SEBI approves AMFI’s mutual fund trading platform
The capital market regulator Securities Exchange Board of India (SEBI) has approved the proposal for the launch of AMFI’s mutual fund trading platform. This approval comes close on heels of the new Finance Minister’s statement to unveil a slew of measures in next few weeks to attract more investments in mutual funds, insurance policies and other well-designed instruments. This trading platform provides investors with a common account number (CAN) so that investors can invest across schemes and a web portal that will allow investors to purchase and redeem units across asset management companies (AMC). The MF utility will be a single cheque payment system and common account statement for all the schemes that investors have invested in across AMC’s, unlike the present system where investors need to have separate cheques for making investments in different scheme. The trading platform, which is expected to be launched in the first half of 2013, will provide all the details right from transaction to account statement and other required information at one go.
Source : Livemint.com