Financial Daily from THE HINDU group of publications
Tuesday, Jan 25, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 25, 2005 |
|
|
|
|
|
Markets
-
Mutual Funds UTI proposes new commission payments system Our Bureau.
THE fund has proposed to process commission payment by the registrars once every month for applications accepted up to the end of the previous month. A single cheque inclusive of all types of commission payments (up-front, trail, incentive etc) will be issued covering all schemes handled by the respective registrars, the MF has mentioned, adding that this practice will be followed as far as practicable. However, a commission amount of less than Rs 100 will be carried forward to the next month; it would be paid in the third month even if it does not reach the Rs 100-limit. The streamlined system will be effective from February. UTI MF will also pay commissions through direct credit or ECS if these facilities are available. Incidentally, UTI Bank has recently decided that it will allow the MF's financial advisors to open zero balance savings accounts. Commissions may then be directly credited to such accounts.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|