Tuesday, December 1, 2009

SMC launches online mutual fund investment

ITANAGAR, Dec 1: SMC Global Securities Ltd, a leading retail stock-broker in the country, today launched its online mutual fund investment throughout the country though its nationwide network of offices.

In a statement here today, the company informed that clients in Arunachal Pradesh could also invest in, or redeem mutual funds in such schemes through fully-automatic on-line order collection system called NEAT-MFSS by contacting the branch office on all working days. With this service, investing in mutual funds and redemption will become as simple as investing in the stock market.

The Securities and Exchange Board of India (SEBI), in its efforts to reform the sector and make it more investor-friendly, permitted stock exchanges to offer their infrastructures for fund transactions, giving them access to  more than 200,000 terminals in over 1500 towns and cities across the country.

Transactions on the platform will be processed on the same day on which the investor’s funds are credited to the MF’s bank account. Moreover, the investors have the added advantage of obtaining the same day’s Net Asset Value. Apart from the online subscription and redemption, investors can apply for new fund offers and additional subscriptions.  The facility will also enable switching of units. THE SENTINEL

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