It was late-2010 when the thought of creating a mutual funds aggregating system germinated. I was the deputy CEO of Association of Mutual Funds of India (Amfi) then. Earlier, in 2007 Amfi had planned to launch a platform but subsequently shelved the idea for various reasons. In June 2011, Amfi’s Board approved creation of a transaction aggregating system called MF Utility (MFU) and an MFU committee was formed.
The objective was that the utility should be an enabler and a ‘middleware’ for all stakeholders, including platforms. Therefore, MFU was designed in such a way that it does not replace anybody in the system and had no intention to disrupt. This fact was acknowledged by the then chairman of Securities and Exchange Board of India (Sebi) U.K. Sinha, during the inauguration of MFU in January 2015.
