The Hindu Business Line : NSE to launch MF system tomorrow

NEW DELHI: The country’s top mutual fund houses, including UTI Mutual Fund, are keen to join National Stock Exchange’s new mutual fund service system (MFSS), which will be launched on Monday.

According to market sources, UTI Mutual Fund will be the first to leverage the NSE’s mutual fund platform, which would enable exchange’s members to use its existing infrastructure for transaction in MF schemes.

Initially, UTI will list its equity and debt schemes that are in about 30 numbers, people familiar with the matter said.

Along with UTI, “all top mutual fund houses are keen to join this platform,” he added. UTI spokesperson could not be reached for comment on the issue.

At the end of October, UTI Mutual Fund had an average asset under management (AUM) of Rs 76,847 crore.

NSE’s new MFSS will commence from November 30 and it will substitute the existing MF scheme, introduced in 2000.

Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchange infrastructure.

“The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fu nd schemes,” SEBI had said. - PTI

Next: Rupee ends lower

Business Line | NUS Index |

Copyright copy; 2009, 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