Mumbai, June 8
ONLINE investing, once synonymous with the equity market, is slowly but surely expanding to other investments as well.
Mutual funds, post office savings and insurance products are some of the other products that online investors are now looking at, as it makes it easier to track the investments.
"Now we are seeing an increase in non-equity customers for products like mutual funds, post office savings and insurance. It is convenient and it is also easy to track the investment online," said Mr Anup Bagchi, Chief Co-ordinating Officer, ICICIdirect.com. While equities continue to be by far the most popular, mutual funds are also becoming popular.
ICICIdirect has been adding about 2 lakh customers per annum, and last year had 6,10,000 customers, Mr Bagchi said.
Mr Bagchi said there are three kinds of investors. One is the self-assured customer, who is decided and only wants to use the platform to invest. The second is the validator, who knows what to invest in, but wants more information.
The third is the delegated variety, which knows about finance, but does not want to do any background work and prefers to give it to the Portfolio Management Service.
"The delegated variety essentially gets covered by the High Net Individual desk. However, in the last two years, we have seen even the delegated variety come in to use the tools of the online platform," said Mr Bagchi.