The mutual funds Registrar and Transfer Agent has started the digiSIP the facility using which investors can kick start their SIP investments in just 7 days as against the current lead time that is upto 30 days.
As per the company the facility is an evolved paperless process that uses pre-filled forms together with click-based entry for easy, speedy initiation, processing and commencement of mutual fund investment via the SIP route. The process is aimed at providing convenience to both distributors as well as investors in mutual funds.
The facility shall be extended for both existing and new investors of the company. And the payment system is facilitated with e-mandate with e-sign. Distributor's work will now be eased who capitalizing technology can avoid processing huge amount of paper work.
Also, as per the CAMS, distributors shall be able to initiate a SIP investment with OTP-based confirmation from the customers end. New customers will need to get the eKYC done beforehand while existing investors can make use of pre-filled form and initiate and commence SIP investment in just few clicks.