On the face of things, shoppers being able to buy mutual funds online—Sebi chief UK Sinha has just cleared this—appears to be natural progression for the fast-growing e-commerce business which began by selling just books and music not so many years ago. In reality, it is the new face of financial innovation in India, based on the Aadhaar platform as well as various other government initiatives—it represents a dramatic fall in the cost of acquiring customers and, as a result, will completely change the dynamics of the industry.
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