Scripbox.com, a startup which helps users to invest in mutual funds, has applied to the Foreign Investment Promotion Board (FIPB) to raise funding from foreign investors. The report, however, does not disclose how much funding the company plans to raise. It's not clear whether the company has received an approval from the Indian Government, as the report states that decision on the proposal will be communicated separately. Scripbox informs MediaNama that the company is just readying papers in order if they look for investment in future, and does not have any immediate plans to infuse funds. We wonder why they would apply for an FIPB approval without any deal in place. Scripbox is a financial service startup that provides its users a virtual basket of scientifically chosen mutual funds for users. Founded by Atul Shinghal (CEO) and Sanjiv Singhal (COO), Scripbox was launched in November 2012 and is an AMFI registered distributor. How it works: To use the service users need to sign up on the portal with their email address, password, PAN card details, and residential address and Bank details. The portal then asks users to fill in their monthly salary and asks to confirm the application. Users need to provide documents such as signed application form, a cancelled cheque, ECS Mandate (Signed) and a PAN card copy. Update: Scripbox has informed us that it does not ask for monthly income and that the annual income bracket asked is as per the requirement for KYC. Based upon the monthly salary provided, the portal provides with a basket of investment…
