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The coronavirus pandemic has affected most businesses in almost every country across the world. The stock markets have taken a significant jolt ever since the outbreak and spread of the virus. Trade activities have been halted, and major indices such as BSE Sensex and NSE Nifty have fallen to their multi-year lows.
The situation has turned out to be such that the countries have imposed travel bans on each other. The Indian Government has now suspended the operations of its passenger trains. Major cities such as Mumbai, Bengaluru and Pune have been placed under lockdown to prevent the spread of the deadly coronavirus.
The companies based out of the major Indian cities have been directed by their respective local governments to ask their employees to work from home. This is a significant step towards containing the virus as it is easy to spread at workplaces that are air-conditioned and have several people working closely.
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This has impacted the operations of mutual fund houses as well. As per the latest announcement of the Association of Mutual Funds in India (AMFI), the mutual fund houses will not be collecting the investments at their respective collection points until the situation makes it conducive.
The fund houses, with a view of encouraging social distancing, have suspended the operations of their collection centres or branch offices by keeping them closed until further notice. However, investors can continue their investments through online modes. They can invest through the official websites and other affiliated channels.
The AMFI has requested all mutual fund distributors and investors to comply with the order. It has pressed on the importance of using the online modes of transactions to invest in the current scenario. The AMFI issued this announcement and guidelines to the mutual fund houses, distributors, and investors in the public interest.
For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in
Engineer by qualification, financial writer by choice. I am always open to learning new things.
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