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Thursday, November 26, 2009

NSE's new MF service system from Nov 30

The National Stock Exchange on Tuesday said it is proposing to introduce a new mutual fund service system (MFSS), which will enable its members to use the existing infrastructure for transaction in MF schemes.

The NSE proposes to introduce new MFSS for facilitating transaction in MF schemes through the stock exchange infrastructure, the NSE said in a circular, adding the new MFSS will commence from November 30.

Market regulator SEBI, in a recent circular, gave its approval for facilitating transactions in MF schemes through the stock exchange infrastructure.

"The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.

The stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors, the market regulator had said.

The existing MF scheme, introduced in December 2000, will be substituted with the new MFSS, the exchange added.

source: ET


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