After the introduction of mobile banking, now there are also other tasks which can be done through the mobile phone like trading stocks, commodities, currencies and so on. Now the mobile phone users can also invest in the mutual funds schemes using mobile phones through an SMS using a dedicated application by calling up on a designated phone number.
Till now eight fund houses are offering facilities to either transact or see mutual funds portfolios. The industry observers expect more fund houses to start offering such facilities.
If you are a new investor then you have to fill up a common application form along with know your customer documents and a registration form. And after the folio is created and the personal identification is received then the user can download the mobile application and buy and sell funds units.
The existing investors will have to fill the registration form for this facility. And if the user is transacting through SMS then he has to sign a form which registers a mobile number for all your transaction. In order to transact by a phone call the user might require a PIN which is issued by the fund house after receiving an application in the designated form.