MF Utility

 MF Utility (MFU) is an innovative “Shared Services” initiative by the Mutual Fund industry under the aegis of Association of Mutual Funds in India (AMFI), which acts as a “Transaction Aggregation Portal” through which a Mutual Fund customer is enabled to transact in multiple schemes across Mutual Funds using a single form/payment. 

 It provides browser based access to Mutual Fund customers, with connectivity to Registrars and Transfer Agents (RTA), Banks, Asset Management Companies (AMC), Payment Gateways (PG) and KYC Registration Agencies (KRAs) and enables online transaction submission in multiple schemes across Mutual Funds through a single form/payment. 

 MF Utility (MFU) is operated by MF Utilities India Pvt Ltd (MFUI) which is equally owned by the Participating AMCs. 

CAN (Common Account Number) is an industry level Folio allotted by MF Utility (MFU) to an investor. It is a combination comprising of the following:-

• Number of Investors i.e. 1 or 2 or 3
• Order of holding i.e. A; A&B; A,B&C; B; B&A; B,C&A; C; C&B; C,A&B; and so on
• Mode of holding i.e. Single, Joint and Anyone or Survivor
• Social (Tax) Status i.e. Individual, Company, Non-Resident etc.,

Using a CAN, the investors will be able to submit single request for multiple transactions in various schemes across Mutual Funds using a single form/payment.

MF Utility (MFU) provides a whole lot of features to Investors like:-

• Common Account Number (CAN) – a single reference for all the Mutual Fund investments
• 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 login complaints across the industry

 MF Utility (MFU) will facilitate the following through the Portal:-

• Common Account Number (CAN) registration for Investors
• Submission of documents to KRAs for KYC Registration for those investors who are seeking CAN creation
• Commercial transactions like Purchases, Redemptions and Switches
• Registration of Systematic Transactions like Systematic Investments (SIP) using a PayEezz Mandate, Systematic Withdrawals (SWP) and Systematic Transfers (STP)
• Non-commercial transactions (NCT) like Bank Account changes, facilitating change of address through KRAs etc. based on duly signed written requests from the Investors

 MF Utility (MFU) will not migrate the existing investments of the investors. However, upon creation of a Common Account Number (CAN), MFU will map the existing folios of the investor/s across Mutual Funds, to the CAN, based on the PAN and the holding pattern.

 No transaction data will be stored in MFU for beyond a certain period. Besides, MFU infrastructure has multi-layered security features with state-of-the-art security appliances which are thoroughly tested through independent security testing agencies. In addition, MFU will only act as a “Transaction Aggregation Portal” which will accept and forward the transactions to the respective AMC/RTA.