Forex

Indian fund houses are coming together to set up an electronic platform, exclusively for trading mutual fund units, the head of the committee will be set up by Amfi for this purpose. This could be on the lines of Indonext, a platform on the BSE specifically for small- and mid-cap stocks; they are also planning to use wireless technology, once regulations are conducive. An electronic platform is one of the easiest ways to bring down the cost of reaching out to investors across the country. Amfi has been discussing the platform with vendors in India and abroad and is looking at getting the software up and running within the next two to three years. For instance, if an investor in Chandigarh wants to invest in Templeton funds through a registrar based in Chennai, the form actually moves from Chandigarh to Chennai. The platform is aimed at reducing such unnecessary paperwork to a bare minimum. Amfi also plans to make the use of wireless mobile technology feasible, so that a person situated in a remote corner of the country can access the platform. RBI had recently said mobile phone owners in the future will be allowed to transfer funds from their accounts to other mobile phone owners across networks and service providers. The Amfi committee is hoping that this facility can be eventually tapped while transacting in Mutual Funds.