How safe is fundsindia.com

POSTED BY webgenius ON December 30, 2010 12:27 pm COMMENTS (15)

Hello all,

I would like to use the trading platform offered by fundsindia.com. However I am not sure how safe it is.

I did some research and found that the investments are done in the name of the investor only and the investor can get the account statement from AMC anytime and verify the investment.

One thing that really concerns me is the fact that since fundsindia does paperless transaction for purchases and redemption, complete control of our portfolio will be in their hands. They can withdraw the amount anytime they want and they can even change the bank account number, since it is a paperless transaction.

Can you guys please comment on this? Is this really safe?

15 replies on this article “How safe is fundsindia.com”

  1. Pankaj says:

    I have been using fundsindia from last two year. The only thing that bothers me is the security. There is no OTP enabled process. Changing password is so easy that someone who can break your email id, will almost be there

    1. But then how will you loose?

      Suppose I get hold of your email, change the password and then get access to your funds ? Then I can sell your funds? But the money will come in your accounts?

      What is the worst case here?

  2. finnaive says:

    dear all
    even I am reviewing fundsindia.com for all-in-one account for MFs/Equities/ETFs etc etc
    has anyone been using their services?? bacially one account which provides the consolidated portfolio….

    It looks good, but I am not sure on the credibility and long run..

    any feedback/comments would be much appreciated.

    regards

  3. Rohit,

    Thanks for the alert – we are looking at it and will fix the links ASAP. Possibly the links have moved since we created this.

    thanks,

    Srikanth

  4. Rohit Varma says:

    Hi Srikanth,

    Hope you are doing good. Had a question for you. I recently joined FundsIndia and today i actually planned to invest in some mutual fund.

    I tried investing in “SBI Dynamic Bond Fund – Growth” through FundIndia. At the bottom of the page, there is an acknowledgment section which says something like “I/We have read the offer document…”. When i click on offer document/scheme information document, it shows 404 Page Not Found.

    At first I thought this is problem only with a particular mutual fund. Then i randomly checked Canara mutual fund, but found the same problem.

    I think, this problem needs to be address with utmost priority. At one time, we are asking customers, to tick the checkbox before proceeding and when the user actually checks the offer document , it gives 404.

  5. jignesh says:

    NRI are eligible to open account with fundsindia? if so what is the procedure? what are documents required? Is only MF or direct equity investment is also possible in fundsindia?

    Regards

    Jig

    1. julfikar says:

      Yes NRI also can open an account with FudsIndia.

      you need to have pan card copy and address proof and you KYC status should be updated.
      You can register your name and mobile no through our fundsindia portal and can fill the online form.

  6. bharat shah says:

    as previously, i pointed out, one problem for having account with fundsindia.com is , if you have bank account in sbi or other for which , they have no tie up, that your transaction of purchase would be not seamless i.e. direct to the concerned mutual fund.your money would be routed through their account with icici bank. and so, it may delay your buy transaction. they should think of the tie up with sbi, being largest indian bank.

    1. sainath says:

      Ok..I have few more doubts?

      1. Say If I dont want to continue with Fundsindia, and continue my investments, say SIPs..is it possible?

      2. Can I connect to my AMCs directly, if I dont want to continue with fundsindia?

      Thanks in advance

  7. vazzy says:

    I have an account with Fundsindia and has been using it for the past 8 months for various investments. The site is very innovative, safe, transparent, and pretty user friendly. Customer service is excellent and ur queries/probs get solved within time and to satisfaction. I have referred lot of friends who have created accounts and we hope to be associated with Fundsindia team for a loonnnnnnnng time to come !

    1. JayaprakashReddy says:

      I second vazzy. Even I’m using fundsindia since 8 months and I found it very good customer focused company in service.

  8. Hello,

    My name is Srikanth, I work at FundsIndia.

    I will answer the factual issues in this question, and let other FundsIndia investors answer it from an experience perspective.

    Fact is that we cannot change your bank account (attached to your folios) all by ourselves. We will need a written request from you as well as proof of your account ownership (cancelled cheque). Mutual fund companies will change the account only then.

    Also, all your redemptions go directly to your bank account.

    So, there is no way we can redeem your money in a way that would transfer the money anywhere but your bank account.

    Hope this clarifies,

    thanks,

    Srikanth

    1. naresh_14 says:

      The intial services offered by FundsIndia are no doubt excellent. The issue can crop up once you intend to shift your association…they virtually become non responsive. I faced a torrid time as AMC is of little help as FundsIndia hold back virtual every document of yours. Let the Buyer be Aware is still the final dictum and likely to remain so. In my case, I have to go a circutious route to make things a little better but I learnt a lesson. And along the route we all learn…

      1. webgenius says:

        @Naresh: Can you please elaborate your comment a bit?
        When you say shift your association, what exactly are you referring to? Are you referring about changing the broker?

        Is it not possible to redeem the funds directly after purchase through FundsIndia if we feel that the services are not upto the mark?

      2. Siva says:

        @Naresh , can you elaborate

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