The Association for Mutual Funds in India (AMFI) is mulling over a proposal to start Web-based trading platform for mutual funds (MFs).
The platform will be a common channel for buying and selling of mutual funds and also to gel various schemes over the Internet, said A.P. Kurien, chairman of AMFI.
Terming the platform as a revolution in the financial sector, he said that the mutual fund industry has seen operational changes over the last few years. The changes were for a well functional trading-custodial system, which is also reflective of a tech-oriented market.
As the fastest growing segment of the Indian economy, the need of the hour is to have tech service standards for accounts, delivery and registration. This can be coupled with electronic movement of money across cities, and at the same time do away with paper flow. Fund flow will be electronically linked, and the platform will also be an online channel for data capture, said Kurien.
An AMFI committee is currently evaluating a platform that can be used by mutual funds to download statement, transfer from one scheme to another. It will then draft a matrix before scouting vendors for the project. At present, the mutual funds industry in US and the UK uses trades mutual funds over the Internet.
The platform will be a common channel for buying and selling of mutual funds and also to gel various schemes over the Internet, said A.P. Kurien, chairman of AMFI.
Terming the platform as a revolution in the financial sector, he said that the mutual fund industry has seen operational changes over the last few years. The changes were for a well functional trading-custodial system, which is also reflective of a tech-oriented market.
As the fastest growing segment of the Indian economy, the need of the hour is to have tech service standards for accounts, delivery and registration. This can be coupled with electronic movement of money across cities, and at the same time do away with paper flow. Fund flow will be electronically linked, and the platform will also be an online channel for data capture, said Kurien.
An AMFI committee is currently evaluating a platform that can be used by mutual funds to download statement, transfer from one scheme to another. It will then draft a matrix before scouting vendors for the project. At present, the mutual funds industry in US and the UK uses trades mutual funds over the Internet.
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