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General FAQs

Wixifi offers 'robo' advisory services for investment in both mutual funds and stocks:
MUTUAL FUNDS
Based on the risk level of the user (calculated by Wixifi on the basis of the financial goals entered by the user or chosen by the user himself/herself), the system suggests an optimal portfolio for the user. The user can buy, sell or rebalance the portofolio on Wixifi's platform itself. The minimum amount required to invest in mutual funds through Wixifi is Rs. 5000.

STOCKS
Using the mathematically tested algorithms, the system comes up with an optimal portfolio for its stocks users. The minimum portfolio value of the user intending to use our stocks advisory services should be Rs. 10,00,000. Currently we do not offer stocks execution services but we will come up with that service very soon.

The data is stored in a datacenter run by Amazon Web Service in Singapore.

We use secure SSL which encrypts all the communication on the website. Over and above this Amazon web services data centers are supposed to be among the most secure cloud platforms globally.

We do not trade in equities. We believe for retail clients mutual funds are safer and simpler instrument to trade in.

We only recommend direct plans which saves you a substantial amount of fees to be paid to the mutual fund. These savings are far in excess of the the fee we charge you.

By law a SEBI Registered investment adviser is only paid by the client and receives no commission from the mutual fund or from stock trading. So there is not incentive for the RIA to promote a fund over the other which makes the RIA completely unbiased relative to an MF distributor who distributes regular plans.

We typically recommend that for the first 10 lakhs of investment in financial assets you should buy mutual funds so that you can understand investing better. Once you cross this threshold you can start with investing small amounts in stocks as you continue your journey.

Market crashes are a part and parcel of investing in the equity markets. Firstly you need to have the right amount of equity and debt mix as per your risk profile. Secondly you need to understand that you cannot time equity market crashes and thus have to continue sticking with the plan. That said we do analyse some marco-economic factors and other factors affecting the overall market and sometimes our algorithm will increase your allocation to debt if it believes that equities are highly overvalued - but this can only reduce risk sometimes.

The system recommends a portfolio every month so that you can add capital to your stocks portfolio every month. We recommend that you re-balance to the target portfolio given to you after every 3 months.A back-test is a computer program that runs an algorithm on historical data to test what investments the program would have picked in the past. A back-test does NOT mean that the same performance will be repeated. It is only a information on what might have happened in the past.

'Robo' investment advising means making portfolio recommendations (i.e. where one should invest his/her money) based on mathematically sound algorithms which are designed to give maximum return at minimum risk.

Our customers receive returns higher than the market returns by using the portfolios suggested by our system. We try our best to factor in all the market uncertainties. However, if the market is down for a long time, the customer will still continue to get returns higher than the market (which is what our algorithms focus on) but there is a chance that he/she loses a part of his/her investment. We can say that the customer's loss is reduced when he/she avails our services.

Currently a customer has to buy two subscriptions, one for mutual funds and one for stocks, separately i.e. a customer's portfolio can either consist of only mutual funds or stocks, not both. However, this is one of our future plans and we are working towards it.

Wixifi is not a PMS. PMS stands for Portfolio Management Scheme. As per regulations in India PMS implies discretionary money management of a minimum capital balance of 25 Lakhs or above per client. Discretionary means that the PMS manager can re-balance the investments in your portfolio without taken explicit orders from you.

Wixifi can only change your portfolio upon orders given from you on our website. We do not work on a discretionary basis as our minimum investment is in 5000 rupees per client.

In order to comply with SEBI regulations, we need to capture your KYC (Know Your Client) information to share with Central KYC registry. It is a centralized agency that maintains the KYC records of the customers in the financial sector which can then be further used by mutual funds, SEBI registered investment advisers, stocks brokers etc.

IPV refers to In Person Verification. During the process, you are required to show your Proof Of Identity (POI) and your Proof Of Address (POA). The financial institution verifies the presented POI against the person appearing for IPV and makes sure that the address given on POA is the same as that entered in the form. All the financial institutions are required to do IPV along with KYC to prevent any financial frauds.

