The Rs.37 lakh crore mutual fund industry will launch a uniform platform titled MF Central or www.mfcentral.com on September 23, 2021, said four officials familiar with the development.
The common platform will enable your clients to execute financial and non-financial transaction. To start with, the platform would facilitate non-financial transactions such as downloading account statement, updating email id and phone number, changing address and bank details and so on across all fund houses.
In the second phase, which would become operational by December 31, 2021, the platform will offer financial transaction like investment, redemption and across all fund houses.
Both CAMS and KFintech have jointly developed this platform under the guidance of SEBI. In its website, MF Central said, “MF Central is the investor services hub conceived by KFintech & CAMS powering a new era of collaboration by providing convenience to transact across all folios of an investor with unparalleled user experience. Leveraging best in class technology, MFCentral brings ease, convenience and speed to your service requirements across all the mutual funds.”
Here are some key features of the new platform:
- Offers 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
- Aims to have robust cyber security and resilience framework
