For those who find it complicated to invest in mutual funds through legacy mediums, HDFC securities has launched a virtual assistant ‘Arya’, which makes the same a joyride.
For those who find it complicated to invest in mutual funds through legacy mediums, HDFC securities has launched a virtual assistant ‘Arya’, which makes the same a joyride. The new functionality will drastically reduce the complications that investors come across on legacy platforms for investments, HDFC securities said in a press release. It will also allow the customers to directly allocate money including defined tenures for systematic investment plan (SIP) in mutual funds of their choice, it added. The newly introduced functionality would be specifically of much help to the new investors who typically shy away because of complexities involved with the product and investment platform while seeking human help to initiate investment, the release said.
“This feature is in line with our endeavour to not only suggest the right product to our customers but also to empower them with a simple and intuitive platform experience. Hence, we have imbibed the level of convenience expected from us and have introduced this concept of ‘conversational investing’, starting with mutual funds. While our capable IT infrastructure will handle the query complexities at the back end, we will enable our customers to only focus on investing in a way they understand and easily comprehend,” Nandkishore Purohit, Head, Digital Strategy and Analytics said.
The latest feature is available on HDFC website and the same will be launched on Facebook messenger and mobile trading app, HDFC securities informed.
Meanwhile, market regulator Sebi on June 4 cut the ‘additional expense’ charged by mutual funds to just 5 basis points (bps) to help increase the penetration of such products among investors. The move will help in reduction of the cost of investing in mutual funds, the market regulator said. The industry players believe that the latest step by the market regulator may lead to lower commissions for distributors.
The additional expense of 20 basis points has been slashed to 5 basis points across all mutual fund schemes, market regulator said in a notification dated May 29. One basis point is one-hundredth of a percentage point.
Sebi in 2012 had given permission to mutual funds to charge 20 basis points of assets under management of the scheme in lieu of exit loads, or the sum mobilised from investors when they offload holdings.