Technology-driven brokerage firm Zerodha today announced the launch of its direct mutual fund platform. “We are the first brokerage firm in the country to offer commission-free mutual fund direct investment platform ‘Coin’,” founder & CEO Nithin Kamath said.
Speaking about the benefits, he said, “An SIP of Rs 5,000 monthly invested for 25 years in direct versus distributor can potentially save Rs 28 lakh as commissions. Buying direct mutual fund in demat also gives the convenience of a single portfolio view,” he adds.
Zerodha Coin is a platform that let the customer buy mutual funds online, completely commission-free, directly from asset management companies. The mutual fund bought through Coin will be in demat form, with the convenience of one portfolio across equity, mutual fund, currency, the company said.
Zerodha will charge a flat subscription fee of Rs 50 per month, irrespective of the number or value of mutual fund transactions once cumulative investmrnt crosses Rs 25,000.