The
Mutual Fund Utility (MFU) provides a common platform for investors to
transact across different mutual funds using a common account number
(CAN). The investor is allotted a CAN as a single reference for all
investments.
The
investor gets the benefit of a single view of all MF investments,
single payment for multiple transactions, centralized complaint
redressal and single point communication in case of changes in
details.
Form..!
In
order to get a CAN allotted, an investor needs to submit a duly
filled CAN Registration Form at any of the nearest points of service
(POS) of MF Utilities India Pvt Ltd (MFUI) or / a distributor
signed-up with the MFUI or / a participating AMC branch. CAN forms
can also be downloaded from the MFU website.
Documents..!
Needed
with the application form: PAN proof Proof of KYC, date of birth
Proof of bank account for bank mandates registered under the CAN
Proof of depository account Proof of guardian relationship (in case
of minor applicants)
Existing
investments..!
The
existing investments of investors are not migrated by MFU.
However,
upon creation of a CAN, MFU will map the existing folios of the
investors across mutual funds to the CAN, based on the PAN, holding
pattern and other parameters.
Modes
of holding..!
In
case of joint holdings, a separate CAN is created for different
combinations of investor holdings.
CAN
is provided for a combination comprising different number of
investors 1, 2 or / 3, order of holding, mode of holding (single,
joint, anyone or / survivor) and tax status.
Points
to note..!
*
POA holder cannot request for a CAN registration on behalf of the
applicants.
*
KYC compliance is compulsory for CAN creation.
For more details please Click
Courtesy:
Centre for Investment Education and Learning (CIEL).
Contributions by
Girija Gadre, Arti Bhargava and Labdhi Mehta.
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