Curious viewpoints on MF platforms

[2ndlight]

If you have to start investing in mutual funds today, which platform would you recommend?

Before anyone posts a link of our wiki for comparison b/w platforms, yes I have gone through it. And it’s always better to have a fresh viewpoint from people who are already trying it. While there may be many people like me who are baffled by the comparisons in demat form or non-demat, lumpsum or actual SIP.

Personally I’m looking into ELSS for starters and then expanding into other MFs.

 

[olufunmilola]

@2ndlight I personally like Kuvera. Kuvera is best in terms of value added services (tax harvesting suggestions, managing multiple accounts and more). Plus customer support is good.

 

[mjorme]

@olufunmilola Hello @olufunmilola, I am thinking of opening an account with Kuvera. Can you please resolve my following doubts ?

Is Kuvera a mutual fund only platform or can I buy stocks also from their app? I see that stocks are listed on their website here. But I don't see any page mentioning how much brokerage they charge for stocks. So, can I purchase stocks on Kuvera and if yes, how much brokerage do they charge?

Also, what is your opinion about which platform should be used if I want to invest in both stocks and mutual funds, but keep mutual funds investment in non-demat format (SOA format)?

Is Upstox mutual fund investment in demat or non-demat format? on there support page this info is not explicitly mentioned but I feel that mutual funds will be stored in demat form as they mention that demat account is required to be opened for mutual funds investments.

Thank you in advance!

 

[olufunmilola]

@mjorme Kuvera lets you buy stocks by connecting your existing broker so you can track it along with mutual fund investments, Kuvera is not broker.

For mutual funds I would recommend Kuvera(non-demat, direct plans only, good customer support, value added services are plus too) and for stocks go with zerodha or any other.

If you want both on single platform then try Groww. I haven't tried it personally but came across many negative reviews about customer support on this sub.

 

[mjorme]

@olufunmilola @olufunmilola Thank you for the information!

 

[2ndlight]

@olufunmilola Are the value added services like tax harvesting free for use or there is a membership fee?

 

[olufunmilola]

@2ndlight Annual charge for this feature is 500 coins/year (you can earn it different ways by referring, doing first SIP etc.)

If you don't have enough coins, you can buy it by paying remaining amount (not available right now. Used to be like this).

Coin system is getting a revamp so they activated this feature for me for free from backend for 1 year. I was willing yo pay as well because it's worth it.

As soon as past transaction(s) is ready for harvesting they send mail and alert on app as well.

 

[2ndlight]

@olufunmilola Now that’s something useful.

 

[judgenotbutyourself]

@olufunmilola

Coin system is getting a revamp so they activated this feature for me for free from backend for 1 year. I was willing yo pay as well because it’s worth it.

Same here, got it for free when I reached out to pay for it. Although the tax harvesting isn't suggesting harvesting in one of my funds, no clue why.

 

[olufunmilola]

@judgenotbutyourself Maybe there is exit cost

 

[nischansr]

@judgenotbutyourself Is a lumpsum into that fund restricted?

They don't suggest funds for tax harvesting if it cannot be bought back the same day (which makes sense).

 

[judgenotbutyourself]

@nischansr Not at all, that's the Parag Parikh Flexicap

 

[olufunmilola]

@judgenotbutyourself Same for me. It does not show this fund for harvesting because there is exit cost for 2 years. I don't have any transactions before 2 years from now.

 

[judgenotbutyourself]

@olufunmilola PPFC has an exit load? Damn, why did I never spot that

 

[resjudicata]

@2ndlight Personally I use Zerodha. It keeps it simple and my current investments are in one place. (Shares/MF/Bonds etc). Transmission to next of kin is easier. Demat owner will be the nominee.

For me, the demat nature is a big plus. If my earlier broker (I-Sec)had allowed demat mf, I would have continued with them. I sec has introduced direct demat mf recently. I guess there is enuff demand.

A couple of drawbacks.

• Systematic transfer plan/switch is not available due to the demat element.
• Redemption Funds are credited to the wallet.
• Chances of demat transaction charges, going forward but i am ok with it.

I had MF logins, followed by MFU. My requirements are simple.. Only sip.

If you wish to start non demat, today you will require only two apps, CAMS and k-fin. And if you wait for a few months, Mf Central will replace these two as a single point connect.

 

[dayagri]

@resjudicata What's the advantage/disadvantage of having MF in demat? While I'm using 0dha myself, didn't understand why they hold MF in demat.

Btw for your issue of STP/switch - this can be triggered directly with the MF provider as well. However do be aware of tax implications during switch.

 

[resjudicata]

@dayagri

• Single view of all investments (shares/MF/bonds) .
• Single point updation of KYC or other personal data.
• Transacting is easier since you do have to deal thru multiple apps (and also single point of failure)
• Easier transmission to next of kin since nominee is the automatic heir.

I was tired of my inability to even view folio holdings value easily till MFU was created. The folio investments still continue due to tax implications ( demat MF portfolio is less than half of the "folio" portfolio). I invest a token amount every year to keep the folio active. Today I have unused CAMS/K fin/MFU apps which are now replaced by one app.

I could switch to i sec for direct demat MF but I love the 0da implementation of sip & 2 FA.

I don't miss the family folio/Multiple folio ability from MF since I have a different approach.

Btw for your issue of STP/switch - this can be triggered directly with the MF provider

Have you actually done this ?

 

[dayagri]

@resjudicata I did explore switching between schemes with Axis AMC, the options are easy to follow. However, did not follow through due to tax implications, which is basically counted as redemption.

 

[resjudicata]

@dayagri CAN THE INVESTOR SUBMIT REDEMPTION / SWITCH REQUEST WITH NIPPON INDIA MUTUAL FUND ONCE THE UNITS ARE DEMATERIALIZED?

No; once the units are converted into Demat mode, the investor will have to submit the redemption request directly with the DP or through the Stock Exchange platform in their prescribed format. Switch transaction is not possible for units held in Demat form.

https://mf.nipponindiaim.com/investor-service/customer-service/faqs

 

[2ndlight]

@resjudicata It’s a nice perspective to keep things simple and clear to manage. Any idea when Mf Central will be replacing as a single point of contact?