Geojit BNP Paribas Unveils UTI MF through NSE – Today, the brokerage firm named Geojit BNP Paribas unveils UTI mutual funds by mode of country’s newly ushers in Mutual Funds Service System on the NSE (National Stock Exchange). The Managing director at Geojit BNP Paribas Mr. C J George stated in a release that, “We will leverage our well developed infrastructure and distribution channels to reach this service to our expanding client base of over 500,000. While we are starting with UTI MF now, most of the funds will soon be available for investment through this route.”
In addition, he added by saying that during the month of December 2009 to attract investors into this service model, there will not be any commission charged from clients. Later to the chairman of securities and exchange board of India (SEBI) Mr. C.B. Bhave introducing India’s NSE mutual funds service system (MFSS), Geojit BNP Paribas financial services unveils trading in UTI Mutual funds throughout its widespread network of offices all across the country.
During the release of this service, the MD at Geojit BNP Paribas Mr. C.J. George commenced, “It is our constant endeavour to provide our clients with new value added services. We will leverage our well developed infrastructure and distribution channels to reach this service to our expanding client base of over 500,000. While we are starting with UTI MF now, most of the funds will soon be available for investment through this route.”
Initially, MFSS has been released with trade granted only in selected schemes of UTI mutual funds. Geojit BNP Paribas clients can invest in or redeem mutual funds in such selected schemes through the fully automated online order collection system known as NEAT-MFSS by reaching the closest branch on all market days. Through this service, investing in mutual funds and redemption of them will turned out as simple as investing in the stock market.
According to C.J. George, “There will not be any commission charged from clients during the month of December 2009 to attract investors into this service model.” Besides this, chairman of UTI, Mr. U.K. Sinha told that, “The industry gets 6 percent of household savings. The move will help us get more shares of household savings.” India’s oldest and 4th largest mutual fund firm is UTI. In the month of October, it had average assets of Rs. 768.5 billion, which is more than 10 million client folios and a presence in 460 districts, proffering one of the largest distribution networks in India.
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