The Securities and Exchange Board of India (Sebi) has asked mutual fund Registrar and Transfer Agents (RTAs) to develop a common industry wide platform for purchase and sale of mutual funds and to handle service requests. The mutual fund industry has two RTAs at present – CAMS and Kfintech.
Investors currently have to use the websites of mutual funds, which number more than 40 in number, or services of distributors or commercial platforms for transactions. Getting account statements is also a difficult task. RTAs mail back a common statement from each of their websites on request, but awareness about this option is limited.
According to a Sebi circular issued on Monday, the new platform shall enable a user-friendly interface for investors for execution of mutual fund transactions such as purchase, redemption and switch. Asset Management Companies (AMCs), RTAs and depositories shall review and agree to harmonise processes across the industry to provide a single-window, integrated, simplified investment and service experience for the investors, the circular said.
