The Hindu Business Line : Geojit launches online trading for MFs

Kochi Oct. 16 Geojit Financial Services on Tuesday announced the launch of online investing in mutual funds. To start with the company has entered into an agreement with SBI and Franklin Templeton Fund and schemes from other asset management companies would also be available online shortly. The facility would be available to all online customers of Geojit except NRIs in the first stage, Mr C.J. George, Managing Director of Geojit, said.

Through the company’s trading portal customers can purchase, redeem and switch between mutual fund schemes. The new features also enable customers to do non-financial transactions such as updating Registrars/AMCs, changing bank accounts and changing addresses.

This hassle free paper-less method of investing in mutual funds would provide more convenience for the company’s online clients by shortening the lengthy procedures. Even though the Mutual Fund industry in India has witnessed dramatic improvements in quantity as well as quality of products and services being offered, large number of households still needs to be educated in mutual funds for their own benefit, Mr A.P. Kurian, Chairman of the Association of Mutual Funds in India, said at the launch press conference in Kochi.

The initiative to sell mutual funds through the Internet is in line with the company’s continued focus to expand its reach through this medium. The company has been continuously building its Internet capabilities ever since it launched the Internet trading platform in February 2000.

Through this move we have further empowered the investor to directly trade in the market. This does not call for any additional fees from the investor, just an agreement between Geojit and the customer, Mr George added.