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WF: How has the response been so far from mutual fund distributors to the NSE NFM II platform? How many distributors have signed up and how many are actively using it?
Mukesh: The response from Mutual Fund distributors has been very encouraging and positive. The number of distributors registered for NMF II platform are approximately 1840. Distributors actively using the platform are - 1266.
WF: What is the average daily transaction throughput on this platform and how has this moved over the last 12 months?
Mukesh: The average daily transaction throughput on this platform is approximately 5000 transactions. Since April 2016 the number of transactions on the platform have grown more than double.
WF: What are the key benefits that distributors are seeing in using this platform? Conversely, what are the biggest apprehensions in the minds of those who are not using it?
Mukesh: Benefits:-
Facility to execute Digitized Mutual Fund transactions Option to hold the investments in demat / non demat mode Distributors need not limit the gamut of their business to geographical boundaries Reduced logistic requirement for members with Nil infrastructure cost Client login (provided based on distributor discretion) Availability of client holding data on platform Multiple mode of payment available to investors Cheque, NEFT / RTGS, Debit Mandate, online net Banking Single payment for multiple investments across AMCs Various types of reports available on platform Multi asset platform - launched Sovereign Gold Bonds on the platform The touch point for distributors has reduced to "1" from many i.e. they are not required to coordinate with various AMCs / RTAS, but they just coordinate with NMF II team.
Apprehensions
There are no apprehensions, it's just the matter of time that they understand the benefits of going digital and embrace technology to improve their efficiency.
WF: Do you have data on how many MFDs are actually utilizing the brokerage charging facility on the platform?
Mukesh: We do not facilitate brokerage charging / calculation facility on NMF II as of now.
WF: Do you have plans to offer a mobile app to MFDs as part of the platform features?
Mukesh: Yes, NMF II mobile app is ready for release and will be out very soon.
WF: Does the platform now cater to all fund and non-fund transactions that are offered in the offline mode? What kind of transactions are not yet enabled on the platform?
Mukesh: Currently, all financial transactions pertaining to Mutual Funds are facilitated through NMF II platform.
WF: In what way can RIAs now start utilizing this platform? How will the service proposition to them differ from what you offer MFDs?
Mukesh: We are planning to launch a separate platform for RIAs with direct schemes, however same is under discussion.
WF: You have plans to offer advisory support tools including risk profiling, fund selection and asset allocation. Can you please elaborate on your plans on pre-sales support?
Mukesh: Yes, we plan to offer pre-sales and post sales tools on our platform which will include
Risk profiling of investor Goal calculator Powerful decision enabling tools - Fund analyzer Tracker of investments & Portfolio analysis
WF: How many distributors have white labelled your platform and integrated into their web and mobile propositions? Is this facility catching on among distributors or is it a very niched offering?
Mukesh: More than 300 distributors have integrated our platform with their websites and mobile applications. This facility is catching up with distributors very fast.
WF: Can you please take us through the Portfolio Family Wrap functionality? What kind of other value added reports do you offer? Can one, for example, get capital gains reports and XIRR reports on portfolios?
Mukesh: The family wrap functionality facilitates a single, combined view of portfolio of all family members who have agreed to be a part of that family wrap. For Example Mr A who is head of the family wants to have a consolidated portfolio view of his account along with his wife and two sons, he can create a family wrap wherein an approval is sought from his wife and two sons for creation of wrap and if they give a go ahead (digital approval) an family warp with consolidated portfolio view of Mr. A, his wife and two sons is created.
The capital gain report and XIRR reports will be available once we integrate risk analytics on the platform.
WF: What are future plans for NSE NMF II and what is your long term vision for this initiative?
Mukesh: We look forward to make NMF II a one stop shop for all financial needs of an investor i.e. a multi asset platform which offers all financial products under one roof and a platform where technology is the key driving force.
WF: What's your view on OFA / Shubhchintak v2.0 ?
Mukesh: OFA is an initiative of Axis AMC to digitise Mutual fund transactions, wherein Axis AMC has entered into an arrangement with FIINFRA to develop this application. OFA application is connected to NMF II platform through APIs and facilitates transactions in schemes of 34 AMCs.
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