Online funds sales get green light

China's securities regulator said Friday that Internet service providers will be able to obtain licenses for selling funds, as long as they are qualified under the relevant regulations.

Taobao.com, China's largest consumer-to-consumer platform under Alibaba Group, has obtained a permit from the China Securities Regulatory Commission to sell funds on its website, Alibaba Group told the Global Times on Friday.

A total of 17 fund companies have opened stores on taobao.com, Alibaba said.