Single window service for MFs
SEBI has instructed the mutual fund industry to look at creating a demat facility that can give investors an uncomplicated single point access to all their account details, reports HT Correspondent.business Updated: Jul 06, 2008 22:57 IST
Investors who buy shares from different brokers, can still get a single, unified statement through their demat account. SEBI chairman has instructed the mutual fund industry to look at creating a demat facility that can give investors an uncomplicated single point access to all their account details.
Efforts are on to create a common platform for investors to access different funds. The Association of Mutual Funds of India (AMFI) is working on a model while Fidelity Mutual Fund last week introduced its international product, Funds Network, in India.
“We believe this effort will help better penetration of mutual fund products. We are also aiming to train and attract insurance agents to take up mutual funds,” said Ashu Suyash, MD and Country Head, Fidelity India Mutual Fund.
“As a trade body, we thought AMFI would be an appropriate entity to create a common platform. But, we welcome any effort that would reduce transaction costs for customers,” said AP Kurian, chairman of the AMFI.
Purchase of Fidelity's schemes through the online platform would be free of entry charge. But as far as other funds go, whatever charges they would levy would become applicable, said Suyash.