Common platform for mutual funds by March '10

A common platform for the mutual funds should be up and running by the end of current fiscal allowing retail investors to trade, switch over and compare the schemes online through a single window.

“We expect this platform to be operational by March 2010,” Jaideep Bhattacharya, Chairman of the panel on Common Industry Platform for improving operational and service efficiency for mutual funds of India.

Bhattacharya said the platform would provide quick and easy accessibility to investors. And from fund houses perspective, it would result in substantial reduction in transaction cost and increase penetration.

The idea is to provide all fund houses and distributors a single platform  he said, adding, a mutual fund investor can access this common platform and choose the scheme that he wants to invest in. He said an investor would get the NAVs of all the mutual funds at one place and at one time in a meaningful, type-wise and category-wise presentation.

Bhattacharya said  an investor can switch over from one mutual fund scheme to another with the click of a mouse.

A common trading platform will not only enable investors to compare the performance of funds, but also shorten the ladder of costs associated with investments in mutual funds, he added.

The platform under the aegis of Association of Mutual Funds in India (Amfi) will manage the website.