New app lets users manage mutual funds investments

Online selling of mutual fund products has been strengthened by a new app which allows investors to manage all their mutual fund investments across different asset management companies.

Chennai-based myCams which introduced it on Thursday, provides investors acc-ess to 10 of the top 15 AMCs. Kamala Radhakris-hnan, vice-president, marketing, digital and business development said “this is a unique opportunity for inves-tors. We have been operating this platform for a year and add new features for investors both retail and direct clients.”

She said Sebi chairman’s focus on the need for mutual fund companies to go digital will be a big boost as the industry is still driven by paper. Some distributors have gone digital and we help their clients to use our platform by tying with them. Forty per cent of the transactions now come from invest-ors with distributors.”

Among other things, the app allows customers to open a new folio, make additional purchase in existing folio, switch schemes, redeem options, etc.