UTI to be first on NSE mutual fund platform

Like this story, share it with millions of investors on M3

0

Like this story, share it with millions of investors on M3

UTI to be first on NSE mutual fund platform

Around 30 of the 100 schemes of UTI Mutual Fund will be listed on the new NSE Mutual Fund platform, which is set for a Monday launch.

Post your opinion here

 

0

Tweet

Share on Tumblr

RELATED NEWS Panel to smoothen FII investment process: UK Sinha Nifty BSE | NSE 09/02/12 Are Mutual Funds betting on Nifty?

Around 30 of the 100 schemes of `will be listed on the new NSE Mutual Fund platform, which is set for a Monday launch.

The liquid schemes will not be included among them, said a top UTI official.

For the fund industry, it will be a new technology-driven initiative when UTI MF lists its schemes on Monday on NSE's new platform - the Mutual Fund Service System (MFSS).

In November 2000 a similar initiative by the Association of Mutual Funds in India made it possible for Indian funds to declare their NAVs on a common platform.

BSE to join soon.

Around 10 mutual funds are expected to join NSE's platform within a week's time, an NSE official said. BSE too is readying a similar platform for launch, a BSE spokesperson said, without giving further details.

The new transaction platform allows investors who have demat accounts to transact in mutual funds online by logging on to their broker's telecom network, which will be linked to NSE's MFSS.

Those who do not have demat accounts will have to apply to their respective mutual funds for generation of a personal identification number (PIN), a user ID and password; this route will also facilitate online transactions, without the broker coming into the picture.

Such investors will have to provide their bank account details along with their PAN and fund folio numbers to get their PIN.