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Mumbai: First off the block, The National Stock Exchange (NSE) on Monday launched its online trading platform for mutual funds with a tie up with UTI Asset Management Company (AMC).
This will allow investors in the mutual fund industry to transact through 1.5 lakh terminals of NSE located across 1,500 towns and cities. Apart from allowing investors to purchase mutual funds units at the same days, investors have an added advantage of getting their units allotted in demat mode in addition to the existing physical mode as per their choice.
UTI AMC is the first fund to provide this facility to investors after the market regulator Sebi had issued the necessary framework for trading in MF units two weeks ago.
Interestingly, after its tie-up with NSE, UTI AMC has received more than 300 applications for its various schemes , garnering a total amount of Rs 75 lakhs.
Market participants said that top fund houses in India that includes Reliance mutual Fund, Birla Sun life, ICICI and Franklin Templeton Asset Management Company, among others, have already approached NSE for using this platform to offer trading facility to the unit holders of their mutual fund schemes.
“The extensive reach and access to NSE terminals across regions will further bridge the gap between the MF and the people from the remotest part of our country desirous of investing in mutual funds,” said Ravi Narain, MD and CEO, NSE.
“The arrangement with NSE will facilitate quicker settlement of transactions and provide a single window to demat holders for their investments,” commented UK Sinha, chairman and managing director, UTI AMC.
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