Mutualfunds FAQs

We can only track the trades through you CAN that are done through Wixifi. We cannot see your entire portfolio attached to your CAN.

We charge you only 0.125% per quarter on your average quarterly balance which works out to approximately 0.5% per year. You pay us using your credit card only if you are satisfied after the end of the quarter.

We do not charge any transaction fee for trading mutual funds, however the entry and exit loads apply as per the rules of the individual mutual funds.

On a quarterly basis, you are charged 0.125% of your average monthly portfolio value. The example below demonstrates this:

CAN stands for the Common Account number issued by MF Utilities that enables you to invest across 26 mutual fund houses and covers over 94% of the AUM of mutual funds available in the country.

Our system recommends a re-balancing plan for you every 3 months. During this plan it analyses the funds in your portfolio along with the switching cost and decides whether you should switch to another fund or not. The process is automated - all you have to do is click to approve the fund redemption, new subscriptions, and switches between funds of the same fund house.

In our opinion SIPs are a way to get customers locked into a fund. We believe that with today's technology each time you want to invest you should invest in the best possible opportunities. If we suggest SIPs, you will have to invest in the same fund again for the period of the SIP when there might be better options available at that point of time in the future. For systematic investments we suggest that you login to your account each month and make a new investment.

You can get your CAN immediately once you enter your details but it takes 1 business day to active the CAN for investments if your KYC is completed in CKYC and a SEBI registered KRA. If we have to process your KYC in CKYC and a KRA it takes about a week.

The details required are your name, father's name, personal details, residential, office and correspondence address, bank account details, your tax jurisdiction details and scan copies of your PAN card and bank statement with your address printed on the statement.

We only recommend direct plans which saves you a substantial amount of fees to be paid to the mutual fund. These savings are far in excess of the the fee we charge you.

Direct plan mutual funds have a much lower fee than regular plans - in some cases it can be lower by 1.5% per year also which over time compounds to be a very large number. We believe that you should always buy direct plans as you pay no distribution commissions to the person selling you the direct plans. If you use a SEBI Registered adviser like us you can pay the adviser directly based on her or his fee. That way the adviser works only for you in your interest and not in the interest of the mutual fund.

Obtaining a CAN doesn't incur any charges. It's absolutely free. However we do charge a fees for providing MF recommendation services. On a quarterly basis, you are charged 0.125% of your average monthly portfolio value.

The users can track the MF investments done through Wixifi's platform. We are currently working on the system where the user will be able to track his/her MF investments done through platforms other than Wixifi and will be ready with that service soon.

The CAN status of the user remains provisional initially for some time after the submission of complete documents by the user as the KRA (KYC Registration Authority) and CKYC (Central KYC) status of the user have to be checked.

If the user's KYC has already been done and has been properly shared with one of the KRAs (KYC Registration Authority), the process usually takes upto 24 hours. In case the user's KYC has never been done earlier or the KYC details have not been shared with any of the KRAs before, the conversion of provisional CAN to a permanent one can take upto 15 days. Also, the process might take time if there is some issue with the KRA status of the user.

No, a client cannot select the funds on his/her own. The system, based on the risk level of the user, will suggest an optimal portfolio for the user. However, the user can choose to override the risk level suggested by Wixifi and can take higher or lower risk.

The minimum amount needed to invest in mutual funds is ₹5000.

Stocks FAQs

The minimum portfolio value required to make the best out of Wixifi's stocks advisory services is ₹10 lakhs.

A DEMAT (Dematerialized) account is used to hold shares, bonds, securities etc. in electronic form so that the investor doesn't have to get into the hassle of securing them in physical form.

Currently, Wixifi only offers advisory services for stocks and does not execute orders for its stocks clients. Hence Wixifi does not open DEMAT accounts for its users. But it is on our to-do list and we are currently working on it.

The system recommends a portfolio every month so that you can add capital to your stocks portfolio every month. We recommend that you re-balance to the target portfolio given to you after every 3 months.

We are working on a product to be able to do this. Please talk to us about using this product if you are interested.

