UTI MF to launch mobile platform by Jan-end

With a view to attract more investors, leading fund house, UTI Mutual Funds today said it plans to launch mobile transaction platform by January-end, a top official said.

"We would launch this platform for investors by January-end, which would enable them to buy, sell and switch MF products through their mobile," UTI MF Chief Marketing Officer Jaideep Bhattacharya told PTI.

Recently, both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) had launched mutual fund trading platforms. The BSE is also gearing up to launch its mobile mutual fund platform for brokers. The exchange is likely to come out with an announcement shortly.

UTI MF, which is the first fund that joined the NSE MF platform, expects a significant pick up in trades through the new exchange infrastructure, Bhattacharya said.

"It (the MF transactions through exchanges) is picking up. This provides an easier option to the investor to buy a MF product," he said.

The number of accounts with UTI AMC has crossed the one-crore mark indicating the faith reposed by investors in the fund, which currently offers 100 schemes, Bhattacharya said.

The fund plans to increase focus on retailing its products to customers in rural, urban and semi-urban areas, Bhattacharya said.