New Delhi: Computer Age Management Services Limited (CAMS), the registrar and transfer agent of mutual funds, has launched InstaPurchase, under which CAMS-served funds will be able to confirm trades where the purchase of a scheme is historical (previous). is based. day) nav. This service will be available for Liquid and Overnight plans.
“This will be applicable to liquid and overnight schemes of all mutual funds, where trade settlement will be confirmed to investors within a few hours of commencement of trade and remittance of money,” CAMS said in its statement.
Investors will not have to take any additional steps during the purchase process to get immediate allotment, as it will be within the purview of extant MF rules, which mandatorily see credit as a pre-condition for allotting business. it occurs.
Mutual fund unit allocation follows a complex trade settlement process with a NAV cycle that is changed at the end of the day. This results in settlement, and confirmation with the statement of accounts, which takes approximately one day from the time an investor places a buy order and the money leaves his bank account. Investors, especially new entrants, sometimes see this as a delay and believe that service standards could be better.
“We recognize that there is a growing desire for instant gratification among consumers, given the nature of execution across a range of new products including ride hailing, airline ticket booking and stock trading. Anuj Kumar, Managing Director, CAMS, said, “It is now important for the MF industry to provide an experience that is capable of providing the same real-time experience to the consumers and better serve their service needs, despite the many complexities.
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