Stamp Duty on Mutual Fund Investors from 1st July, 2020
Is your client's investment amount less by around Rs. 1 or so in App and Web ?
Then we would like to take this opportunity to inform you that, beginning from 1 July 2020,
your client would be charged a stamp duty of 0.005% on all mutual fund purchases in accordance with the orders issued by the Government of India.
Purchases include lumpsum, SIP, Switch-in (including triggers from past STP registrations), and Dividend Reinvestment transactions.
However, there would be no stamp duty on redemption.
Let’s understand this with an example:
Amount Invested = Rs. 1,000
Stamp duty = 0.05 (1,000*0.005/100 )
NAV of Fund = Rs. 10
Units Allotted for = 999.95
We advise that you send a general update or mailer from your end informing all of your clients of this change.
SEBI must tighten this misuse of Direct Plan
Direct plan is an option for investors but some fintech companies are using this plan to misguide and deviate investors from the key objective. Beware of such wrong presentations against Regular Plan in Mutual Funds - evaluate your case properly We ...
What to choose - A Good Vendor or a Good Software ?
A good developer can improvise and convert a bad software to a good software with time. But a bad developer can not maintain a good software for long time ! What I mean to say here is, that buying a software is actually like choosing your business ...
Latest Update in FinnSys Software - as on 10th May 2021
We at FinnSys is regularly taking the inputs from our users and internal team members to add, edit or upgrade the features and utilities for best benefit of MFDs. In our recent 'Upgrade Release' as on 10th May 2021, you will find some useful changes ...