ICICIdirect, one of the largest financial product distributors in India, today announced that it has waived off transaction fees for its HNI Mutual Funds customers.
ICICIdirect is the first distributors to revise its commissions on mutual funds, post SEBI's directive on removal of entry load from August 1, 2009.
As per the new fee structure, there will be no commissions for ICICIdirect customers with cumulative MF investment of more than Rs 8 lakh. Speaking on the occasion Mr Vineet Arora, Senior Vice President and Head - Product and Distribution, ICICI Securities Ltd said, "We welcome the SEBI guidelines on removal of the Mutual Fund entry load and we believe that it will immensely benefit our customers in allocating their funds appropriately. In FY2010, ICICIdirect has witnessed a 20% incremental growth in the addition of number of SIPs and the mutual fund gross purchase has more than doubled."
Customers with cumulative MF investments of less than Rs 8 lakh will have to pay nominal fees of Rs 30 per SIP. ICICIdirect offers several comprehensive value-added free services for its Mutual Funds customers. Some of the services are: research reports on most-recommended funds, ready-to-use model portfolio, and timely interactions with a dedicated Relationship Manager.