Selected vendor to execute the job in 90 days
Mumbai: AMFI has invited expression of interest (EOI) from software developers to develop, maintain, support and train for its long awaited MF Utility Platform. The MF Utility will provide order routing and payment mechanisms with connectivity to RTAs, AMCs, stock exchanges, DPs, banks and centralized KYC repository.
The software will have the following in built features:
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Web based front end for Distributors to permit one-view of their assets across industry, their investors' investments across asset management companies, submission of transactions either individually or in bulk, scanning of documents, and placing of service requests for distributors
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Web based front end for Investors to permit one-view of investments across the industry, submission of transactions and placing of service requests
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Web based front end for RTAs & AMCs for information exchange, data uploads, MIS access, data maintenance, etc.
The prospective software developers will have to maintain the software for five years post implementation. The vendors will have to develop this software in three months.
Investors will be able to make a single payment for multiple transactions. New investors into mutual funds will be required to open a ‘common account number’ and complete the KYC and submit the documents to the centralized account opening repository. The MF Utility will then generate a unique account number for the investor which has to be used for all transactions in mutual funds.
AMFI is likely to charge a fee for transacting through this platform in order to fund the maintenance costs. It will be operated on a ‘no profit no loss’ basis.
