Logo

Mumbai: India's UTI Asset Management on Monday offered 30 of its mutual funds for transaction through the National Stock Exchange (NSE), becoming the first fund house to take advantage of the vast distribution network of the exchange.

The Securities and Exchange Board of India (SEBI) had earlier this month permitted stock exchanges to offer their infrastructure for fund transactions, giving them access to more than 200,000 terminals in over 1,500 towns and cities countrywide, reports Reuters.


"The industry gets six percent of household savings. The move will help us get more share of household savings," said U.K. Sinha, Chairman of UTI. UTI is India's oldest and fourth-biggest mutual fund firm. It had average assets of Rs. 768.5 billion in October, more than 10 million client folios and a presence in 460 districts, offering one of the biggest distribution networks in India.