[04:44:08 PM] => Myiris : Dear viewers kindly bare with us , the live chat with Mr. Chaturvedi will start shortly. We apologise for the delay
[04:53:15 PM] => Disclaimer
[04:54:03 PM] => Mr. Ved Prakash Charturvedi is the CEO of Chola Mandalam Cazenove AMC . At the time of this conversation / chat, the Fund House may or may not have positions in the stocks mentioned below , although holdings may change at any time.
[04:55:39 PM] => The views expressed by Mr. Chaturvedi is based upon information that he considers reliable, but does not represent that it is accurate or complete, and it should not be relied upon as such. Chola Mandalam Cazenove from time to time, may buy or sell in the securities, or derivatives thereof, of companies mentioned herein and may take positions inconsistent with the views expressed. None of the information contained herein constitutes, or is intended to constitute a recommendation of any particular security or trading strategy or a determination that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. You should consult with and rely upon your own advisors whether and how to use such information in making any investment decision.
[04:56:26 PM] => Lastly the views expressed by Mr. Chaturvedi have no bearing whatsoever with that of IRIS Ltd. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website www.myiris.com.

[04:56:49 PM] => Myiris : Welcome to the live chat session Mr. Chaturvedi

[04:57:47 PM] => VPC : My apologies to the participants for this small delay

[04:58:26 PM] => Ronnie: Since January FIIs bought close to 11000 crore Rs (net) and MFs sold close to 3000 crore Rs (net) worth of equity. Why should you look south when FIIs (gurus of the market) look north?
[04:59:19 PM] => VPC:MFs in India being closer to the ground situation at times read and interpret the news differently from FIIs as happened in the recent past.

[04:59:42 PM] => Pawang: Do you see M&A activity happening in the Banking sector?
[05:00:02 PM] => VPC : M&A activity in the banking sector has already started and will gather pace going forward. Small banks will become unviable
[05:00:27 PM] => Ranjit: Will Badla money enter the MF Industry ?

[05:00:53 PM] => VPC : Badla money will find a good opportunity in liquid funds and some Badla money is already coming in the industry.
[05:01:31 PM] => Munmun: Is it a better choice to buy units of a new debt fund or buy into an existing debt fund (dividend scheme)
[05:02:05 PM] => VPC :Both are same as debt fund portfolio are marked to market and yields would be similar
[05:03:11 PM] => sanjay: Should the small investor venture into Mutual funds given that all the MFs have succeeded is in destroying investor�s hard earned money?

[05:03:51 PM] => VPC:The small investor should definitely enter mutual fund in debt, balanced, equity products depending his/her risk profile. In the last 6 years, investors in above mentioned products have broadly made good returns.
[05:04:55 PM] => Antara: What are your views on the future direction of the Indian Mutual Fund Industry?

[05:05:30 PM] => VPC :The Indian mutual fund industry will continue to grow rapidly because it is one of the most efficient financial intermediaries here. Overseas examples prove this.

[05:06:01 PM] => Pramod: What is your opinion on the future of index funds?
[05:06:42 PM] => VPC :Index funds are good products especially when markets are low. These offer good long term opportunity for serious investors.

[05:07:13 PM] => Agalgatti: Do you see M&A happening in Mutual Fund Industry?
[05:08:04 PM] => VPC : M&A has already happened in the mutual fund industry and this will gather pace.

[05:09:53 PM] => Sachin: Are mutual funds facing redemption pressure? Is it one of the reasons why they are selling? Or, is it that they have a contrarian view compared to other institutional investors?
[05:11:15 PM] => VPC :Broadly mutual funds are not facing the huge redemption pressure. Some funds have sold to book profits or to provide for dividends.

[05:12:06 PM] => Prashant Mahesh: Should I entrust all my money to a single fund house or should I diversify within mutual funds also? Which segment in the technology segment will bounce back if at all it happens?
[05:12:56 PM] => VPC : It is always better to diversify among mutual funds as this diversifies fund manager risk. High quality companies with a good offshore model will succeed in the technology segment.

[05:13:23 PM] => Pankajc: What do you recommend to invest in - old economy or new economy ?
[05:13:52 PM] => VPC : A judicious mix of both would diversify risk. Ideally, one should invest in high quality companies in the old and new economy sectors. Both have to coexist.