NRI FAQs

Yes, an NRI can invest through Wixifi. Some additional documents and information may be required to complete the Account Opening Process details of which will be communicated to the NRI user directly through email.

Yes, an NRI can get a CAN. Some additional documents and information may be required details of which will be communicated directly to the NRI user through email.

NRE (Non-Resident External) account is a repatriable rupee account that can be maintained by an NRI in India. For e.g. overseas funds may be first transferred to the NRE account and then the account may be debited with the amount of investment in, say a mutual fund. When such investment is sold, it can be credited back to the NRE account and then transferred to any overseas account if need be.

NRO (Non-Resident Ordinary) account is a rupee account with restricted repatriability that can be maintained by an NRI in India to manage income earned in India from sources such as rent, dividends etc.

1. Repatriability: One can easily repatriate funds from an NRE account including the interest earned in that account whereas NRO account balance is repatriable upto a certain limit. Amount of upto USD 1 million net of applicable taxes in a financial year after giving undertaking along with a certificate from a chartered accountant can be repatriated.
2. Taxation: NRE account is exempted from tax (no Income tax, wealth tax and gift tax) in India. Interest earned from these accounts is also exempt from taxes. NRO accounts are subject to income taxes, wealth taxes, and gift taxes. Interest earned on an NRO account is also taxed.
3. Deposit And Withdrawal: One can deposit funds from a foreign country (in foreign currency) in both NRE and NRO accounts, but funds generated in India in Indian rupees (such as salary, rent, dividends etc.) can only be deposited in an NRO account and is not permitted to be deposited in an NRE account. Withdrawals from both NRE and NRO accounts can only be made in INR.
4. Joint Holding: Two NRIs can jointly hold both NRE and NRO accounts. NRO account can be held jointly with a resident Indian (close relative) as defined under Section 6 of the Companies Act 1956. An NRE account cannot be jointly held with a resident Indian.

The choice depends upon what you need.

  • Choose an NRE account if:
    • You need an account for making rupee payments/investments in India from your overseas earnings.
    • You want your account savings to be freely repatriable.
  • Choose an NRO account if:
    • You need an account for making rupee payments/investments in India from your India earnings.
    • You want to open a joint account with a resident Indian.
    • You need an account to deposit income earned in India from sources like rent, dividends etc.

Yes, mutual fund investments can be made from an NRE account by an NRI.

Yes, an NRI can make mutual fund investments through his/her NRO account. NRO account can only be used to make investments on non-repatriable basis. Redemption proceeds can be directly credited to your bank account.

Redemption proceeds can be directly credited to your NRE bank account. However, if you have invested on non-repatriable basis, the sale proceeds will not be transferred to the NRE account. They can be moved to your NRO account.

No, there is no TDS deduction on dividends from mutual funds.

The short term capital gains accruing from equity funds are subject to 15% TDS (Tax Deducted at Source) for NRIs.

If investments are sold after three years, gains are taxed at 20% for NRIs.

If investments are sold before three years, gains are added to the income and taxed at Income Tax slab applicable to the NRI investor.

The short term capital gains tax is deducted at source (as TDS) for NRI investors. NRI investors need to file their return in India to claim refund of additional taxes (if any) withheld by the MF.

Process Videos


Simple Registration on WIXIFI
This video shows how to create an account on WIXIFI. The process is very simple , it will take only about 40 to 50 seconds.
All that is required is your Name, E-mail and Phone No.



MF Account Creation on WIXIFI
This video describes the process how to get started with WIXIFI in order to use the MF services.
You will be able to create your own CAN to invest in MFU's AMC.



Risk Profile Assessment on Wixifi
The above process shows how to create a risk profile on WIXIFI in order to get minimum risk as per your needs.
The service is one of Its kind.



Activating Stocks Advisory on WIXIFI
This process shows how a user can activate Stocks Advisory service on WIXIFI.
The process is simple and self explanatory.Once you avail this service you can see
the stocks portofolio suggested by WIXIFI's high performing algorithm.



Refer a friend on WIXIFI
Refer Wixifi to your friends and get up-to 5,000 rupees cash back for each friend who buys a subscription.