The platform will be unveiled in two phases.
Mutual fund industry’s much-awaited platform MF Utility is closer to reality.
Speaking at the Network FP Knowledge Conclave in Mumbai recently, V Ramesh, Managing Director & Chief Executive Officer, MF Utility India said that the platform will be launched in June.
“The platform will be unveiled in two phases. We will appoint channel partners in the second phase. The platform is owned by all AMCs. The platform will help advisors cut down their operational costs,” Ramesh added.
Here are the features of the upcoming platform:
- A common account number will be allotted to an investor which can be used to log in and invest across all mutual funds
- An investor can invest in multiple schemes with a single cheque
- Distributors can get industry wide consolidated MIS
- Distributors can make data entry in the portal
- The portal will have five bank mandates for individual investors and seven for corporates
- Distributors will have access to account statement based on their ARN
- The portal will generate different types of alerts
- Distributors have to scan and upload the forms on the portal which they can submit to the R&T later. Time stamping will be done immediately after forms are uploaded
