Mutual funds to allow online transaction only

Suresh P Iyengar Mumbai | Updated on March 23, 2020

AMFI asks MFs, RTAs to shut offices

Investors in mutual funds will be allowed to transact only online from Monday till further notice as the Association of Mutual Funds in India (AMFI) has advised distributors to close down their offices on the back of the Government’s call to help curtail the spread of Covid-19 virus.

In a notice to distributors, AMFI said all mutual funds will keep their collection centres and branch offices closed from Monday and allow only online transactions through various electronic modes, such as mutual fund websites, web-portals and digital platforms such as apps or virtual channels till the situation is brought under control and until the social distancing advisory is withdrawn by the authorities.

In the wake of the Covid-19 pandemic threat, the government and municipal authorities have already ordered private offices to implement social distancing measures including instructing their staff to work from home and keeping their offices closed to avoid and discourage assembling of people in offices.

Considering the current situation, it is imperative for all offices to ensure that not only their employees, but also their customers and visitors follow the social distancing measures and are dissuaded from travelling and visiting the offices by providing alternative solutions.

Under the circumstances, as a social distancing measure to ensure safety of investors, distributors, visitors and employees of mutual funds and their Registrar and Transfer Agents are advised to remain closed, it said.

All mutual fund investors and distributors are requested to bear with the fund houses and use digital and electronic modes for their transactions, said AMFI.

Published on March 23, 2020

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