CEO Speaks |
December 15Did you know what we did last Summer?
Milestones of MoneyFront
Summer of 2015: An idea germinates
Back in the summer of 2015, me and two of
my childhood friends, were discussing on how unscrupulous distributors were
making big money from clients by passing vague recommendations as “Investment
advice”. Gullible investors were recommended one-size-fits-all mutual fund
scheme, as long as the commission (in-built trail fee) made by the distributor
was sizable. Taking advantage of the dearth of awareness among the customers,
these distributors would suggest high commission yielding options and lure the
investors in a honey trap.
After years of
being a part of this industry, these three friends decided to take matters in
their own hands and provide a mutual fund advisory portal that offered only the
Direct Plans of mutual funds. A platform, which helps the retail investor,
invest in scheme that perfectly suits his financial goals without paying any
commission. This portal would offer tailormade investment advice that would be
completely automated and without any bias or vested interests.
Thus, came to
being in May 2015, MoneyMap -an acronym of the three founder’s names, Mohit Gang, Anil Bang and Puneet
Mehta.
July 2015:
MoneyMap become official
MoneyMap was
officially created as a separate entity in July 2015, under the Companies Act of 1965.The amount of paperwork which has to be
carried out during the company registration is incredibly humongous. This
inspired us to add the paperless feature to our portal. We did not want our
investors to waste time and paper, just a few minutes online would do the
trick.
February 2016:
Execution begins
One night of
discussion helped us setup the founding stones of MoneyMap but ironing out the
kinks of MoneyMap took us a couple of months. MAP, Sticklers for perfection had
to ensure that the business blueprint was immaculate. Identifying the right
partner for developing our portal, we started bringing the portal to fruition
in February, 2016.
April 2016: We
are SEBI registered
Not every
element of a pioneering initiative needs to be maverick. Sometimes to earn the
trust of your investors you have to jump on the bandwagon (though just for a
little time). MoneyMap was registered with the Securities and Exchange Board of
India (“SEBI”) as an Investment Advisor under SEBI (Investment Advisers)
Regulations, 2013 (“IA regulations”) vide registration no. INA000004500 dated
April 05, 2016.
July 2016: A new
business, A new office
MoneyMap needed
a new office. A place which was centrally located and in close proximity to all
our stakeholders. We were getting commission less mutual fund investment right
to your homes, why should our brick and mortar office be any different. After
diligent research, we found the perfect MoneyMap hub in Crystal Plaza at
Andheri East.
September 2016:
The journey begins
All the I’s were
dotted and the t’s were crossed. MoneyMap Advisors opened their new portal to
the public and within no time we had our first customer. The start of a new
chapter in the mutual fund industry and our personal lives had begun.
I, Mohit Gang,
CEO of MoneyFront welcome you to the new age of digital, commission-free,
paperless mutual fund investment. Now Get More than ever before via www.moneyfront.in