MFCentral: A common mutual fund investment platform goes live today

Investors can now send a common service request for all their mutual fund schemes through a unified platform called MFCentral, conceived by KFintech and CAMS. The common platform has been launched today for providing the convenience of transacting across all mutual fund folios of an investor. The Securities and Exchange Board of India (Sebi) issued a circular on July 21 this year, asking Registrars and Transfer Agents (RTAs) to develop a common platform for servicing mutual fund customers jointly. The new platform is jointly built by two RTAs — KFintech and CAMS. RTAs facilitate record maintenance in mutual fund companies. 

It offers almost on a real-time basis a variety of non-financial services ranging from change of bank account details, update of an email id, change of mobile number, consolidation of folios, updating nominee details, correction of erroneous data, status modification from minor to major, among others. After submitting the request you can also track it by visiting the “Track Request” page on the website.

The website states that the service requests are accepted completely digitally with minimal document submission requirements. For over 90% of the service requests, there is no need for physical document submission. However, in case the service request demands a physical document submission, one can submit it at any of the over 400 pan-India branches of KFintech and CAMS.

The dashboard also gives you the portfolio summary of your holdings based on the asset class or fund house or to the folio level. At present, MFCentral access is restricted to individuals and resident Indians.

How to sign-up on MFCentral?

You can use your PAN details and the mobile number that is registered with your mutual fund investments to register on MFCentral. It will then carry an OTP-based authentication for registering you as an authorised user.

What does MFCentral offer?

MFCentral will offer services for all your mutual fund folios having the same PAN and registered mobile number. Portfolio coverage is across folios in Demat or non-demat forms. However, service requests are currently restricted to only your non-demat holdings that are originated from MFCentral.

Existing platform

Currently, there is MF Utility (MFU), which is also an initiative by the mutual fund industry under the aegis of the Association of Mutual Funds in India (Amfi), which the participating mutual fund companies equally own. In MFU one needs to create a Common Account Number (CAN) for transacting across mutual funds schemes using a single form. The platform currently has a turnover of close to Rs 10,000 crore to Rs 15,000 crore every day.