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Thursday, July 16, 2009

Online platform to offer MF products

To target more and more retail investors in the country, several companies are set to launch the online platforms which will offer integrated mutual funds (MF) products to the retail investors. iFAST was first to start the service while TechProcess's will start its online platform soon, which will enable buying and selling mutual funds at one platform.

With market regulator move to ban the entry load from August 1, the officials sense that, this is the right time to launch online platform which will offer all the investment solutions to several investors.

Rajesh Krishnamoorthy, managing director of iFAST financial India Pvt ltd said, "We had launched the platform in April, but transaction have started taking place only last week. In the last one week we are receiving tremendous response from the independent financial advisors (IFAs)." They have been also training several distributors and IFAs to encourage them to attract more investors through this medium.

In the next quarter, iFAST plan to start its business-to-customer platform, currently they provide service only business-to-business. Till now iFAST has tied-up with 27 asset management companies (AMC) and are planning to target other AMC's too in the coming days.

"I think the plan of Securities and Exchange Board of India (Sebi) to ban is entry load will empower investors and allow distributors to charge their advisory fees from the investors," added Krishnamoorthy.

All platforms will provide comprehensive range of services to the IFAs and investors including investment administration, research reports and investment trading.

Some of the market players said, this platform will provide one-stop shop to the investors and further make the transaction process simple and cut costs. Total asset under management (AUM) of the Indian mutual fund industry, in the month of June stood at Rs 6,70,993.13 crores gaining Rs 31,863.31 crores or 4.98% compared to Rs 6,39,129.81 crores in May.

Source: Indian Express Finance

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