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MF Central, the common mutual fund platform created by KFin Technologies and CAMS, now allows investors to execute financial transactions as well. Apart from non-financial transactions like changing phone number and email id, investors can now also make lumpsum or SIP investments, redeem their holdings and switch investments from one fund to another within the same fund house through MF Central.
The platform is in the process of adding more features like systematic transfer plan (STP) and systematic withdrawal plan (SWP).
When investing through MF Central, investors have the option to either go direct or invest in a regular plan by sharing the ARN code of their distributor.
The platform, which was launched in September 2021, offered only non-financial transactions at the beginning. Investors could only change or update their address, email id and phone number, consolidate folios, update nominee details, update bank IFSC, make corrections on folios, update minor to major status and declare FATCA to comply with KYC norms.
However, the wait for MFDs for a common transaction platform continues. MF Central is yet to add features like standardised application form and common account statement.
