Direct Plan on WebNotes

5paisa mutual fund platform

Tue, 12 May 2026 00:00:00 +0000

5paisa’s mutual fund platform is the mutual fund investment feature of 5paisa Capital Limited, a SEBI-registered discount stockbroker that also holds an AMFI ARN registration for mutual fund distribution. 5paisa Capital Limited is listed on NSE (NSE: 5PAISA) and is promoter-backed by IIFL Finance Limited (formerly known as IIFL Holdings), one of India’s large NBFCs.

5paisa Capital Limited was incorporated as a distinct entity from IIFL to operate a low-cost, technology-led discount brokerage model. The mutual fund feature is integrated into the 5paisa mobile and web trading platform, accessible at 5paisa.com.

Aditya Birla Sun Life Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The Aditya Birla Sun Life (ABSL) Mutual Fund direct portal at mutualfund.adityabirlacapital.com is the investment platform operated by Aditya Birla Sun Life AMC Limited for direct plan investments in its mutual fund scheme range. ABSL AMC is a joint venture between Aditya Birla Capital Limited and Sun Life Financial Inc. of Canada. Aditya Birla Capital is the financial services arm of the Aditya Birla Group, one of India’s largest conglomerates.

Angel One mutual fund platform

Tue, 12 May 2026 00:00:00 +0000

Angel One’s mutual fund platform is the mutual fund investment feature integrated into the Angel One Limited stockbroking application, accessible at angelone.in and through the Angel One Android and iOS apps. Angel One Limited (formerly Angel Broking Limited) holds an AMFI ARN registration enabling it to distribute both direct plans and regular plans of mutual fund schemes from participating AMCs.

Angel One is one of India’s largest stockbrokers by active client count, consistently ranking in the top three alongside Zerodha and Groww by NSE-active clients. Its mutual fund feature leverages the existing client base of several crore equity trading accounts.

Axis Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The Axis Mutual Fund direct portal at axismf.com is the investment platform operated by Axis Asset Management Company Limited (Axis AMC) for direct plan investments in its mutual fund scheme range. Axis AMC is a joint venture between Axis Bank Limited and Schroders plc of the United Kingdom. Axis Bank holds the majority stake, with Schroders plc holding a minority interest.

Axis AMC gained prominence in the Indian mutual fund industry through the mid-2010s as its equity fund performance attracted significant retail and HNI investor flows. Axis AMC manages equity, debt, hybrid, and passive schemes and has been among India’s top ten AMCs by AUM. In 2022-23, Axis AMC faced significant adverse publicity when certain fund management staff were subject to a SEBI investigation related to front-running concerns; subsequent regulatory proceedings and management changes followed.

BSE StAR MF

Tue, 12 May 2026 00:00:00 +0000

BSE StAR MF (Systematic Transaction and Reporting platform for Mutual Funds), operated by BSE Limited, is one of India’s largest mutual fund transaction processing platforms by order volume. The platform, accessible at bsestarmf.com and through BSE’s distributor-facing infrastructure, allows mutual fund distributors, registered investment advisers, and direct investors to place purchase, redemption, switch, and SIP transactions across participating AMCs without routing through each AMC’s individual portal.

BSE Limited, one of the two major stock exchanges in India, launched StAR MF to leverage its existing exchange membership infrastructure and settlement systems for mutual fund distribution. The platform processes transactions from AMFI-registered distributors, stockbrokers, and since the EOP framework, direct investors. As of 2024, BSE StAR MF was estimated to process tens of millions of SIP and lump-sum transactions annually, making it one of the highest-volume mutual fund transaction conduits in the country.

CAMS Online portal

Tue, 12 May 2026 00:00:00 +0000

CAMS Online is the investor-facing and distributor-facing portal operated by CAMS (Computer Age Management Services Limited), accessible at camsonline.com. The portal provides holders of mutual fund folios serviced by CAMS-registered AMCs with the ability to access account information, transact (purchase, redeem, switch, SIP register), download account statements, submit service requests, and view their portfolio across all CAMS-serviced AMC schemes.

CAMS Online is one of two primary registrar portals in Indian mutual fund investing, the other being KFinKart operated by KFin Technologies. Together, these portals provide direct registrar-level access that complements multi-AMC aggregator platforms such as Kuvera, ET Money, Groww, and the joint MF Central portal.

