MF Central, Registrar and Transfer Agents (RTAs) – a mutual fund transaction platform launched by CAMS and Kefintech in September last year is now open for financial transactions.
As of now, the platform is available for checking combined MF portfolio (based on PAN number and mobile number) by an investor and only for non-financial transactions such as change and update of bank account details, email ID, mobile number Is. Enrollment details.
The platform has now gone live in a phased manner and is available for financial transactions as well as for purchase, switch and redemption of mutual fund units.
buy new units
At present, KYC-compliant existing investors with tax status of ‘Resident Individual’/NRI can initiate purchase request for new folios with lumpsum purchase/Systematic Investment Plan (SIP). It also facilitates purchase of additional units/SIP registration in existing investments.
There are three payment options available to make purchases – For lump sum investment, you can use your existing registered mandate, net banking or UPI facility. For SIP, you can register using your existing mandate as per the platform.
On successful completion of the payment process, you will receive an SMS/e-mail acknowledgment.
The NAV (Net Asset Value) will be allotted on the date of receipt of credit in the respective Mutual Fund scheme account before the cut-off time prescribed by the scheme. If funds are received by the scheme after the cut-off time, then the NAV of the next working day will be applied.
MF Central offers the option to redeem part or full of your invested amount from the scheme.
To redeem from any open-ended scheme, depending on the platform, you need to select the withdrawal details like mutual fund folio, scheme to be redeemed, bank account number and details of the unit/amount to be redeemed. A redemption request is submitted on successful authentication of the OTP sent to your mobile number or email id registered in the folio.
Your redemption amount will depend on the NAV of the scheme/scheme based on the cut-off time of submission of the request. All relevant charges and charges like STT, LOAD and TDS, if applicable, will be deducted before making the final payment.
You will receive your pay-out by direct credit or seamlessly through NEFT/RTGS, subject to completeness of availability of bank details. In case of missing any important information regarding your bank details, you can receive a check at your registered address as per the FAQs mentioned on the platform.
You can also initiate the process of shifting your investments from one fund scheme/investment option/plan to another mutual fund – switch on the platform. Like redemptions, even the switches follow the pay-out norms set by your plan, which vary between T+1 to T+3 as per the details given.