MF Utiity has launched e-CAN (Common Account Number) facility which allows distributors and investors to open a CAN online for individual investors, says a press release issued by MF Utilities. CAN acts a single account for the MF industry.
V Ramesh, Managing Director & CEO, MF Utilities said, “MFU always endeavours to provide increased convenience to distributors and their clients; eCAN is another innovation. Since launch, more than 72,000 CAN requests have been processed on MFU. The average AUM as on 31 October 2016 held by the CAN holders is close to 45,000 crore. Currently, on an average more than 300 CAN requests are received each day. With the convenience offered by eCAN, this number is expected to grow substantially.”
Until now, to open a CAN, investors had to submit a signed physical form with necessary attachments. With the launch of e-CAN, investors and their advisors can open a CAN with the help of a single form and single payment for initiating multiple transactions.
Here’s how your clients can open an e-CAN. Investors have to fill the CAN registration data online on MFU website and submit electronically. The supporting proof documents can also be submitted electronically, by using an upload link. The CAN number is allotted instantly. eCAN is also available in the form of API, to enable distributors to facilitate creation of CAN for their clients online.
New investors can also make use of the eCAN option to fill and submit the CAN registration data online to get the CAN number allotted instantly and later submit a signed CAN form with necessary documents later to their intermediaries or at any of the MFU Point of Service (POS).