[05:16:08 PM] => Paulsk: I have number of NRNR deposits which have been renewed a number of times.
[05:16:47 PM] => My questions are as follows:1) Can I now ask the bank to credit all the interests earned from these deposits to my NRE account? How will the interests be handled for deposits which have been renewed number of times?
[05:25:01 PM] => VPC : This question is out of the perview of this chat

[05:25:29 PM] => Payal: Why have volumes fallen so drastically?
[05:25:57 PM] => VPC : Volumes have fallen for various reasons. The new system of daily settlements, the global decline in equity prices and overall concern regarding performance of companies and their share prices as economic growth slows down.

[05:26:25 PM] => Sanjay: How can a retail investor can use the derivates to his advantage? What should be the Investment strategy after 2nd July?
[05:26:57 PM] => VPC : A retail investor can hedge his / her position thereby protecting downside. Also, a retail investor can leverage through derivative products to enhance returns depending on a market view.

[05:28:11 PM] => Yuyutsu: Everyone says that MFs in India are yet to mature. What are general symptoms
[05:29:07 PM] => VPC : Mutual funds in India have come up the learning curve over the past decade. There is higher quality fund management, more investor oriented selling and a higher level of investor servicing. However, we have to further improve in these areas which would generally characterize a mutual fund industry.

[05:32:32 PM] => Myiris : Mr. Chaturvedi has received an urgent call , we request the participants to kindly bare with us.

[05:33:40 PM] => Ujval: Does the current trend of increased fixed income mobilisations indicate a disinterest in equiities that will last.
[05:34:11 PM] => VPC: As the equity markets have declined over the past few months in India and globally, interest in equities has come down. Hence, debt funds are witnessing higher mobilization. This trend will continue for sometime.

[05:34:44 PM] => JK: What are your thoughts on the Capital Goods Industry on a whole and Cummins India specifically?
[05:35:40 PM] => VPC: The capital goods industry would benefit from the investment in infrastructure that should take place for a growing economy like India. This would be spread over a period of time and hence one should be patient and look for returns from the sector only over a medium time frame.

[05:38:34 PM] => Kajol: Dear sir, Which sector will out perform the index.Is is worth applying for Rs 3-4, tech fund.
[05:39:00 PM] => VPC: Broadly speaking, high quality companies which are well managed will outpeform the index. They could be in any sector. Critically speaking a tech fund would give returns over a medium term time frame and investors in these funds would only benefit if they have a medium term view.

[05:39:54 PM] => Manish: Is market bottoming out? Should I start with bottoms up approach now?
[05:40:39 PM] => VPC: A bottom-up approach will help get good medium term returns in any market. Specially in the current market where valuations have come down, value oriented bottom-up approach to stock picking will help.

[05:41:04 PM] => Jajoo: Have we finally got into a recession. Where do we go from here
[05:41:26 PM] => VPC: The economic growth is still above 5% in India. This cannot be called a recession. The growth rate has slowed down because of decline in domestic business confidence and consumer confidence leading to sluggish demand. A good monsoon and a stable global and domestic business climate should help in boosting demand.

[05:41:58 PM] => Ramanp: what is your opinion on technology funds?
[05:42:42 PM] => VPC: Technology funds would give returns in line with the technology sector. The outlook for the sector is sanguine for the medium term but is somewhat unclear in the immediate future. Hence, investors with a medium term view should look at this sector.

[05:43:24 PM] => Karthikeyan: : UTI I beleive has had over 1500 crs redemption pressure , pvt. mutual funds have had a net to net redemption on Equity MF\'s as reported by AMFI - how are you saying that the Indian MF\'s have not faced redemption pressure
[05:44:24 PM] => VPC: The total mutual fund industry in India is approx. Rs.100000 crores in size. At any point of time a redemption of upto 3% of the total industry size can well be expected and should be managed by the industry in the normal course. Thus as I said earlier, there is no huge redemption pressure and infact some domestic funds are sitting on cash at present.

[05:44:51 PM] => Ayan: Sir in the aftermath of recent meltdown in indian equity market what is the houseview for the rest of the year.Any particular sector where the fund is more bullish
[05:45:24 PM] => VPC : I have already answered it above

[05:45:52 PM] => Myiris : Thank you participants but thats all for now

[05:47:03 PM] => Myiris : We thank you Mr. Chaturvedi for a brief insight into our markets and the MF Industry as a whole

[05:49:28 PM] => Myiris : Dear Participants , kindly do not forget to log on on Friday , July 6, 2001 to share your views and ask your questions to Mr. Girish Nadkarni - Director TAIB Securities India Ltd.

[05:50:10 PM] => Myiris : Thank You Once again

[05:50:32 PM] => Myiris : This chat session is now closed