Axis Mutual Fund will introduce a facility in its Shubhchintak platform through which its distributors can execute transactions across different fund houses. This is perhaps the first time any AMC is allowing its empanelled distributors to invest in rival fund houses.
This will be an open architect transaction distribution platform similar to BSE Star MF and NSE Mutual Fund Service System (MFSS).
Sharing the rationale behind this initiative, a senior executive from Axis MF said, “We want to provide ease of transaction to our distributors. We are just hoping to get some share of inflows through the upgraded platform.”
The fund house has tied up with NSE to provide this service to its empanelled distributors. NSE will provide Application Program Interface (API) to the Shubhchintak platform through which distributors can place an order on behalf of their clients. Also, distributors can link this transaction facility to their websites through which their clients will able to do transactions on their own.
Chandresh Nigam, MD & CEO, Axis MF said that the facility is under testing stage and will be launched in April.
Launched in March 2014, Shubhchintak is a Client Relationship Management (CRM) system which provides email enterprise, tools, data analysis, risk profiling and goal planning for IFAs.
