Security and Exchange Board of India (SEBI) Executive Director SV Murali Dhar Rao said here on Saturday that the Mutual Fund (MF) Industry of Odisha is growing at a healthy rate.
“Odisha’s contribution to the national MF industry was 0.57 per cent in March 2015 and the rate has increased to 0.91 per cent by October 30, 2018. Though the contribution has very less but the growth of the industry in this state is quite impressive,” remarked Rao while speaking at the Indian Chamber of Commerce (ICC) Retail Saving Opportunity Conclave organized here.
Rao informed the audience that contribution of retail investors to the total AUM (Asset under Management) is 26 per cent. Most of their funds invested in the equity. Only 8 per cent retail investors are in non-equity sector.
ICC National Expert Committee member Sudhir Roy Choudhury delivering the welcome said the mutual fund industry has spread to smaller cities as well and many first-time investors are coming from small towns along with the metro cities.
Among others, UTI Asset Management’s Debasish Mohanty and LIC Senior Divisional Manager LP Das were present.