The Security and Exchange Board of India (SEBI) is working towards digitization of financial services. It has submitted recommendation to allow e-commerce firms to sell mutual funds which will help make mutual fund products more accessible to people, said experts in the ICC Mutual Fund Conclave organised here on Friday.
Indian Chamber of Commerce Additional Director Souvik Banarjee told, “After the interest rate cut that has led to a slide in bank deposit rate and postal savings rate, there remains enough hope for the Mutual Fund industry inflows in India. Avenues where fixed return investors usually put their money are shrinking. Popularity of debt funds is on the rise, given the long-term benefits associated with them.”
Increased awareness amongst people regarding regular disciplined way of investing has popularized SIPs, accrual based debt funds and medium-term duration fund. These are contributing significantly to the asset buildup of the Indian Mutual Fund industry, he added.
He also said that given the GST, the biggest reform in India’s indirect tax structure that looks set to become a reality, it needs to be seen what is in store for the mutual fund industry that is currently under the ambit of service tax.”
Other dignitaries present were Reliance Nippon life Asset Management ltd Zonal Business Head-East Vikas Rathie and Computer Age Management Services Pvt ltd President and CEO NK Prasad.