow and release of pledged shares.

Vedanta is also in the process of corporate restructuring. On September 29, 2023, Vedanta Ltd unveiled a demerger plan to create 6 independent pure-play entities, aiming to unlock value, attract investments, and enhance sector-specific strengths. Equirus said each entity will benefit from focused strategies, capital allocation, and management autonomy, moving from centralized to independent operations.

“Investors can reallocate based on individual commodity outlooks, likely prompting a re-rating. With NCLT approval expected by March 2025, the demerger is positioned to drive long-term growth. Vedanta’s Rs 1.8 lakh crore market cap could potentially reach to Rs 3 lakh crore; post-demerger,” Equirus said recently.

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The Top Gainers and Losers Today: The Nifty index closed at 24,768.3, reflecting a decrease of 0.4%. Throughout the trading day, the Nifty reached a high of 24,781.25 and a low of 24,601.75. The Sensex fluctuated within a range of 82,116.44 and 81,551.28, ultimately closing down by 0.47% at 82,133.12, which represents a decline of 384.55 points from the opening price.

In contrast, the Midcap index outperformed the Nifty 50, with the Nifty Midcap 50 closing 0.71% higher. Additionally, small cap stocks demonstrated strong performance, as the Nifty Small Cap 100 ended at 19,407.3, marking an increase of 123.75 points or 0.64%.

The Nifty 50 has recorded returns as follows:

– In the last 1 week: 0.19%

– In the last 1 month: 5.16%

– In the last 3 months: -2.83%

– In the last 6 months: 4.7%

– In the last 1 year: 15.16%

Nifty Index Top Gainers and Losers Today

The top gainers in the Nifty index were Dr. Reddy’s Laboratories (up 1.89%), Indusind Bank (up 1.29%), HDFC Life Insurance Company (up 0.38%), Bajaj Finance (up 0.36%), and Power Grid Corporation of India (up 0.34%). Conversely, the top losers in the Nifty index included Titan Company (down 2.01%), Adani Ports & Special Economic Zone (down 1.33%), Tata Consultancy Services (down 1.31%), Hindalco Industries (down 1.30%), and Bharat Petroleum Corporation (down 1.24%). The Bank Nifty concluded at 53,583.8, with an intraday high of 53,738.9 and a low of 53,335.0. The performance of the Bank Nifty is summarized below:

– In the last 1 week: 0.31%

– In the last 1 month: 6.37%

– In the last 3 months: 2.72%

– In the last 6 months: 6.21%

– In the last 1 year: 11.92%

The following is a list of stocks that were the top gainers and losers during the trading session on December 16, 2024:

Sensex:

Top Gainers: Indusind Bank (up 1.28%), Bajaj Finance (up 0.30%), Power Grid Corporation of India (up 0.24%), Axis Bank (up 0.17%), and Mahindra & Mahindra (up 0.12%).

Top Losers: Titan Company (down 2.04%), Tata Consultancy Services (down 1.29%), Ultratech Cement (down 1.29%), NTPC (down 1.25%), and Bharti Airtel (down 1.16%).

Nifty:

Top Gainers: Dr. Reddy’s Laboratories (up 1.89%), Indusind Bank (up 1.29%), HDFC Life Insurance Company (up 0.38%), Bajaj Finance (up 0.36%), and Power Grid Corporation of India (up 0.34%).

Top Losers: Titan Company (down 2.01%), Adani Ports & Special Economic Zone (down 1.33%), Tata Consultancy Services (down 1.31%), Hindalco Industries (down 1.30%), and Bharat Petroleum Corporation (down 1.24%).

Nifty MidCap 50:

Top Gainers: Oberoi Realty, Sundaram Finance, Dixon Technologies (India), Aurobindo Pharma, and Phoenix Mills.

Top Losers: Hindustan Petroleum Corporation, Colgate Palmolive India, Au Small Finance Bank, Petronet LNG, and P I Industries.

Nifty Small Cap 100:

Top Gainers: Five Star Business Finance, Housing & Urban Development Corporation, Affle India, Data Patterns India, and ITI.

