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Quantum Mutual Fund in talks to join NSE’s MFSS platform

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Quantum Mutual Fund, India’s first direct-to-investor mutual fund, is in talks with the National Stock Exchange to explore the possibilities of listing its funds on the newly launched Mutual Fund Service System.

The fund house is also evaluating a similar system to be launched by the Bombay Stock Exchange sometime soon.

The MFSS platform, which was launched on 30 November 2009, is a gateway where investors can buy and sell mutual fund schemes online, and the payments for which will be directly debited from their bank accounts. The units purchased or sold will be credited or debited to the investors’ demat account. It is like buying shares listed on the NSE. Those who do not have demat accounts will have to apply via the exchange registered stock brokers.

Quantum Mutual Fund is India’s 29th mutual fund house and since its inception has offered its products directly to investors, steering away from the traditional distribution channels.

Ajit Dayal (pictured), chairman and president, Quantum Asset Management, says: "This initiative undertaken by SEBI and the NSE to provide millions of investors spread across 1,500 towns and cities the ability to transact in mutual funds via the 200,000 terminals is a giant step for increasing local participation in India’s growing stock markets. Our argument and refusal to participate in the previous regime of an opaque distribution system which continuously compromised the interests of the investors stands vindicated. We are glad to explore the possibility of launching Quantum Mutual Fund on this new platform which allows investors to buy mutual funds they wish to invest in, rather than be hostage to an era where they were made to purchase schemes that were blindly sold to them."

Quantum Mutual Fund offers investors six schemes covering the three broad asset classes of stocks, fixed income, and gold. The four equity products are Quantum Long Term Equity Fund, Quantum Tax Saver Fund, Quantum Index ETF, and Quantum Equity Fund of Funds.

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