Distributors in Mumbai will be able to submit multiple transactions using a common form through eight MF Utility points of service.
MF
Utility system has started transaction facility in Mumbai. Distributors can
transact on the system using a Common Transaction Form (CTF) at eight MFU Points of Services (POS) in Mumbai.
The transaction facility started from February 13 in Bangalore and Delhi, Ahmedabad and Pune (February 20), Chennai and Kolkata (February 27). All other POS branches will be active from March 04.
Distributors will be able to submit multiple transactions like purchases, redemptions, switches etc. using a single application (Common Transaction Form-CTF). Distributors can open a common account number (CAN) for their clients using the CAN registration form (CRF). They have to then submit these forms at the MFU POS in Mumbai.
CAN is a single master number applicable to all AMCs participating in MFU system. Through CAN, distributors can submit multiple transactions across schemes of various AMCs using a single application (CTF). The payment has to be made to MFU.
All the static details like bank mandate, nomination, email id, etc., can be maintained on the MFU system. If distributors change any of these details at MFU, the same will be automatically reflected in all AMCs where the CAN is registered. Thus, distributors and investors don’t have to submit multiple requests to multiple AMCs for each change.
MFU was launched by SEBI chief U K Sinha in Mumbai last month.