Upstox mutual fund platform

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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).

Corporate background

RKSV Securities India Private Limited was founded in 2009 by Raghu Kurmanath, Shrinivas Viswanath, and Kavitha Subramanian, along with Ratan Tata’s personal investment. The company adopted the Upstox trading brand to unify its consumer-facing identity. Tiger Global Management’s investment elevated Upstox’s profile as a technology-led discount broker.

Upstox is SEBI-registered as a stockbroker on NSE and BSE and holds AMFI ARN registration for mutual fund distribution. The company is not publicly listed as of 2025.

Mutual fund offering

The Upstox mutual fund platform provides:

  • Direct plan investing: Clients may invest in direct plans of equity, debt, hybrid, and passive schemes from major AMCs
  • SIP and lump-sum: Both investment modes are supported
  • Fund discovery: Scheme information, risk labels, expense ratio comparisons, and past NAV performance
  • Portfolio integration: Mutual fund holdings visible alongside equity portfolio within the Upstox app
  • Tax reports: Capital gains statements for income tax filing

Mutual fund holdings through Upstox are held in SOA format at CAMS or KFin Technologies, not in a Upstox demat account.

Transaction routing

Upstox routes mutual fund transactions through exchange platforms (BSE StAR MF or NSE NMF II) to CAMS and KFin Technologies for processing.

Comparison with peer platforms

Upstox’s mutual fund platform serves its existing equity-trading client base with added mutual fund access, following the model established by Zerodha Coin and Groww. Unlike Zerodha Coin, which holds units in demat format, Upstox MF uses the SOA format. Unlike Angel One, Upstox has not prominently featured a differentiated MF product (such as SmartSIP) as of 2024.

References

  • Upstox mutual fund page (upstox.com/mutual-funds)
  • RKSV Securities / Upstox company information (upstox.com/about)
  • AMFI ARN holder database (amfiindia.com)

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