Mutual Fund Registrar and Transfer Agent cfintech And CAMS has launched a portal, MF Central, following a directive from the regulator Securities and Exchange Board of India (SEBI) to come up with a mutual fund transaction platform by December 31.
Investors will be able to get a consolidated statement of their mutual fund holdings and transactions through this platform and can also make service requests through it.
In its first phase, the platform is open only to resident Indians who are existing mutual fund investors. Only service requests have been enabled in Phase 1 which is to be launched on Thursday. This will be followed by a mobile app in Phase 2 and financial transactions such as purchases and redemptions in Phase 3.
Users can sign in to MF Central by providing their PAN and registered mobile number and then enter the One-Time Password (OTP) sent to the mobile number for authentication. Users can view their holding in mutual funds. However, the holdings in demat form will be shown with lag.
In the first phase of the rollout, users can make service requests such as bank account changes, IFSC code, mobile number, email address, multiple bank registration (up to five bank accounts) and enrollment.
Users will also be able to change their Income Distribution Capital Withdrawal (formerly called Dividend) option such as change from IDCW Reinvestment to Payout or vice versa. In addition, they can consolidate their mutual fund folios, correct incorrect data, provide Foreign Account Tax Compliance Act (FATCA) details and update their status from minor to major. In the next phase of the platform, users will also be able to claim the unclaimed dividend of the previous time period.
The platform is free for users, but RTA plans to monetize it through other means. “There will be opportunities for AMCs to monetize the platform such as selling ad space and selling APIs to fintechs,” said Srikant Nadella, chief executive of Kefin Technologies. Mint In July.
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