AMFI will appoint a clearing bank and a back office unit for running the day to day operations of MF Utility, according to sources familiar with the development.
All the 9 bidders are expected to submit Request for Proposal (RFP) to AMFI by 31 January 2012.
The prospective software developers will have to maintain the software for five years post implementation. Cafemutual had earlier reported that AMFI has shortlisted 9 companies for developing MF Utility. Read here.
The MF Utility will allow investors and distributors to invest in all schemes across AMCs.