Direct mutual fund portals comparison: Coin vs Groww vs Kuvera vs MFU

Tue, 12 May 2026 00:00:00 +0000

Direct mutual fund plans, mandated by SEBI since 1 January 2013, allow investors to invest in mutual fund schemes without routing through a distributor, thereby avoiding the trail commission embedded in regular plan expense ratios. Several platforms have been built to facilitate direct plan investing: Zerodha Coin, Groww, Kuvera, MF Utility (MFU), and others.

This article compares the four prominent direct plan investment platforms on key dimensions: unit-holding model, registration type, SIP mechanism, account fees, scheme universe, features, and regulatory status.

Direct Plan Adoption Trajectory in India

Tue, 12 May 2026 00:00:00 +0000

The direct plan in Indian mutual funds is a separate plan within each scheme available exclusively to investors who invest without any distributor or broker intermediary. Mandated by SEBI with effect from 1 January 2013, direct plans carry a lower total expense ratio (TER) than their regular plan equivalents because no distribution commission is embedded. The adoption of direct plans transformed the economics of mutual fund distribution, created a viable market for fee-based investment advisers, and enabled a generation of zero-commission digital platforms to acquire tens of millions of investors.

Direct vs regular plan TER differential in mutual funds

Tue, 12 May 2026 00:00:00 +0000

The direct vs regular plan TER differential is the difference in the total expense ratio (TER) between a mutual fund scheme’s direct plan and its regular plan. Both plans hold an identical portfolio managed by the same fund manager, but the regular plan charges an additional amount to compensate the distributor or investment adviser who sold the units. That extra charge reduces the investor’s net return by the same magnitude every year, compounding significantly over long holding periods.

Direct-to-regular and regular-to-direct switch implications

Tue, 12 May 2026 00:00:00 +0000

Switching between the direct plan and regular plan of the same mutual fund scheme is treated as an inter-scheme switch for all regulatory, operational, and tax purposes, even though both plans invest in the same underlying portfolio. The switch triggers a redemption of units in the source plan and a fresh subscription in the destination plan, with full capital gains tax consequences.

Background: direct and regular plans

SEBI mandated the introduction of direct plans from 1 January 2013 (Circular CIR/IMD/DF/21/2012, dated 13 September 2012). Every open-ended mutual fund scheme must offer a direct plan alongside the regular plan:

DSP Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The DSP Mutual Fund direct portal at dspim.com is the AMC-operated investment platform for direct plan investments in schemes managed by DSP Investment Managers Private Limited (DSP AMC). DSP AMC is a privately held AMC that operates the DSP Mutual Fund trust, managed entirely by the DSP Group after Blackrock’s exit from its erstwhile joint venture (DSP Blackrock Investment Managers) in 2018.

DSP AMC has a strong heritage in equity investing and manages a wide range of equity, debt, hybrid, and liquid schemes. As of 2024-25, DSP AMC ranked among India’s top fifteen AMCs by AUM, with particular strength in multi-cap and equity-oriented strategies.

EOP regulations 2023 (Execution-Only Platform framework)

Tue, 12 May 2026 00:00:00 +0000

The EOP (Execution-Only Platform) framework is a regulatory architecture established by SEBI (Securities and Exchange Board of India) through circular SEBI/HO/IMD/IMD-POD-1/P/CIR/2023/74, issued on 19 May 2023. The circular formally defines and regulates platforms that facilitate execution of mutual fund transactions in direct plans without providing investment advice, creating a distinct regulatory category for what had previously been a grey area in Indian mutual fund distribution regulation.

Prior to the EOP circular, direct-plan aggregator platforms such as Kuvera, ET Money, MFU, and BSE StAR MF operated either under AMFI ARN holder registrations (as mutual fund distributors without the commission basis) or as SEBI-registered investment advisers (RIAs). The absence of a specific platform category meant that transaction-only platforms faced regulatory uncertainty about their obligations and permissible activities.

FundsIndia

Tue, 12 May 2026 00:00:00 +0000

FundsIndia is an Indian online mutual fund distribution and financial planning platform, operated by FundsIndia.com Private Limited, accessible at fundsindia.com. Founded in 2009, FundsIndia is one of India’s earliest dedicated online mutual fund investment portals, predating the emergence of the current generation of direct-plan-focused fintech platforms by several years. The platform holds an AMFI ARN registration and distributes both direct plans and regular plans of mutual fund schemes from all major AMCs.

