Calcutta, Jan. 21: Investors will soon be able to buy and sell mutual fund units across all asset management companies through an exclusive online platform.
The Association of Mutual Funds in India (Amfi) had proposed an online trading platform, MF Utility, last year. It expects to launch the service in three to four months.
Well get the responses of the requests for proposals (RFPs) already sent to potential partners by the end of this month. It will take another 3-4 months to develop and implement the software applications after the project is awarded, V. Ramesh, deputy CEO of Amfi, said on the sidelines of a seminar organised by the Indian Chamber of Commerce here today.
Ramesh is also heading the working group set up by the industry body for the common trading platform.
Amfi has sent the RFPs to nine companies.
MF Utility will be an alternative to the platforms offered by the Bombay Stock Exchange and the National Stock Exchange through which investors can buy and sell their units with the intermediation of Sebi-registered brokers.
Meanwhile, Deepak Chatterjee, managing director of SBI Mutual Fund, today said the fund house was considering merging some of its equity schemes which had similar investment objectives.
The fund house has 19 equity schemes at present.