MF Utility (MFU) POS are now open in 360 locations across India.
MF Utility (MFU) system has been launched across Indian on March 4. The transaction facility started from February 13 in Bangalore and Delhi, Ahmedabad and Pune (February 20), Chennai and Kolkata (February 27).
So far, 25 AMCs have signed up with MFU. Around 3,300 distributors from 460 cities have already signed up with MF Utility. “We have provided user ids to distributors. Any distributor who has signed up with MFU can transact in 25 participating AMCs across 360 POS spread across the country,” said an official from MF Utility.
Distributors will be able to submit multiple transactions like purchases, redemptions, switches etc. using a single application (Common Transaction Form-CTF). They need to open a common account number (CAN) for their clients using the CAN registration form (CRF) and submit these forms at the MFU POS.
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.
Click here to download CRF and CTFs forms. Click here to know your nearest POS.
