BSE allows 20 fund houses to offer Mutual Fund units to RIAs

INDORE, India - Dec. 12, 2016 - PRLog -- Leading stock exchange, the  BSE has authorized as many as 20 asset management companies to offer mutual fund units to registered investment advisors (RIA).

The 20 fund houses enabled by the exchange for registered investment advisors comprise Birla Sun Life AMC, Axis Mutual Fund, DSP Black Rock Mutual Fund, HDFC Mutual Fund, Edelweiss AMC, ICICI Prudential AMC & IDBI Asset Management.  The other asset management companies are part of IDFC, Indiabulls, India Infoline, Invesco, Kotak Mahindra, L&T, LIC Mutual Fund, Motilal Oswal, Peerless, PPFAS, Reliance Nippon, Tata and UTI.

According to the current SEBI data, there are 46 registered mutual funds in the country.

In order to widen the reach of the mutual fund platform, registered investment advisors have been recently permitted to use infrastructure of the recognized stock exchanges to purchase and redeem mutual fund units directly from mutual fund/assets management companies for their clients, including direct plans.

The facility, had become functional from November 4. The exchange will not charge either membership or one-time processing and annual fee. SEBI, in October 2013, had allowed Mutual Fund distributors to deal using the stock exchange mechanism.  Before that, only brokers were the right to use the exchange mechanism for redeeming and purchasing of mutual fund units.

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