Geojit Financial Services launches Mutual Funds online

Geojit Financial Services launches Mutual Funds online
16 Oct, 2007, 1813 hrs IST, PTI

KOCHI: Geojit, a leading brokerage firm, on Tuesday announced the launch of online investing in mutual funds.

The company has also entered into an agreement with SBI and Franklin Templeton Mutual funds, A P Kurian, chairman, Geojit Financial Services Ltd and Chairman of the Association of Mutual Funds in India told mediapersons here.

"The service will be available to all online customers of Geojit, except NRIs, in the first stage. In another ten months NRIs will also get the facility," he said.

Customers can purchase, redeem and switch mutual fund schemes through Geojit's trading portal. The new features also enable them to do non-financial transactions including updating registrars/AMCs, changing of bank accounts and changing of addresses etc, he said.

Kurian said the mutual fund (MF) industry is in a robust growth path, with Asset under Management of Rs 4.76 lakh crore at the end of September 2007, registering a 64 per cent growth over the year.

"There is a growing recognition of Mutual Funds as a suitable investment vehicle among households," he said, adding that Geojit was promoting sale of MF schemes through its branches. Clients investing in Mutual Funds have registered a 67 per cent growth in the last one year.

C J George, Managing Director, Geojit said the initiative of selling MF's through Internet was in line with the company's continued focus to expand its reach through the medium.