India’s mutual fund (MF) houses are opening the door of
online investing to even first-time investors.
Gone are the days when an eligible customer had to either
visit a branch office of a fund house or / approach a distributor to invest
money in fund schemes. Now, it’s all only a few clicks away.
All an investor needs is a Permanent Account Number
(PAN), an e-mail account, mobile number & an online banking account. This
is sufficient for somone who’s met the Know Your Customer (KYC) norms to invest
in schemes of fund houses from home.
The process is completely paperless. Once the details are keyed in, fund houses give a call
back to investors for verification. After which, one can start transacting
online.
The MF sector has made a considerable move in this
direction to make it convenient for first-time investors. Over two years,
several fund houses have added this feature on their websites to enable
investors to open accounts, either to start systematic investment plans or put
in a lump sum.
ICICI Prudential AMC, Birla Sun Life MF, Reliance MF, UTI
Mutual Fund, IDFC MF and Kotak MF are among those providing this facility.
The common KYC initiative from the Securities and
Exchange Board of India (SEBI) and improved inter-linking of KYC registration
agencies to share data about investors has made it possible.
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