As of now, mutual fund investors have to visit various amc’s for transactions for units purchase, redemption proceeds and for updating mobile number and email id in their records. But this won’t be needed from now-onwards! Surprised! Read the rest story.
MF Cental- A One-Stop Destination for all your mutual fund needs–
To reduce paperwork and to provide hassle-free transactions SEBI ordered CAMS and Kfintech; the popular Registrar and Transfer Agents in India(RTA’s) to establish a common platform to engage all financial and non-financial transactions at one-go.
Till Now, CAMS is providing mycams app for their serviced mutual funds while Karvy is providing services under Kfintech app/website. With the SEBI’s order both leading RTA’s collaborated to form “MF Central” which is going to be launched in 3 phases.
1st Phase of MF Central- 1st Phase is going to be in operational from today(2021 September 24) where the investors can check their Portfolio details, get consolidated account statement(CAS), verifying any unclaimed investments as well as updation of mobile number and email id if any on the website itself. This reduces the in-person verification process which is a welcome note from mutual fund industry.
2nd Phase of MF Central-While the 1st Phase is live from September 24th,2021, this application can be used only on website. Depending on the feedback and the success rate, 2nd Phase will be modified as per investors interest and made available through app also. But this would take some time as it is still in the initial stages of platform launch.
3rd Phase of MF Central- 3rd Phase is expected to be operational by the end of this calendar year(31st December,2021)which facilitates mf units purchase and redemptions through this common platform. After 3rd Phase, investors can make use of purchases and redemptions either through website or an app.
Another advantage of this MF Central is -“It is completely free of cost and made available to transact either through CAMS or Kfintech serviced mutual funds schemes on this fair and transparent common platform “MF Central”.
So try to make use of MF Central in the coming years of all the mutual fund services within a single click from your home/office.