The MF Utility system is expected to go live from March 1st.
The much-awaited MF Utility, which received SEBI approval recently, will be launched officially by SEBI chief U K Sinha in Mumbai on January 21.
“The system will go live from March 1. Around 2,600 distributors have joined us so far,” said V Ramesh, Managing Director & Chief Executive Officer, MF Utilities India.
MF Utility will be launched in two phases – first phase for distributors and the second for investors.
So far, 25 AMCs have signed up with MF Utility.
One of the most useful features of this system is that investors can invest through a single cheque if they wish to invest in multiple funds. Distributors can execute all kinds of transactions like SIP, STP, lump sum investment, redemption, etc. on this system.
“This is an order routing system which will reduce duplication of data entry at various points. It will minimize data entry errors. The system can handle 25,000 users concurrently,” V Ramesh told Cafemutual earlier.
MF Utility will operate as a registrar to an issue (RTI) and will be regulated by SEBI.
Also read: All you need to know about MF Utility
