Business   

Geojit launches online MFs

KOCHI: Geojit Financial Services has launched online investing in mutual funds (MFs). The company has entered into an agreement with the SBI and Franklin Templeton Mutual Funds. The service will be available to all online customers of Geojit except non-resident Indians, in the first stage, said C. J. George, Managing Director and CEO of Geojit, here on Tuesday.

A. P. Kurian, Chairman of the Association of Mutual Funds in India (AMFI), and Chairman of Geojit, said through the company’s trading portal that customers could purchase, redeem and switch mutual fund schemes. The new features also enable customers to do non-financial transactions such as updating registers/AMCs, changing of bank accounts, and changing of addresses.

This hassle-free, paper-less method of investing in MFs will provide more convenience for the company’s online clients by shortening the lengthy procedures, says a release. The mutual fund industry is witnessing dramatic improvements in quantity as well as quality of products and services offered. However, a large number of households still need to be educated about investing in mutual funds. The online facility offered by Geojit is another initiative of the company to reach out to more households. It may be recalled that Geojit was the first company to launch Internet trading.

According to Mr. Kurian, the mutual fund industry is on a robust growth path with assets under management of Rs. 4.76 lakh crore at the end of September 2007, registering a growth of 64 per cent over the year. He mentioned that now, there was a growing recognition of mutual funds as a suitable investment vehicle among the households.

A. Balakrishnan, Director, Geojit Technologies, said the website of the company was equipped with rich content on MFs and customers could view performance, portfolios, transaction details, NAV, announcements of fund houses and compare schemes. He added that the company had interfaces with five banks (HDFC, ICICI, Axis, Citi Bank, and Federal Bank) for online transfer of funds and was planning to add another ten banks. Syed Shahabuddin, Managing Director, SBI Mutual Funds, inaugurated the online MF trading. Sanjay Prakash, CEO of HSBC AMC India Private Limited, offered felicitations.

Jean Christopher Gougeon of BNP Paribas Personal Investors delivered a speech on the global perspective of mutual funds online. K. Venkitesh, National Head of Distribution, Geojit, proposed a vote of thanks.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

TCS wins $1.2 b contract
RIL half year net profit up
Biggest single day fall in Sensex
‘Higher DEPB support needed’
SEBI to consult FIIs on PNs
Tata Motors launches intermediate CV
Geojit launches online MFs
Hotel with four-star facilities in Thrissur
Super specialty hospital inaugurated
Coir exports expected to grow
Five-way partnership for petro complex in Vizag
14 FDI proposals cleared
Tax collections up 40 per cent
Rupee ends low
Exchange Rates
Bullion Rates
FSP set for four commodities
Biocon H1 revenues up 19 per cent
BoA to meet today
Power bonds for Rs. 50,000 crore
ABB bags turnkey contract
Indian and Italian shoe makers to sign agreement
Quantum opens India development centre
HCL opens third CDC in Chennai
Orchid net at Rs. 63 cr. in Q2
PNB signs MoU with IIFC

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu