MF industry's digital drive helps in collections of new fund offerings

The digital capability of the MF industry has helped NFOs have a wider access to different parts of the country, despite the current lockdown conditions

The digital drive undertaken by the mutual fund (MF) industry and distributors is helping collections of new fund offerings (NFOs), even as parts of the country are still witnessing a partial lockdown.

Recently, Nippon India Multi-Asset Fund saw a collection of Rs 720 crore for its NFO. Executives of Nippon India MF said around 60 per cent of applications were made through digital modes.

According to industry participants, the digital capability of the MF industry has helped NFOs widen their access to different parts of the country, despite the restrictions following the outbreak of Covid-19.

“The digital model helps gain scale, as one