Hello,
Does anyone know if Direct mutual fund can be managed through a single platform? is there any app which does this? for regular funds we can manage from the subscriber but how about if I wanted to do for Direct plans?
The best option is to use mfuonline.com. It is an effort by the Mutual Fund Industry to have a single place to transact.
Second option is to create account in each of the three RTA - CAMS, Karvy, FTAMIL.
Third option is to create a login in each of the AMC’s website - hdfcmf.com, sbimf.com etc.
Other than these, brokerage apps like Zerodha, Groww offer Direct Mutual Fund options too. Many comparisons of these are available online (eg. 9 Best Direct Mutual Fund Platforms & Apps in India [2020] (techrrival.com)
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Cool, thanks for the reply. one more question, will I be able to convert my existing regular plans to direct plans ?
You will have to create a switch transaction to switch from regular to direct plans. If you go with mfuonline (or) CAMS/Karvy/FT options, your existing holdings will show up in the portal and you can create a Switch transaction. (Not sure about Groww, Zerodha etc. My guess is that they will not appear, but I might be wrong)
But…
Although it’s called a switch, it is actually a redeem+invest transaction. So, exit-load and STCG/LTCG tax will have to be paid on the redemption…
You can try Kuvera…it’s an app to manage direct mutual fund investing. They also have a feature to switch the existing invested funds to direct ones
thanks for the reply , i am trying to register with mfuonline and CAMS , its painful process so far. have tried many times but their system is not allowing me to register, i’ll check again tomorrow. Thanks!
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thanks let me check that out.!
I use groww it is very easy u can also use paytmmoney but groww is the best according to me.
so i was able to register with CAMS but i am not seeing all of my funds there only few are listed. Will try with other apps.
cool, does it have all the funds and do you know if that’ll allow me to switch from regular to direct? on CAMS i registered but i am not seeing my all funds there.
Yes u can switch to direct funds u need to register and then it will show all Ur holdings under Ur pan and then u can switch and it has all the funds.
MFUONLINE used to be good before 3-4 years, but now the service and customer support sucks.
In my opinion, COIN platform of zerodha is best to buy direct mutual funds. Its web and mobile app are superb and efficient.
no you cannot switch from regular to direct plans… you need to sell/ stop regular plans and buy new direct plans… also from this year onwards while filing ITR it is mandatory to provide ISIN number of each mutual funds… so in my opinion its better to stop adding in Regular funds and buy Direct plans independently.
FYI I had the same question as yours before 2-3 years