MF News MF transaction platform ICEX discontinues its operation including MF distribution

MF transaction platform ICEX discontinues its operation including MF distribution

The company will shut down all its operation by 2.15 pm, April 13.

Nishant Patnaik Apr 1, 2022

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ICEX MF, the mutual fund distribution arm of Indian Commodity Exchange Limited has wound up its mutual fund distribution business.

Rashim Bagga of ICEX MF said that the company board has decided to shut down its business including MF distribution arm.

Sources said that ICEX MF had a network of close to 1000 sub distributors.

In a communication, the company said that the MF distributors platform, which was available for individual MFDs to execute transaction on behalf of their clients will close all its operation from April 13, 2022 after cut off time of 2.15 pm. Here are other key points related to the closure of distribution business:

MFDs cannot do fresh transactions from April 1, 2022
Fresh transaction includes lumpsum, SIP, SWP and STP
Existing SIPs will be honoured till the cut off time of April 13

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7 Comments

Himanshu Shashank Deshmukh · 2 years ago `

Reasons for closure???

DK · 2 years ago `

????? ????? ???? ??? ?? ???? ??,
Better do individual, Rather than joining such National distributors

DK · 2 years ago `

Better do business individual, Rather than joining such National distributors

Tajinder Setia · 2 years ago `

Investor will face issue in redemption, switch & Capital gain statement & other Service issues. Advisor Zaroori Hai. Amfi Certified MFD 9891236339

Dinesh Singh Kushwaha · 2 years ago `

If I am not wrong, ICEX is a Commodity Exchange which is shutting down it's operations including Mutual Fund Platform. It's not a national distributor.

Kunal sancheti · 2 years ago `

Investor will face issue in redemption, switch & Capital gain statement & other Service issues. Advisor Zaroori Hai. Amfi Certified MFD 9404222393

Prakash · 2 years ago `

What was the reason behind closure of MF distribution?

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