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Wednesday, October 27, 2021

Common platform launched for Mutual Funds investors, will be able to invest money in schemes of all fund houses through MF Central

All facilities to mutual fund investors on a common platform

MF Central Launched : Mutual fund investors will no longer have to visit different websites for investing in schemes of any fund house, redemption of units and other non-financial transactions. They will now get this facility at one place on a common platform. Mutual Fund Registrar and Transfer Agent (RTAs) KFin Technologies and KFintech and Computer Age Management Services ie CAMS have launched a website MF Central for Mutual Fund investors. SEBI has said that RTAs will have to launch a platform for mutual fund transactions by December 31, to get all the facilities of mutual fund investors at one place on MF Central.

All facilities at one place for mutual fund investors

On this platform, mutual fund investors will also get information about their mutual holdings and transactions at one place. Apart from this, investors will also be able to put service requests through this. This common platform of Rs 37 lakh crore mutual fund industry will facilitate financial and non-financial transactions to the clients. Earlier this platform would be able to do non-financial transactions like downloading of account statements, e-mail id, updating phone number, change of address and updating of bank details. Customers will get this facility in all fund houses. Under the second phase, financial transactions like investment, redemption for clients will start from December 31, 2021. Investors will be able to invest in the schemes of all fund houses on this platform.

Taxpayers are still facing problems on the new IT portal, Infosys said, work is on to improve

Features of MF Central

Single window for all services related to Mutual Funds

No need to visit different CAMS and KFintech sites to download account statement.

Due to the integrated system, there will be only one application form. Will be valid for all fund houses

-All financial and non-financial services of the fund house will be present at one place

This facility will be available with all mutual fund distributors, RIAs and fund houses

-All non-financial transactions of clients will also happen

Its purpose is to increase cybersecurity and create a strong framework.

Following the instructions of SEBI, CAMS and KFintech have jointly developed this platform. Both claim that this will enable mutual fund investors to conduct all financial and non-financial transactions at one place with the help of best technology. The facility of all fund houses will be provided on this platform at one place.

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