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  1. What is a Common Account Number in mutual funds? Here are 7 important things to know

What is a Common Account Number in mutual funds? Here are 7 important things to know

MF Utilities (MFU) has made it possible for all the investors of mutual funds to track and manage their investments on the MFU platform. It is a shared service platform of asset management companies.

By: | Published: February 28, 2017 4:28 PM
MFU will also not enable standalone KYC registrations like a KRA.

MF Utilities (MFU) has made it possible for all the investors of mutual funds to track and manage their investments on the MFU platform. It is a shared service platform of asset management companies. For using the CAN (Common Account Number) services, an investor needs to get himself registered on the MFU platform by filling the form as their suitable criteria.

KYC compliance is compulsory for the creation of a CAN. MFU will also not enable standalone KYC registrations like a KRA. However, MF Utilities will help in facilitating the KYC registration for investors along with the creation of a CAN.

How does an investor gain access to MFU?
Investors can get a Common Account Number (CAN) by submitting the CAN Registration Form (CRF) at any nearest Point of Service (POS) of MF Utilities India Pvt Ltd (MFUI) or a distributor / RIA signed-up with MFUI or a participating AMC branch.

 

How will the existing folios or investments be migrated or linked to MFU?
MF Utilities will not help investors migrate their existing investments. However, after the creation of a Common Account Number, MFU will map the existing folios of investor/s across mutual funds to the CAN, based on the PAN, holding pattern and other parameters.

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What types of forms are available?
In order to get a CAN, the customer needs to fill the form available at the MFU website. Separate forms are there for different categories of people. Investors are required to fill up the CAN registration form to open their Common Account Number (CAN).

Separate forms for individual investors who want to fill the form in offline mode or in online mode are available and eve non-individual investors have a different form available on the MFU website.

How do MF Utilities benefit an investor?
MFU provides a whole lot of features to investors like:-

Common Account Number (CAN) – a single reference for all the mutual fund investments
KYC Registration facility, through KRAs – for the purpose of CAN creation
Neutral Points of Service (POS) – irrespective of the RTA servicing the Mutual Fund
Common Transaction Form to transact in multiple schemes at a time, across mutual funds
Single payment facility for investments in multiple schemes across mutual funds, using a single form
Multiple modes of payments for investments through physical and electronic means
Consolidated view of investments across the industry using CAN
Industry level alerts, triggers, reminders etc. for transactions, SIP expiry etc.
Centralized complaint management and tracking system to log in complaints across the industry

 

How can you transact through MFU?
You can transact by submitting a physical MFU transaction form through any mutual fund distributor / RIA having a valid ARN /RIA code or at a MFU Point of Service (POS). You can get the transaction forms from mfuindia/forms website.

How can I change bank mandate and other details in CAN?
An investor can submit changes to bank mandate and other details in CAN to MFU POS, and such requests will be appropriately processed in MFU and updated in all related folios. Thus, the change of CAN level details, such as bank mandate, nominees, etc., submitted through MFU will reflect in all mapped folios with different AMCs and there is no need for submission of such requests separately with different AMCs.

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What are the modes of payments for purchase transactions submitted online through MFU?
Investors have multiple options for making the payments for purchase transactions submitted online. The possible modes of payment are Net banking, PayEezz, NEFT, and RTGS. For Net Banking Payments, the investors will be redirected to their Net Banking site for payment. Payments through PayEezz will be handled by MFU based on the PRN chosen by the investors. For payments through NEFT and RTGS, investors have to make the payments either offline by providing necessary instructions to their bankers or online by independently logging into their bank’s website.

For more details, you can visit the MFU website

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  1. S
    Subbiah
    Mar 4, 2017 at 1:16 pm
    MFU also offers eCAN, an option for KRA compliant investors to open a Common Account Number electronically. For details, visit
    Reply

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