Indian Online Broker To Move Into Mutual Funds Distribution

by Philip Morton, InvestorsOffshore.com

24 May 2001

Leading Indian stockbroker Motilal Oswal Securities Ltd (MOSt) is to expand its range of products by entering the arena of mutual funds distribution. The company wants to diversify its activities and move in the direction of financial planning, having announced its intention to apply to the recently-formed Association of Financial Planners in India for registration.

MOSt's senior vice president, KV Ramaswamy, told the Indian press recently: 'We are in talks with Prudential-ICICI Asset Management, Templeton Mutual Fund, Kotak Mahindra Mutual Fund, IDBI-Principal Asset Management and Zurich Asset Management (India) for distributing their products.' According to Mr Ramaswamy, distributing mutual funds would enable the company to add new value-added products to its existing basket of brokerage-related products.

MOSt says that it considers mutual funds to be 'yet another important step in furthering the process of Asset Allocation and thereby creating long term wealth.' The company said: 'As a financial service provider, we take this opportunity to offer our associates and relationships a window to invest in Mutual funds based on quality research, the hallmark of Motilal Oswal Securities Limited. Aided by state of the art technology, you will very soon have access to unique tools such as "Asset Allocation Module", which will be able to help you allocate your assets based on our understanding of your risk return profile. We hope this endeavor would go a long way in furthering the process of building a wealth creating relationship.'

Further details are available at www.motilaloswal.com.

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