Soon the MF industry will have a uniform platform through which your clients can execute financial and non-financial transaction.
In a circular issued today, SEBI has asked AMFI, MF trustees, depositories and RTAs to introduce a uniform and user-friendly platform for investors where they can execute transaction like investment, redemption and switch and non-financial transaction such as downloading account statement, updating email id and phone number, changing address and bank details and so on across all fund houses.
Both CAMS and KFintech have been entrusted to develop this platform under the guidance of SEBI. To begin with, the platform will offer non-financial transactions and later become fully operational by December 31, 2021, said SEBI. The industry will launch an awareness campaign to promote this platform.
Here are some key features of the new platform:
- Aims to offer single window for all services related to mutual funds
- No need to visit CAMS and KFintech separately to download account statement, make changes to details and so on
- Integrated system ensures uniform application form and nomination facility across fund houses
- Gives investors access to all financial and non-financial services of fund houses
- The platform will be made available to MFDs, RIAs and fund houses to offer financial and non-financial transaction to their clients
- Will have robust cyber security and resilience framework
Ganesh Ram - MD & Chief Executive Officer, MF Utilities believes that RTA Inter-operable platform is a positive move from regulator which will benefit the investors. “We will be in a better position to comment once we get more clarity on what services and offering this platform will provide. At this point, it appears to be similar with Inter-operable KRA services, which may help Investors to fetch their data from a centralised location,” said Ganesh.
