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| AMFI has finalized design on separate MF platform: Sebi |
| Press Trust of India / Hyderabad Aug 21, 2009, 20:56 IST |
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Market regulator Securities and Exchange Board of India (Sebi) today said the Association of Mutual Funds in India (AMFI) has finalised a design on a separate common platform for mutual funds.
"We recently had a meeting with the mutual funds and what the Association of Mutual Funds of India told us is that they have more or less frozen the kind of design that they want," Sebi Chairman C B Bhave today told reporters on the sidelines of the convocation of the Institute of Insurance and Risk Management (IIRM) of IRDA here.
"They will now look to competitive vendors for deciding on what kind of platform needs to be set up," Bhave added.
AMFI is planning to set up a common platform for the MFs which would allow retail investors to trade, switch over and compare the schemes online through a single window.
A common trading platform will not only enable investors to compare the performance of funds, but reduce the costs associated with investments in mutual funds, he added.
The idea is to provide all fund houses and distributors a single platform where investors can have the true sense of choice and an MF investor can access this common platform and choose the scheme that he wants to invest in.
At present, there are 38 mutual fund companies in the country.
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