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AMFI gets SEBI approval to launch MF Utility

The MF Utility will facilitate efficient and cost effective transaction processing

July 05, 2012 1:45 IST | India Infoline News Service
The Association of Mutual Funds in India (AMFI) has got Securities and Exchange Board of India (SEBI) approval for setting up a mutual fund transaction platform called MF Utility.

The MF Utility—an online service—will facilitate efficient and cost effective transaction processing. This facility will help customers, distributors and financial advisors to transact mutual fund schemes across all asset management companies (AMCs), at one place. The AMFI is planning to launch the service in April next year. There are various benefits that the platform will provide to investors.

Investors will be provided with a login ID and password to transact. Distributors will also be given a login ID and password so that they can directly put in their transaction. For an investor to transact in any scheme, there will be a common account number (CAN) for the entire mutual fund industry. All information will be captured in a CAN as a master data like the nominations made by the investor, PAN details, to name a few.

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