Coronavirus scare: Mutual fund houses to allow only online transactions for now

Association of Mutual Funds in India or Amfi said that mutual fund houses will allow only online transactions through various electronic modes for now, as they have been asked to close their collection centres / branch offices from today.

Many state governments and municipal authorities have ordered the shutting down of private offices to implement social distancing measures to avoid and discourage assembling of people in offices to tackle the Covid-19 pandemic.

“To ensure the safety of investors, distributors, visitors and the employees of the mutual funds and their RTAs, all mutual funds shall keep their collection centres, branch offices or official points of acceptance closed from Monday and allow only online transactions through various electronic modes, such as mutual fund websites /web-portals / various digital platforms /apps or virtual channels, among others, till the situation comes under control and until social distancing advisory is withdrawn by the authorities,” Amfi said.

The mutual fund body has asked investors and distributors use the digital / electronic modes for their mutual fund transactions.

Mutual fund houses have started communicating to investors that they are open digitally for transactions.

For example, PPFAS Mutual Fund communicated to their investors in the morning that the fund house will not accept offline transactions. “Today (Monday) onwards, we will be accepting transactions only via our Mobile and Web App. PPFASSelfInvest, as well as online channels of our Distribution Partners, the StockExchanges, MF Utilities (MFU) and CAMS GoCORP. All offline options have been suspended until further notice,” PPFAS MF said in a communication.

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ICICI Prudential Mutual Fund also said the fund house is open digitally for transaction from today. To ensure the safety of our investors, partners and employees, ICICI Prudential Mutual Fund is digitally open. Our digital properties allow 24×7 access to your investments, the fund house said.


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