|Capital Gains||As per the Income Tax Act, the gains made on sale of securities and certain other assets (including units of mutual funds) are charged to capital gains tax. The gains can be long-term or short-term depending on the period of holding of the asset and are charged to tax at different rates. Gains on mutual fund units held for a period of 12 months or more are long-term gains.|
|Claim||A claim refers to the payment made by the insurance company to the insured or nominee on the occurrence of the event specified in the insurance documents.|
|Close-ended schemes||Schemes which have a fixed tenor of maturity.|
|Commission||Commission refers to the fees paid to an agent. It is usually a percentage of premiums.|
|Concealment||Concealment is the act whereby an applicant withholds critical information from the insurance company, is called concealment.|
|Corpus||The total amount of money invested by all the investors in a scheme.|
|Cost Of Churning||The portfolio of a scheme changes from time to time. The rate of change depends on the style of the fund manager (whether he follows the buy-and-hold philosophy or aggressively churns the fund) and on the type of investors (whether the fund constantly receives fresh subscriptions and redemption requests). Such portfolio changes have associated costs of brokerage, custody fees, transaction fees and registration fees which lower the returns. These costs comprise the cost of churning.|
|Current Load||Load structure applicable currently. Funds keep revising the load structures prospectively from time to time.|
|Custodian||Agencies which have custody of all the securities purchased by the mutual fund. The service can be provided only by a person who has been granted a certificate of registration to carry on the business of custodian of securities under the SEBI regulations.|
|Cut-off Time||In respect of all mutual funds regulated by SEBI, fresh subscriptions and redemptions are processed at a particular NAV. Every fund specifies a standarad / uniform cut-off time in respect of fresh subscriptions and redemption of units. All requests received before the cut-off time are processed at that day's NAV and thereafter the request is treated as received on the next day.|
Labels:meanings of finance terms
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