One of the things i bitterly miss about being more physically functional is not really being able to partake in much fashion. I get help getting dressed, undressed, and adjusting my clothes and it's still difficult and consumes a lot of energy so I live in sweatpants and t-shirts.
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A Chatham, Ont. mother is spearheading a class action lawsuit alleging a company that collected $14 million in investments from members of her community was actually a Ponzi scheme that fed nearly a third of its funds to Ontario’s self-described ‘crypto king’ Aiden Pleterski.
“It’s definitely been overwhelming,” Emily Hime, the 31-year-old mother, told CTV News Toronto in an interview earlier this month. “The financial stress of it all, it’s impacted my family life quite significantly.”
The class action, filed at the Ontario Superior Court of Justice in May, is representing 125 people who invested with Banknote Capital Inc. after a whistleblower from the company filed a complaint to the Ontario Securities Commission in early 2023 alleging the owner pocketed investments. The lawsuit is ultimately aiming to trace and preserve assets with the goal of redistributing money to investors.
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Tagging: @allthecanadianpolitics
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What is Mutual Fund?
A mutual fund is a type of investment vehicle that pools money from multiple investors to invest in a diversified portfolio of securities such as stocks, bonds, and other assets. Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced.
It is managed by a professional fund manager or an asset management company (AMC) who makes investment decisions on behalf of the investors.
Mutual funds offer good investment opportunities to the investors. Like all investments, they also carry certain risks
SEBI formulates policies and regulates the mutual funds to protect the interest of the investors.
OVERVIEW OF MUTUAL FUNDS INDUSTRY IN INDIA
The mutual fund industry in India was set up through a combination of regulatory changes, legislative reforms and the entry of various market players.
Unit Trust of India- UTI was founded in 1964, which is when the mutual fund sector in India first started to take off. To mobilize public funds and invest them in the capital markets, UTI was established as a statutory body under the UTI Act, 1963. The idea of mutual funds was greatly popularized in India because to UTI.
Regulatory Framework-In India, the mutual fund industry's regulatory structure began to take shape in the 1990s. The Securities and Exchange Board of India (SEBI) Act, which established SEBI as the governing body for the Indian securities markets, was passed in 1993. Among other market intermediaries, SEBI was responsible with regulating and supervising mutual funds.
The SEBI (Mutual Funds) Regulations,1996- This regulation established the legal foundation for the establishment, administration, and operation of mutual funds in India. These regulations outlined the standards for investor protection, investment restrictions, disclosure requirements, and eligibility requirements for asset management companies (AMCs).
Introduction of Private Sector Mutual Funds: UTI was the only active mutual fund provider in India prior to 1993. Private sector mutual funds were nevertheless permitted to enter the market as a result of the liberalization of the financial sector and the opening up of the Indian economy. Many domestic and foreign financial organizations launched their own AMCs and entered the mutual fund industry.
Product Line Evolution: The mutual fund sector in India has grown and increased its product selection throughout the years. Mutual funds initially mainly offered income and growth opportunities. To address various investor needs and risk profiles, the industry did, however, offer a wider range of products, such as equity funds, debt funds, balanced funds, and specialist sector funds.
Investor Education and Awareness: Serious efforts have been made to educate and raise investor awareness in order to encourage investor involvement in mutual funds. Industry groups, AMCs, and SEBI have run investor awareness campaigns, distributed instructional materials, and supported systems for resolving investor complaints. Systematic Investment Plans (SIPs) were introduced, and this was a significant factor in luring individual investors
Technological Advancements-The mutual fund sector in India has embraced technological development, making it possible for investors to access and invest in mutual funds through online platforms and mobile applications. Investors can now transact, track their investments, and get mutual fund information more easily thanks to digital platforms.
The mutual fund industry in India has developed into a strong and regulated sector through regulatory changes, market competition, and investor-centric initiatives. The sector keeps expanding, drawing in more investors and providing them with a wide variety of investment possibilities around the nation.
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