If you are looking to subscribe to or redeem mutual fund units, the best way would be through the Mutual Fund Service System (MFSS) of the National Stock Exchange or NSE.
Why it makes sense?
The MFSS works in an altogether different way. It is an online order collection system provided by the National Stock Exchange to all its members. All eligible members can place application and redemption requests through the MFSS.
What are the Benefits of placing order through the MFSS?
The benefits of placing an order through the MFSS systems are plenty. Take a look at some of them.
1) A single view of your portfolio
You can now view your entire portfolio including shares, debentures, NCDs and mutual fund units without having to login to multiple accounts.
2) It can help facilitate help from a single intermediary across asset classes.
3) Investment decisions can be made faster and in a more efficient way due to reduced time lag in movement of funds.
4) The MFSS mechanism also eliminates paperwork and helps improve efficiency.
5) Help from member in case the service is not up to the mark.
6) Eliminates need for posting/courier and visiting the MF office.
Who can open an MFSS account?
Members of a Hindu Undivided Family, Body Corporate and MFSS can participate. The important thing, however, is to ensure compliance with know your customer details.
Considering the advantages of the MFSS it would be advantageous to consider the same. Investors who are not yet using the same means can contact their intermediary including their brokers.