Mumbai: ICICIdirect.com on 21 November launched Alliance Capital Mutual Fund on its integrated mutual fund plaza. This will enable customers to invest online in the mutual fund. Ten open-ended schemes of Alliance Capital Mutual Fund would be available for investors through the ICICIdirect in a hassle-free paper-less mode.
ICICIdirect has a customer-base of 1,34,000. This is the fourth mutual fund to be launched on ICICIdirect after Prudential ICICI Mutual Fund, Zurich India Mutual Fund and Templeton India Mutual Fund. Alliance Capital Mutual Fund has assets worth Rs 3,000 crore under its management in India as on 15 November 2001.
The customers of ICICIdirect will not have to worry about filing application forms, drawing cheques or making demand drafts, depositing warrants, as all the financial transactions are done automatically through a click of the mouse. The transacted units are debited or credited automatically to the account of the customer.
The plaza would enable customers of ICICIdirect to make such transactions as purchases, redemptions, switches, transfer-in and systematic investment plans and systematic withdrawal plan.
Says ICICIdirect MD and CEO Madhabi Puri Buch: "We are pleased to have Alliance Capital Mutual Fund on our site, with this we now provide a wide range of offerings of some of the best mutual fund products to our existing customers in a hassle-free environment."
Says Alliance Capital Asset Management (India) CEO Nikhil Johri: "Online mutual funds transactions offer unmatched convenience to investors. And we look forward to working with ICICIdirect, which has carved a niche of its own in a short span of time."