Mumbai, Dec 3 : The country's top private fund house Reliance Mutual Fund will join the National Stock Exchange's newly launched mutual fund service system.
"The various schemes of Reliance Capital Asset Management Ltd will be permitted on the MFSS (mutual fund service system) with effect from December 4," NSE said in a circular today.
Reliance MF schemes are managed by Reliance Capital Asset Management Ltd, a wholly-owned subsidiary of Reliance Capital.
Fidelity Mutual Fund is also joining NSE's MF platform with effect from December 4.
Meanwhile, in a separate statement Fidelity today said it would offer the new fund offer (NFO) of its Fidelity India Value Fund (FIVF) through the MF trading platform of both theNSE and the BSE.
"Investors can invest in the FIVF NFO by contacting their stock broker and placing their order. On allotment, the units of the fund will be credited to their demat accounts,"Fidelity said.
"With this, Fidelity has become the first mutual fund to offer an NFO through the stock exchanges," it claimed.
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund, the fourth largest fund house in the country.
After the launch of the new mutual funds trading platform by NSE, Asia's oldest bourse the Bombay Stock Exchange (BSE) also announced its plans to start trading in MFs and is likely to start it from December 4.
The Market regulator SEBI, recently gave its approval for facilitating transactions in mutual fund schemes through stock exchanges.
Many fund houses, including Tata MF, HDFC Mutual Fund, ICICI Prudential MF, SBI MF, IDFC Mutual Fund, Religare MF and Franklin Templeton are in "advance talks" with NSE for listing their schemes on the exchange platform, a market source said.
At present, over 35 mutual fund houses are operating in the country.
At the end of November, Reliance MF's average asset under management (AUM) stood at Rs 1,22,252.43 crore. Over the month Reliance MF added Rs 5,471 crore to its assets.
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