Muthu. There was a decline in paperless transactions in the fund sector

Ahmedabad. 30 October 2020, Friday

After the drastic implementation of the lockdown, there is an increase in economic activity in the unlocked process. However, there has been a sharp decline in paperless transactions in the mutual fund sector.

Due to the strict implementation of lockdown across the country, there was a break in the physical functioning of the mutual fund sector. This time i.e. during the June quarter, investors used to go to the mutual fund's site and invest. In other words, paperless transactions in the fund sector grew by more than 50 per cent during this period.

After the month of June, during the unlock process, there was also an increase in economic activity at all levels. As a result, investors have once again gone to the offices of mutual funds for self-verification and adoption of investment strategies, resulting in an overall 20 per cent reduction in paperless transactions.

According to available data, Nippon Life India Asset Management accounted for 8% of the workforce in the June quarter. Which fell to 4 per cent in the September quarter.

HDFC Asset Management accounted for 41.5 per cent of paperless transactions in the June quarter. J Sept. It fell to 30 per cent in the quarter. Apart from this, a similar picture was painted in fund houses.

According to available data, during the June and September quarters, the fund had registered about 3,000 digital purchases (paperless transactions).