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The Association of Mutual Funds of India (AMFI) has revamped its website to release net asset value (NAV) of mutual funds on a real-time basis.
The new-look website was launched by D R Mehta, the Securities and Exchange Board of India chairman.
Currently, AMFI consolidates the NAVs received from the association members and transmits the same to the media and others.
A P Kurian, chairman, AMFI, said, "This process involves a lot of manual intervention resulting in time gap between the date of NAV and the date of release in some cases."
"The new initiative will eliminate these drawbacks in dissemination of NAV and will enhance the quality, coverage and prompt availability of data."
According to the new format, AMFI will present NAV of 380 schemes which will be further divided type-wise and category-wise. The data will pertain to NAV, sale price and redemption price.
Unit Trust of India Chairman P S Subramanyam added, "This move will be beneficial for small investors and help the mutual fund industry in gathering higher percentage of household savings, and at the same time force the industry to set higher standards."
Meanwhile, D R Mehta said, "This move will put pressure on the mutual fund industry to perform and at the same time help the industry to become more investor-friendly."
Mehta also urged the industry to look at opportunities beyond metropolitan cities as there exists an untapped market.
"The mutual fund industry has importance in our system. Today, around two crore people have invested in mutual funds in India. However, the funds are concentrating only on the metros. A mutual fund product is for the small investor. Thus, the funds should spread out and have some sort of innovations for the small investors. This new tool is one-way whereby small investors will get the NAVs of all the mutual funds at one place and at one time in a meaningful manner," he added.
