Nilesh Shah captions it as ‘Choti Rakam, Bada Kadam’
Mumbai: Kotak Mutual Fund has launched ‘Choti SIP’, a new initiative aimed at making mutual fund investments more accessible to a wider pool of investors, offering the Rs 250 investment option for all eligible schemes of the AMC. According to the AMC, the primary objective of Choti SIP is to lower the entry barrier for first-time investors and make mutual fund investments more inclusive.
Nilesh Shah, Managing Director, Kotak Mutual Fund said the Choti SIP facility offers the chance to tap into the vast potential for mutual fund investment. Currently, only about 5.4 crore unique investors in India are mutual fund investors. “With the launch of Choti SIP, a new investor can begin their wealth creation journey with a minimum amount of Rs. 250. We can call it ‘Choti Rakam – Bada Kadam,’” Nilesh Shah said.
The AMC said the primary objective of Choti SIP is to lower the entry barrier for first-time investors and make mutual funds more inclusive. To be eligible, investors must not have previously invested in mutual funds (either as SIP or lumpsum). Additionally, investments must be made under the Growth Option, and participants must commit to a minimum of 60 monthly installments with payments facilitated through NACH or UPI auto-pay only.
Capital market regulator Sebi and mutual fund body AMFI had unveiled the small SIP scheme in Mumbai on February 21, where Sebi’s former Chairperson Madhabi Buch had said that through the sachetisation, investing as an opportunity will be available at every nook and corner. “Every son and daughter will be able to participate in the industry,” she had said.
Prior to this, SBI Mutual Fund too had announced the launch of ‘JanNivesh SIP’ scheme to offer micro systematic investment plans (SIPs) starting from Rs 250.
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