HDFC Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The HDFC Mutual Fund direct portal at hdfcfund.com is the AMC-operated investment platform for direct plans of schemes managed by HDFC Asset Management Company Limited (HDFC AMC), one of India’s largest and most profitable asset management companies. HDFC AMC is listed on the National Stock Exchange (NSE: HDFCAMC) and BSE, making it one of the few publicly traded Indian AMCs.

HDFC AMC manages a comprehensive range of equity, debt, liquid, and hybrid mutual fund schemes and, as of 2024-25, ranked among the top two or three Indian AMCs by equity AUM. The direct portal enables self-directed investors to access HDFC AMC’s scheme range without distributor intermediation.

How to buy your first mutual fund on Coin

Tue, 12 May 2026 00:00:00 +0000

Zerodha Coin is a direct-plan mutual fund investment platform where units are held in demat form rather than in a statement-of-account (SOA) folio with the registrar. This guide covers the complete process of purchasing your first mutual fund unit on Coin, from account prerequisites through post-purchase verification.

Prerequisites

Before placing your first Coin order, confirm the following:

How to switch from regular to direct mutual fund via Coin

Tue, 12 May 2026 00:00:00 +0000

Switching from a regular plan to a direct plan of the same mutual fund scheme is one of the highest-impact, zero-cost investment improvements available to retail mutual fund investors in India. A regular plan includes a distributor trail commission (typically 0.5%–1.0% per annum for equity funds) embedded in its Total Expense Ratio (TER). A direct plan of the same scheme, available on Zerodha Coin, does not include this commission, resulting in a lower TER and consequently higher NAV growth over time.

ICICI Prudential Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The ICICI Prudential Mutual Fund direct portal at icicipruamc.com is the AMC-operated investment platform for direct plans of schemes managed by ICICI Prudential Asset Management Company Limited, a joint venture between ICICI Bank Limited and Prudential plc of the United Kingdom. ICICI Prudential AMC is one of India’s three largest AMCs by total AUM, managing equity, debt, hybrid, liquid, and passive schemes across all SEBI scheme categories. The company is listed on NSE (NSE: ICICIPRULI’s parent, but the AMC itself as ICICIPRUMAS as of AMC listing details – the AMC has filed for listing separately) and holds a SEBI registration as an AMC.

INDwealth

Tue, 12 May 2026 00:00:00 +0000

INDwealth is the premium wealth management sub-brand operated by INDmoney (INDmoney Private Limited), targeting high-net-worth individual (HNI) and ultra-HNI investors who seek personalised portfolio management alongside the broader INDmoney platform’s aggregation and direct-plan investing capabilities.

INDwealth operates under the SEBI registered investment adviser (RIA) registration held by INDmoney Private Limited, providing fee-based advice and personalised portfolio construction rather than the self-directed direct-plan investing model of the mass-market INDmoney platform. INDwealth charges a fee based on assets under advice (AUA), consistent with the RIA fee models permitted under the SEBI (Investment Advisers) Regulations 2013 and the 2020 amendment.

KFinKart portal

Tue, 12 May 2026 00:00:00 +0000

KFinKart is the investor-facing and distributor-facing portal operated by KFin Technologies Limited, accessible through kfintech.com. The portal provides holders of mutual fund folios serviced by KFin-registered AMCs with the ability to access account information, transact (purchase, redeem, switch, SIP register), download account statements, and submit service requests.

KFinKart is the registrar portal counterpart to CAMS Online and together with CAMS Online covers the vast majority of Indian mutual fund folios. The joint portal MF Central (mfcentral.com) draws data from both KFin Technologies and CAMS, providing a unified cross-registrar view for investors.

Kotak Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The Kotak Mutual Fund direct portal at kotakmf.com is the investment platform operated by Kotak Mahindra Asset Management Company Limited (Kotak AMC) for direct plan investments in its mutual fund scheme range. Kotak AMC is a wholly owned subsidiary of Kotak Mahindra Bank Limited, one of India’s major private sector banks. Kotak AMC ranks among India’s top five to seven AMCs by equity AUM and offers a wide range of equity, debt, hybrid, and passive schemes.

Kuvera

Tue, 12 May 2026 00:00:00 +0000

Kuvera is an Indian direct mutual fund investment platform and SEBI-registered investment adviser (RIA), accessible at kuvera.in. Operated by Arevuk Advisory Services Private Limited, Kuvera allows investors to purchase direct plans of mutual fund schemes at zero commission, provide goals-based financial planning tools, and consolidate portfolios across multiple folios. Kuvera is one of the largest direct-plan mutual fund platforms in India by registered users, with the company disclosing over 35 lakh registered users and approximately Rs. 90,000 crore in assets under advice as of 2024.

