POSTED BY April 19, 2012 8:11 pm COMMENTS (6)ON
I wanted to know whether FundsIndia is a safe vehicle to invest in Mutual Funds online.
Is it reliable to provide your financial data & transact through them.
Please inform me if I subsequently decides to shift my investments from their services,how can I do so?How much time it will take or what will be the role of FundsIndia to play in such a situation.
I am expecting some valuable inputs from here.
Thanks fellow investing brothers in advance for the suggestions.
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6 replies on this article “FundsIndia……. How reliable they are??”
Bharat, Ashal & my other valued friends i sincerely thank you guys for giving some insights to this matter.From above discussion I believe that FundsIndia is a safe mode to invest in MFs online.Please give your opinions whenever I require them in future.
Dear Chinmay, please make it a habit to visit daily & read the Queries & answers no matter it’s related to your situation or not. You ‘ll see yourself a marked improvement in your own understanding for all these financial things.
whether through fundsindia.com or directly online with the concerned fund’s AMC or for the matter of safety, security, even for offline investment in mf, one thing, i think , more distinguished compared to direct equity investment, is the mf investment is not transferable , and it is always to be redeemed to the concerned AMC, and your redeemed money would be credited into your account, or you will get payment cheque to your mail address. in no case it would be credited to others account( in case of death of mf holder, it is another matter!).. this is not case of direct equity investment, where equity shares are transferable and one should be careful in dealing it.( i heard a couple of case where equity shares are sold / transferred to other without knowledge of equity share holder and sale proceeds got credited somewhere else! where and how , i don’t have more information, but it happens to a layman, and my only take is mf are better than direct equity for safety point of view.) .i am not averse of investing through fundsindia.com or any platform.
Dear Desaichinmay. let me share my personal experience of transacting with Fundsindia.
I’m using it for 1Y or so. Before that almost 18 months my account was there but not using it. Now whenever I transact, I get immediate sms from fundsindia as well as immediate mail mentioning the transaction. Once the same transaction is over at the AMC’s end, I receive another confirmatory mail from AMC as well as sms. Each time an account activity is there, I’m receiving account statement from AMCs in my mail.
In future, if you do want to switch over to a new broker, it ‘ll take 30-45 days time max. to switch units under new broker’s code.
Instead of walking down the street to the traditional broker you are using an online broker -and thats all to it.
You get a folio number in your name which you can use to call the AMC/Registrars directly and get info/change info. You can also change brokers. Even if FI or such online distributors shut shop due to unforeseen circumstances every single paisa is safe. Even if you lose the statements you can give your PAN and get the folio information.
I have been using FI for over a year now and havent faced any problems. You can always go to camsonline.com to ensure that they have invested the amount that you requested. Their broker code gets attached to the folios you invest through them. Thats how they get trail commission and generate revenue.
here is a similar question posted earlier