Top Losers: Angel Broking, Tata Teleservices Maharashtra, National Aluminium Company, IIFL Finance, and Tejas Networks.

BSE:

Top Gainers: Sun Pharma Advanced Research Company (up 8.70%), Avanti Feeds (up 7.11%), Oberoi Realty (up 6.40%), The New India Assurance Company (up 5.54%), and Housing & Urban Development Corporation (up 5.51%).

Top Losers: Focus Business Solution (down 5.00%), Achyut Healthcare (down 4.87%), Angel Broking (down 4.79%), Tata Teleservices Maharashtra (down 3.38%), and Deepak Fertilisers & Petrochemicals Corporation (down 3.25%).

NSE:

Top Gainers: Sun Pharma Advanced Research Company (up 8.84%), Five Star Business Finance (up 8.64%), Avanti Feeds (up 7.19%), Oberoi Realty (up 6.41%), and The New India Assurance Company (up 5.62%).

Top Losers: Angel Broking (down 4.77%), Vijaya Diagnostic Centre (down 3.56%), Tata Teleservices Maharashtra (down 3.33%), Deepak Fertilisers & Petrochemicals Corporation (down 3.31%), and Chalet Hotels (down 3.14%).

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 India’s primary market is set to buzz with six initial public offerings (IPOs)—three mainboard and three SME—alongside 12 new listings from Monday, December 16, to Friday, December 20. Last week, seven SME IPOs and five mainboard IPOs hit the Indian primary market, all of which will make their stock market debut in the coming week.

The SME IPO NACDAC Infrastructure Limited will open on Tuesday, followed by another SME IPO, Identical Brains Studios Limited, on Wednesday. On Thursday, two mainboard IPOs, Mamata Machinery Limited IPO and Transrail Lighting Limited IPO, will open for subscription. On the same day, one SME IPO, Newmalayalam Steel Limited IPO, will also open for subscription. On Friday, subscriptions for mainboard IPO Ventive Hospitality Limited IPO will open.

Among the mainboard IPOs already open, Mobikwik IPO witnessed a whopping oversubscription of 119.38 times overall, while Vishal Mega Mart IPO was booked 27.28 times. From the SME IPO space, Hamps Bio IPO, which opened on Friday, was oversubscribed by nearly 11 times on the first day of subscription only.

Upcoming IPOs next week

Let’s take a look at the new mainboard IPOs that will open for subscription next week:

Mamata Machinery IPO 

The ₹179 crore book-built issue will open on Thursday, December 19, and will remain open till Monday, December 23. 

Share allotment is likely to be finalised on Tuesday, December 24, and the stock is expected to be listed on the BSE and the NSE on Friday, December 27. 

The issue has no fresh shares on offer and it is entirely an offer for sale (OFS) of about 74 lakh shares. 

Beeline Capital Advisors Pvt Ltd is the book-running lead manager of the issue, while Link Intime India Private Ltd is the registrar.

Transrail Lighting IPO

It combines a fresh issue of ₹400 crore and an offer for sale (OFS) of 1.02 crore shares. The book-built issue will open for subscription on Thursday, December 19 and will close on Monday, December 23. 

Share allotment is likely to be finalised on Tuesday, December 24, and the stock may debut on the NSE and the BSE on Friday, December 27. 

Inga Ventures Pvt Ltd, Axis Capital Limited, HDFC Bank Limited, IDBI Capital Market Services Limited are the book-running lead managers, while Link Intime India Private Ltd is the registrar for the issue.

Ventive Hospitality IPO

The ₹1,600 crore book-built issue is entirely a fresh issue which will open on Friday, December 20, and conclude on Tuesday, December 24. 

Share allotment could be finalised on Thursday, December 26, and the tentative listing day for the stock is Monday, December 30. It will be listed on the BSE and the NSE. 

