MF Utility System
MFU is an efficient “Transaction Aggregating Portal” that connects with key stakeholders including RTAs, Distributors, RIAs, Banks, AMCs, etc., thereby mitigating the risk relative to the current paper based transactions.
MFU will facilitate opening of a Common Account Number (CAN) which shall be used as a single account for investors of all participating AMCs. Consequently, MFU enables investors to submit multiple requests for multiple schemes across Mutual Funds in a single form. It also enables a single payment for multiple subscriptions made under a single form which allows investors to achieve asset allocation easily. MFU aims at standardizing forms, processes, etc., in order to provide convenience in dealing with Mutual Funds. These will significantly increase investor convenience.
MFU offers 24/7 information access including Online Common Account Statement, Composite Portfolio information, Portfolio holding and scheme related information. It also offers industry level value added services like alerts, triggers, reminders etc., allowing investors to monitor and manage their investments more effectively. MFU provides a one-point access for registering and tracking the status of complaints at a centralized location.
MFU helps distributors / RIAs on various counts including convenience of online request submissions, empowering them by providing consolidated industry MIS, etc. This also helps in improving distributors / RIAs back office efficiency and allowing them to focus on providing quality advice.
Essentially, MFU is a shared infrastructure of the AMCs in India to reduce duplication and increase efficiency, thereby, reducing costs and provide customer convenience. It also automates many activities and creates a conducive environment to move from paper based transaction to digitized transactions.