MF Central

Tue, 12 May 2026 00:00:00 +0000

MF Central is a joint investor-service platform operated by CAMS (Computer Age Management Services) and KFin Technologies, India’s two dominant mutual fund registrar and transfer agents. Accessible at mfcentral.com, MF Central provides a single portal through which mutual fund investors may view their complete portfolio across all AMCs – irrespective of whether their folios are serviced by CAMS or KFin Technologies – and submit service requests such as nomination changes, bank account updates, redemptions, and SIP modifications.

MFU (Mutual Fund Utility)

Tue, 12 May 2026 00:00:00 +0000

MFU (Mutual Fund Utility), operated by MF Utilities India Private Limited, is an industry utility platform that enables investors and distributors to transact in mutual fund schemes across multiple AMCs using a single Common Account Number (CAN). MFU is promoted by the Association of Mutual Funds in India (AMFI) and is owned by a consortium of participating asset management companies. The platform is accessible at mfuindia.com and provides both a direct investor interface and a distributor-facing portal, making it one of the foundational pieces of transaction infrastructure in Indian mutual fund distribution.

Mutual fund

Tue, 12 May 2026 00:00:00 +0000

A mutual fund in India is a collective investment vehicle that pools money from multiple investors and invests the combined corpus in a portfolio of securities (equities, bonds, money market instruments, or a combination) in accordance with a defined investment objective. Mutual funds in India are regulated by the Securities and Exchange Board of India (SEBI) under the SEBI (Mutual Funds) Regulations 1996. Each mutual fund is established as a trust, with the asset management company (AMC) as the investment manager and a trustee company overseeing the interests of unitholders.

Mutual fund distribution in India

Tue, 12 May 2026 00:00:00 +0000

Mutual fund distribution in India encompasses the regulatory framework, intermediary categories, technology platforms, and transaction infrastructure through which investors purchase, redeem, and switch units of mutual fund schemes offered by asset management companies (AMCs) registered with the Securities and Exchange Board of India (SEBI). The distribution ecosystem is governed by SEBI’s Mutual Fund Regulations 1996, AMFI (Association of Mutual Funds in India) guidelines, and the SEBI Investment Adviser Regulations 2013, with further architecture defined by SEBI’s Execution-Only Platform (EOP) framework of 2023. As of 2025, the industry distributed assets under management (AUM) of approximately Rs. 65 trillion across more than 15 crore unique investor folios.

Nippon India Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The Nippon India Mutual Fund direct portal at nipponindiamf.com is the AMC-operated investment platform for direct plan investments in schemes managed by Nippon Life India Asset Management Limited (Nippon AMC), formerly known as Reliance Mutual Fund and later Nippon India Mutual Fund following Nippon Life Insurance Company’s acquisition of a majority stake from the Anil Dhirubhai Ambani Group. Nippon AMC is listed on NSE and BSE (NSE: NAM-INDIA), making it another of the publicly traded AMCs in India.

NSE NMF II (National Stock Exchange Mutual Fund Platform)

Tue, 12 May 2026 00:00:00 +0000

NSE NMF II (National Stock Exchange Network for Mutual Funds, second platform) is the National Stock Exchange of India’s exchange-based mutual fund transaction platform, accessible through NSE-authorised participants and directly at nmfii.nse.com. NSE NMF II provides transaction processing infrastructure for mutual fund purchases, redemptions, switches, and SIP registrations across participating AMCs, serving AMFI-registered distributors, stockbrokers with ARN registrations, and since SEBI’s EOP framework, direct retail investors.

NSE NMF II was introduced as a successor to the original NMF platform, incorporating upgraded technology, broader AMC participation, and expanded transaction capabilities. It operates alongside NSE’s NSCCL (NSE Clearing Limited) for settlement processes and routes confirmed transactions to CAMS and KFin Technologies for folio-level processing.

Regular plan vs direct plan mutual fund

Tue, 12 May 2026 00:00:00 +0000

Every mutual fund scheme offered by an asset management company (AMC) in India is required to provide two separate plan options: a regular plan and a direct plan. The Securities and Exchange Board of India (SEBI) mandated the availability of direct plans through a circular dated 22 October 2012, effective from 1 January 2013. The two plans invest in an identical portfolio of securities under the same fund manager, but differ in the expense ratio charged to investors, reflecting the presence or absence of distributor commission.

