Categories: Investment PlanningMutual Fund

MF Utilities-Online Investment Platform for Regular and Direct Mutual Funds

Do you feel it hard to manage your funds through agents, offline, or visiting individual mutual fund companies physically? Solution for all ONLINE savvy mutual fund investors is MF UTILITIES.

MF Utility actually integrates all stakeholders of the industry like investors, mutual fund companies, and service providers on one online platform. This is an initiative by AMFI (Association of Mutual Funds in India) under the approval of SEBI. The beauty of this platform is, you can do all mutual fund transactions under one roof, irrespective of a Mutual Fund Company or funds. Hence, this platform acts like “Transaction Aggregation Portal”.

This platform provides online access to investors to connect with service providers (like karvy or CAMS), Banks, Mutual Fund companies, Payment Gateways, and KYC registration agencies (CVL KRA). Therefore, you may say a one-stop solution for investors. This facility will available for 24×7 for access.

This is owned by all mutual fund companies and operated by MF Utilities India Pvt Ltd (MFUI). Below are the few features, which makes you to opt this service.

  • You will get Common Account Number (CAN) facility. It is unique number exactly like PAN number allotted to investors. Using this CAN you can submit the new applications, withdraw or transact online. You can do all transactions quoting this CAN (irrespective of a Mutual Fund Company and type of transactions). You can download the form HERE for registration.
  • Once you do the KYC process at MF Utility then no need to do it again in KRA.
  • You will have standardized format of forms for all transactions irrespective of a Mutual Fund Company.
  • You have access to do all sorts of mutual fund transactions online.
  • You can enable single payment for all mutual funds you hold. This means a single cheque like Rs.10,000 is enough to invest in two mutual funds (same or different mutual fund companies) of each Rs.5,000. You no need to write separate cheques. In addition, you can choose your choice of payment.
  • You can view all your investments in one roof. Your investment will be tracked by CAN. So one roof for all your investment tracking.
  • You will receive the normal alerts, messages, or triggers as you used to receive from mutual fund companies.
  • They developed the centralized complaint management and tracking system.
  • You can do financial transactions like KYC, CAN creation, purchase, redemption, switches, SIP, SWP or STP registration.
  • Along with that, you can also do non-financial transactions like change of bank or address change requests.

How can you connect with this platform?

Through the designated POS (Point of Service), you can start your journey, who acts as front office facilitator for this platform. An MFUI POS will accept transactions across Mutual Funds participating in MFU. You can check your nearby POS by clicking HERE.

Whether all Mutual Fund companies available on this platform?

Currently top mutual fund companies already tied up with this platform. You can view the list of associated mutual fund companies HERE.

What will be charged to use this platform?

It is a free online platform. Therefore, they will not levy any charges for you.

What type of funds allowed to invest, like regular and direct?

You can invest in regular funds or direct funds also. This is just an online platform. Therefore, you have both the options to invest.

Whether it is better to opt MF UTILITIES?

I feel it as a game changer in the mutual fund industry. Because nowadays all feel it convenient to do it online. Hence, MF UTILITY facilities this with integration of all funds and companies. This facility is at free of cost. Therefore, the added advantage is to opt for DIRECT Funds.

BasuNivesh

View Comments

  • Aside,
    I have approx 1 Cr investment with 70 % funds with time horizon of more than 3 years. I have taken thru private MF agent.
    Shall I opt to DIRECT mode ?
    Can I switch the mode ( ARN to DIRECT ) by visiting MF AMC office and apply ? Will it be same as REDEMPTION ?

    • Rajiv-If you feel that you can manage the money and your adviser not giving you the value based service, then you can move to direct. Switching to direct is nothing but withdrawing from regular and fresh investment in the same fund of direct. Check the taxation and exit load and based on that you can take a call.

  • Hello, I have an issue with MFU.
    I have CAN and hold MF in 6 largest AMCs.
    I have opened ( 1 Debt scheme and 1 Equity scheme ) in all AMCs and have set up monthly STPs.
    Now, when I do an additional purchase in either Debt scheme OR in Equity scheme, it opens an seperate folder.
    It is highly chaos and very dificult to track schemes , as multiple Folios have been created.
    How to avoid this..

    • Rajiv-Discuss this with MFU. If possible create login directly with respective AMCs and merge all investments into a single folio.

  • Dear Basu,

    I have open account with MF utility for my HUF. I got CAN & I can view my holding. Now I want switch some of my folio, how to do this?

    Thanks,

    Arun Patel

  • How would you compare MFUtility to CAMS or Karvy? My parents are looking to invest in mutual funds and I am looking at an option that has simple UI, lists a good number of AMCs and will be used totally online. Direct plans should be available too. They need to also open a new account so the least hassle in doing so, would be preferable.
    Also is there an annual charge for any of these?

    thank you ,

  • Hi
    I just opened a CAN account on MF Utility site.
    But I see only option to download forms, physically fill it and send it to POS.
    I was very disappointed to not see online transaction option like ICICI direct or NJ Invest application.
    Is there a way to transact completely paperless ?
    Thanks,
    Hemal

    • Hemal-I think you are missing something. Please be in touch with MFU team. You can transact online.

      • Read this somewhere - Post allotment of CAN, you need to request for online access by sending an email to clientservices [at] mfuindia.com after which you will be given an username and password.

  • Hi,

    I have got the CAM alloted from MFUtility.

    Now I want to have online access to my account to do all the transactions related to MF, is it possible without filling any physical forms and submitting to PoS

    thanks
    Ashu

  • Sir,

    I am a novice and never invested in MFs . Should i register with MFU or other platforms like fundsindia, upwardly etc.

    please suggest

    madhu

  • Hi Basu,

    Recently I opened my MFUtility account after the CAN allotment. According to your article, I should be able to invest now. I have a query regarding my earlier purchased MFs which lies with FundsIndia. Please help me to understand what to do with them.
    1. I want to transfer my earlier purchased MFs lies with FundsIndia to MFUtility, as I can see them those are mapped. Is it possible?
    2. I think to apply for a new folio in MFUtility for a new fund house is easy, but what should I do when I choose to apply for more units of a mf through MFUtility, which was earlier purchased through FundsIndia and now I can see them in MFUtility in my dashboard as they are mapped? Is it possible?
    3. Do we need to transfer newly purchased mf units in DMAT account or it's not needed?

    I am confused about these things and searched a lot in internet but no luck.

    Thanks in advance,
    Sivadutta

    • Sivadutta-1) You no need to transfer. They reflect in your MFU account as they track your investment through PAN.
      2) You can use the same Folio to purchase the units under same AMC (either in same fund or different fund and also either in regular mode or direct).
      3) NOT required.

  • Do mf utility, cams and kary have any type of charges to invest with in direct mutual funds.
    If I invest in a direct plan of a fund on any of these platforms is there any difference in nav from the fund's website.

    • Vineet-When you select DIRECT, then these platforms will not charge any additional fees or charges.

  • hi really helpful info
    i am planning to start platform like fundsindia and scripbox for mutual fund investment
    can u guide me

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Published by
BasuNivesh
Tags: CANDirect Mutual FundsMF UtilitiesOnline Mutual Fund InvestmentRegular Mutual Funds
11 years ago

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