As the market regulator, it is the SEBI's (Securities and Exchange Board of India) responsibility to protect the investors. The concept of side-pocketing is one such initiative taken by SEBI to safeguard debt mutual fund investors. Take a look at what it is and how it impacts mutual fund schemes-
What is Side-Pocketing?In simple words, side-pocket allows the AMCs to separate their bad or illiquid assets from good or liquid assets. This helps them ensure that the NAV of the scheme is protected against steep falls when large investors exit the scheme due to any issue regarding the credit profile of debt securities held by the scheme.
Once separated, the good and bad assets have separate NAVs. This helps keep the NAV stable and protects investors from sudden losses.
Let us assume there is a mutual fund with a total AUM of Rs. 10 crores. Now, ICRA downgrades the rating of a particular bond held by the fund to 'junk.' The debt fund has an exposure of Rs. 1 crore in the downgraded bond. The AMC managing the fund can use the side-pocketing option to separate the downgraded bond from the rest of its portfolio.
The scheme will now have two separate AUMs- Rs. 9 crores (good assets) and Rs. 1 crore (bad assets). As there will be two AUMs, there will be two separate NAVs as well.
Investors are given units from both good and bad corpus as per the amount they have invested. While they are allowed to buy and sell units from the good corpus, the same is not possible for the bad corpus. Units from the bad corpus can only be redeemed when the fund house is able to sell the downgraded bonds or if its rating improves.
How Does Side-Pocketing Impact Mutual Funds?Now that you know what is side-pocketing in mutual funds, take a look at how it impacts the funds-
- Side-pocketing helps protect the investors from sudden exits of large investors.
- It helps keep the NAV of the scheme stable.
- Side-pocketing ensures that a scheme's bad or illiquid assets do not negatively impact the performance of good or liquid assets.
- AMCs can use this option to ensure that they only have good assets in their portfolio.
- SEBI has also introduced safeguards so that AMCs do not misuse this facility.
Protecting Investor Interests with Side-PocketingSeveral countries across the world already use the concept of side-pocketing. Now that SEBI has introduced the same in India, it is expected to add more stability to debt mutual funds and protect investors from sudden NAV volatility.
While the regulator regularly introduces such initiatives to protect the investors, you too should invest smartly and take adequate measures to ensure that your hard-earned money delivers the expected returns.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
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