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Karvy unveils online trading for MF investments
By SiliconIndia | Thursday, 10 December 2009, 02:03 Hrs |
2 Comments
Hyderabad: Karvy Stock Broking has announced that their customers can now invest in mutual funds (MF) through its online equity trading desk.
"This initiative will offer a lot of opportunities to our customers and intermediaries like us. While these are early days, we believe that the ease and speed of transactions would attract a number of the existing and new mutual fund customers," C. Parthasarathy, Chairman, Karvy Group, said.
Recently both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) had launched online platforms for trading mutual units. On 30 November, the NSE had launched the MFSS (mutual fund service system) in tie-up with UTI Mutual Fund. The BSE has tied up with Tata Mutual Fund. Transacting in mutual fund units under the platform is not the same as trading for shares in secondary markets and there is no price discovery happening on the platform, explained a broker.
"This initiative will offer a lot of opportunities to our customers and intermediaries like us. While these are early days, we believe that the ease and speed of transactions would attract a number of the existing and new mutual fund customers," C. Parthasarathy, Chairman, Karvy Group, said.
Recently both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) had launched online platforms for trading mutual units. On 30 November, the NSE had launched the MFSS (mutual fund service system) in tie-up with UTI Mutual Fund. The BSE has tied up with Tata Mutual Fund. Transacting in mutual fund units under the platform is not the same as trading for shares in secondary markets and there is no price discovery happening on the platform, explained a broker.
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