JM Financial Limited, Axis Capital Limited, HSBC Securities & Capital Markets Pvt Ltd, ICICI Securities Limited, IIFL Securities Ltd, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited are the book-running lead managers, while Kfin Technologies Limited is the registrar for the Ventive Hospitality IPO.

Let’s take a look at the new SME IPOs that will open for subscription next week:

NACDAC Infrastructure IPO

It is entirely a fresh issue of 28.60 lakh shares to raise about ₹10 crore. The issue will open on Tuesday, December 17, and will conclude on Thursday, December 19. 

Share allotment could be finalised on Friday, December 20, and the stock may be listed on the BSE SME on Tuesday, December 24. 

GYR Capital Advisors Private Limited is the book-running lead manager and Maashitla Securities Private Limited is the registrar of the NACDAC Infrastructure IPO.

Identical Brains Studios IPO

It is also entirely a fresh issue of 36.94 lakh shares to raise nearly ₹20 crore. It opens for subscription on Wednesday, December 18, and closes on Friday, December 20. 

The company may finalise share allotment on Monday, December 23, and the stock is expected to be listed on NSE SME on Thursday, December 26. 

Socradamus Capital Private Limited is the book-running lead manager, while Bigshare Services Pvt Ltd is the registrar for the issue.

Newmalayalam Steel IPO

An entirely fresh issue of 46.40 lakh shares, the IPO aims to raise about ₹42 crore. The issue opens on Thursday, December 19, and closes on Monday, December 23. 

Share allotment is expected to be finalised on Tuesday, December 24, and the stock may be listed on the NSE SME on Friday, December 27.

Khandwala Securities Limited is the book-running lead manager, while Kfin Technologies Limited is the issue registrar.

IPO listings next week

There are as many as 12 new listings in the coming week. 

On Monday, Dhanlaxmi Crop Science stock will be listed on the NSE SME platform. 

On Tuesday, two stocks – Toss The Coin and Jungle Camps India- will be listed on the BSE SME. 

On Wednesday, five stocks will debut on Indian bourses, out of which Vishal Mega Mart, One Mobikwik Systems and Sai Life Sciences will debut on the NSE and the BSE, while Purple United Sales and Supreme Facility Management will debut on the NSE SME.

On Thursday, shares of Inventurus Knowledge Solutions are expected to debut on the BSE and the NSE, and on the same day, Yash Highvoltage will debut on the BSE SME platform.

Finally, on Friday, shares of the International Gemmological Institute (India) may be listed on the BSE and the NSE, and those of Hamps Bio could debut on the BSE SME platform.

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India’s trade deficit expanded to a record high in November, as the nation’s import bill ballooned, particularly due to a rise in gold shipments. 

The gap between exports and imports stood at $37.8 billion in November, trade ministry data showed Monday, much higher than the $23 billion deficit forecast by economists in a Bloomberg survey. Trade deficit in October stood at $27.1 billion.

A widening trade deficit may put further pressure on India’s current account deficit and the local currency, which weakened 0.5% against the dollar last month, marking its worst month since March.

Imports rose 27% in November from a year earlier to $69.95 billion, while exports stood at $32.11 billion, down 4.9%. Inbound shipments were $66.3 billion in October, while outbound shipments stood at $39.2 billion.

Gold imports shot up to a record high of $14.8 billion in November as demand for the yellow metal increased after the government slashed the custom duty to 6% from 15% in July. Demand for gold also rose as rising geopolitical tensions made the asset class more attractive to investors.

What Bloomberg Economics Says

India’s record trade deficit in November will weaken the rupee further. Imports surged during the month and exports declined. While further details are pending, we believe the Reserve Bank of India’s FX sales will need to continue for now to prevent a sharp fall in the currency. 

Abhishek Gupta, India economist

While India reported its slowest growth in almost two years in the July-September quarter, there’s some rebound in high-frequency indicators in the last few months. However, rising conflict in the Middle East and Donald Trump’s proposed tariffs may complicate the growth outlook in 2025.

The World Trade Organization last week said the outlook for global trade “is clouded by rising economic uncertainty, including possible shifts in trade policy.”

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