SBI Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The SBI Mutual Fund direct portal at sbimutualfund.com is the AMC-operated investment platform for direct plans of mutual fund schemes managed by SBI Funds Management Limited (SBIFM), the asset management company of the State Bank of India group. The portal allows KYC-compliant investors to invest in direct plans without routing through a distributor, thereby accessing the lower expense ratios of direct plans across SBIFM’s equity, debt, hybrid, and passive scheme range.

Scripbox

Tue, 12 May 2026 00:00:00 +0000

Scripbox is an Indian robo-advisory and direct mutual fund investment platform operated by Scripbox Advisors Private Limited, accessible at scripbox.com. Founded in 2012, Scripbox is one of India’s earliest mutual fund robo-advisers and is distinguished by its opinionated, curation-based approach: instead of offering the full universe of mutual fund schemes, Scripbox presents a small, researched selection of recommended funds for each investor goal category, simplifying the decision for investors who prefer guidance over complete open-choice.

Smallcase mutual fund baskets

Tue, 12 May 2026 00:00:00 +0000

Smallcase mutual fund baskets is a product offered by Smallcase Technologies Private Limited that allows investors to invest in a curated combination of direct-plan mutual fund schemes as a single, thematic investment basket. In this product, the basket is a pre-defined allocation across multiple mutual fund schemes sharing a common theme (e.g., retirement, international diversification, aggressive equity), and the investor purchases the basket as a unit rather than selecting each scheme individually.

Tata Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The Tata Mutual Fund direct portal at tatamutualfund.com is the AMC-operated investment platform for direct plan investments in schemes managed by Tata Asset Management Limited (Tata AMC), part of the Tata Group financial services ecosystem. Tata AMC is owned by Tata Sons Private Limited and Tata Investment Corporation Limited, both entities of the Tata Group.

Tata AMC manages equity, debt, liquid, hybrid, and passive schemes. The fund house ranks among India’s mid-large AMCs by AUM. Tata AMC was an early entrant in the Indian mutual fund industry, having been operational since the 1990s.

Upstox mutual fund platform

Tue, 12 May 2026 00:00:00 +0000

Upstox’s mutual fund platform is the mutual fund investment feature integrated into the Upstox discount broking application, operated by RKSV Securities India Private Limited (trading as Upstox), accessible at upstox.com and through the Upstox Android and iOS apps. Upstox holds an AMFI ARN registration enabling it to distribute direct plan and regular plan mutual fund schemes from participating AMCs as part of its broader financial services offering.

Upstox is a large Indian discount broker, consistently ranking among India’s top five stockbrokers by NSE-active client count. The company is backed by Tiger Global Management, Ratan Tata, and GIC (Singapore’s sovereign wealth fund).

UTI Mutual Fund direct portal

Tue, 12 May 2026 00:00:00 +0000

The UTI Mutual Fund direct portal at utimf.com is the AMC-operated investment platform for direct plan investments in schemes managed by UTI Asset Management Company Limited (UTI AMC), one of India’s oldest and largest asset management companies. UTI AMC traces its institutional lineage to the Unit Trust of India, the government-sponsored investment entity established under the Unit Trust of India Act 1963, which dominated Indian mutual fund investing for several decades before deregulation.

Wealthy.in

Tue, 12 May 2026 00:00:00 +0000

Wealthy.in is an Indian direct mutual fund investment platform and SEBI-registered investment adviser (RIA), accessible at wealthy.in. The platform offers commission-free direct plan investing in mutual fund schemes from all major AMCs, alongside NPS (National Pension System) investing and financial planning tools. Wealthy.in targets self-directed investors who prefer a clean, direct-plan interface without the premium subscriptions or bundled services of larger platforms.

Wealthy.in is operated by Parsec Technologies Private Limited and holds a SEBI RIA registration and an AMFI ARN registration, consistent with other direct-plan advisory platforms such as Kuvera and ET Money.

Mutual funds on Zerodha (Coin)

Mon, 11 May 2026 00:00:00 +0000

Coin is Zerodha’s mutual fund investment platform, operated as part of the Zerodha product suite. Launched in 2017, Coin allows investors to buy and sell direct-plan mutual fund units without paying any distributor commission. All units purchased through Coin are held in the investor’s demat account at CDSL rather than in a foliostatement form with the Asset Management Company (AMC). Coin is accessible through the Coin mobile application, the Coin website (coin.zerodha.com), and from within Kite’s sidebar.