Shriram AMC has started ‘Any Day SIP’ feature in its only scheme Shriram Equity and Debt Opportunities Fund. This feature will allow investors to choose a SIP ECS date on any working day of a month, said a press release issued by the company.
“We have started this facility to provide convenience to our investors. The new feature enables investors to do SIPs on any working day from 1st to 31st of a month providing the much needed ease & additional convenience. This is a departure from the conventional mode of doing SIP on specified dates which is currently in vogue,” said D Ramanathan, Head - Sales & Marketing, Shriram Asset Management Company.
Currently only a few fund houses are providing the convenience of ‘Any Day SIP’ to investors. Chennai based online portal FundsIndia also provides ‘Any Day SIP’ to its clients. “We can offer SIPs on any day of the month to our investors, regardless of constraints in this regard set by mutual fund companies,” states FundsIndia website.
We asked distributors to get their opinion on this new facility. Hemant Rustagi of Wiseinvest Advisors says, “A large chunk of investors belong to the salaried class. The SIP dates offered by some fund houses don’t match with the cash flows of investors. For a distributor, this flexible option helps to pitch to the clients in an effective way. Clients hesitate to invest if they do not find anything suitable as per their convenience."
Suresh Sadagopan of Ladder7 Advisories says, "Any Day SIP is always an advantage for investor as well as distributors. Investor face problems if they invest in all schemes in on similar dates."
Currently a SIP can be initiated on any day of the month, which means that the first SIP installment is deducted as per your convenient date. However, the subsequent SIP ECS are debited on the select dates offered by fund houses.
