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Tarraki Corner Kolkata IFA Hitesh Jain activates 234 SIPs in a single day

Kolkata IFA Hitesh Jain activates 234 SIPs in a single day

His firm Finomatic executed these SIPs through the NSE NMF II platform.
Shreeta Rege Nov 19, 2018

With 234 SIPs in a single day, Kolkata IFA Hitesh Jain of Finomatic Consultants executed transaction of Rs.4.40 lakh with an average ticket size of Rs.1,700.

When NSE NMF II announced a SIP activation contest, ‘SIP to Success’ for all its advisors, Hitesh was keen that Finomatic be the first winner from east. Initially, he set a target of 100 SIPs but later increased the target to over 200 SIPs after getting good a response from investors.

Client acquisition 

Hitesh focussed on new clients. Of the 121 clients who participated in the SIP login day, 102 were first time investors in mutual funds. He acquired these clients through investor awareness programs and referrals.

To convince clients to invest in SIPs in the volatile markets, they drew corollaries between the ongoing Diwali sale and the markets. They explained to the clients that they could get higher units for the same amount due to a correction in market; it was akin to getting a discount on a product you wish to buy. Encouraging clients to take a long-term view, they advised clients to see volatility as an ally and not something to fear.

Ensuring smooth operations

As majority of clients were new investors, KYC was one of the biggest challenges. To ensure seamless execution on the day, Hitesh collected most of the documents required for KYC and application forms a week in advance.

Later, they began the process KYC registration and IIN generation on NSE NMF II. The NSE NMF II team ensured that they could process IINs within 24 hours.

To prevent any bank account set-up related delays, they activated new client SIPs through cheque payments. For existing clients, they opted for online transactions.

Enthused by the success, Hitesh and his team is eager to run another SIP login day and are planning to target a higher SIP number.

 

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2 Comments
Pawan Khurana · 3 weeks ago
Yes,
I would like to ask one question to all AMC , FUND MANAGER, & SEBI,
That is there any fund manager who has the skill, experience and capabilities to GENERATE the more return in REGULAR PLAN then in Direct plan. Even every AMC and fund manager has the all quality to GENERATE the more return then PEER group AMC. But why all are not capable to generate more return in REGULAR SCHEME across all industry.
Shib · 2 weeks ago
Can you please repeat your Question?
Reply
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