AMFI has initiated the process of forming a company to run MF Utility.
AMFI’s MF Utility committee is said to have shortlisted Chennai based software company Polaris for developing the much awaited online investment portal. Earlier, AMFI had shortlisted nine players for the project which went finally to Polaris.
In its request for expression of interest (EOI), AMFI had said that the vendor has to develop the portal in three months which now seems unlikely. The software development process could take anywhere from nine months to a year.
Sources close to the development say that each AMC is likely to contribute Rs 5 lakh each for this project.
The proposed company which will oversee the day to day operations of MF Utility is to be run on a no- profit no-loss basis. At this juncture the committee has not envisaged recovering any transaction fee from users.
The portal will connect with RTAs, AMCs, stock exchanges, DPs, banks and centralized KYC repository.
The portal will facilitate industry MIS, common account statement (CAS) capital gains statements, complaint module/feedback module, dashboard, manage profile/settings, call centre access & technical helpdesk, client level alerts for investors and distributors (email /mobile), downloads, etc.
Investors have to first get their KYC done after which they have to fill up a common account opening form and submit them to centralized account opening repository. The system will then generate a unique account number which could be used across AMCs.
