The SIP culture is only catching momentum. Surat based distribution powerhouse NJ India got 50,000 SIPs on 21 February 2018 through its more than 5,000 partners. The SIP amount was worth Rs 14 crore. Encouraged by the response, NJ India is planning for more such campaigns going ahead.
“Everyone was gung-ho about this campaign. Interestingly, there was no financial incentive either for partners or NJ team members for driving this initiative. Of 50,000 SIPs, 75% were logged in online on our E-Wealth platform. The idea behind this campaign was to help our partners realise the importance of technology in scaling up their business. One of our partners from a remote town in Lucknow logged in 450 SIPs. This is the power of technology,” said Husaini Kanchwala, Head of Investment Products at NJ Group.
Husaini said that NJ India is continuously enhancing its systems to provide a seamless experience for its partners and investors. The group has its own IT firm which has developed all its technology systems. It has developed E-Wealth platform which enables its partners to automate majority of tasks, including online transaction execution. For instance, partner’s clients can approve transactions through SMS, mobile app as well as E-Wealth account.
NJ India was the largest mutual fund distributor (commission wise) last fiscal. It received Rs 443 crore gross commission through its mutual fund business on assets worth Rs 30,959 crore. Its mutual fund assets have almost doubled to Rs 60,500 crore as on May 2018. Of this, Rs 52,000 crore are equity assets. NJ India has 11,000 active partners contributing to its mutual fund vertical. Currently, it has monthly SIP book of Rs 770 crore.
