IFAST Financial creates web portal for lay mutual fund investors
Hard on the heels of similar offerings in Singapore, Malaysia and Hong Kong, comes ‘India’s first’ index for equity funds – on a user friendly web site aimed at lay mutual fund investors.
Fundsupermart.com , one of the largest online distributors of mutual funds in Asia, comes from iFAST Financial India Pvt. Ltd, who an investment platform for financial advisers and financial institutions. The portal aims to equip self investors with all the tools and information they need to make better investment decisions.
The new India site (http://www.fundsupermart.co.in ) will offer Indian investors free account opening, transactions at zero cost, easy and intuitive transaction flows, and consolidated reports to help the customers manage their holdings with ease. All payments for purchases are to be made online through a payment gateway, and customers are free to choose from around 13 leading banks from which they can transact. Registration to become a buyer or seller is simple and free. You need to provide your PAN number. Major market indices and top fund performers are well displayed and there is a useful section of webcasts by fund experts.
The index launched by FSM will not be asset weighted, unlike most equity market indices. Returns for a fund with a smaller fund size will have the same impact on the index as another fund with a larger fund size. Index performance has been backdated to December 31, 2007 for reference purposes, explains Rajesh Krishnamoorthy, Managing Director, iFAST Financial India Pvt Ltd
The flagship company, iFAST Corporation Pte. Ltd., is based out of Singapore and is the holding company for various iFAST subsidiaries overseas. In 2007, iFAST Corp launched its first overseas business, Fundsupermart.com in Hong Kong. In the same year, iFAST Corp entered into a Joint Venture agreement with OSK Investment Bank Bhd for its business entry in Malaysia. In 2008, iFAST Corp entered into a joint venture agreement with Deutsche Bank’s asset management to expand its businesses to India.
Sep 18 2009