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Fund houses junk fixed maturity plans, return money to investors

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NEW DELHI: One of Finance Minister Arun Jaitley's budget initiatives seems to have killed an asset class, or at least a substantial portion of it. Stunned by the change in tax rules for non-equity funds, fund houses are deferring forthcoming issues of fixed maturity plans (FMPs). At least four fund houses have confirmed that their FMPs have been deferred. Two have even returned money collected from investors for issues that closed last week. "The budget has killed one-two year FMPs," said a fund manager. Before Jaitley's budget, FMPs were a popular investment option for many. Eight new FMP issues were scheduled to open this week and another nine that opened last week will close this week. The measure is aimed at nixing the tax arbitrage that rewarded short-term investors in such plans compared with other investment avenues such as deposits. Life doesn't change much for longer term investors though. While interest on fixed deposits is taxed as normal incom...
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