In order to reduce the turnaround time for generating Common Account Number (CAN), MF Utilities has introduced a new facility called ‘FillEezz’ for distributors and investors which enables them to fill up the CAN form online, said a press release issued by the company.
However, distributors and investors are still required to submit the printout of CAN along with signature and supporting documents to MF Utilities POS. To expedite transactions across mutual funds, MF Utilities will move to complete online creation of CAN very soon.
Through a CAN, investors can invest in multiple schemes. In other words, CAN is a repository for investors to hold multiple folios across the mutual fund industry. The CAN is mapped with investors PAN. Over time, this will give the industry a more accurate data on the number of unique investors.
While opening a CAN online, those who want to enter the details now and complete the formalities later, there is a provision to save the details and retrieve it at a later date. Moreover, investors can also “clone” the data already filled and available in FillEezz when the same investor intends to open another CAN with different combination by reusing the existing data. This helps in avoiding unnecessary effort of re-entering the data when a CAN is opened for another family member.
Speaking about FillEezz, V Ramesh, Managing Director & CEO, MF Utilities said, “FillEezz provides a convenient way to open a CAN. MFU is evolving and we are looking at creating more and more convenience for distributors”.
Also, MF Utilities will soon launch eKYC facility to enable new investors to open CAN seamlessly, added the release.
