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Business News/ Money / Personal Finance/  MF central: Manage accounts with multiple fund houses at one unified platform; Here's how

MF central: Manage accounts with multiple fund houses at one unified platform; Here's how

Holding a number of mutual funds in a number of AMCs is not uncommon. It is, therefore, vital to manage all accounts with ease and comfort

One of the key features of mfcentral is consolidation of folios.Premium
One of the key features of mfcentral is consolidation of folios.

In case you have made an array of investments in a number of mutual fund schemes and find it hard to keep track of all of them, you can now do it at an integrated portal — mutual fund central, or to be precise.

Conceived by Kfintech and CAMS, it is an investment management platform. It is a unified services gateway for all mutual funds. It allows investors to manage their accounts in a number of fund houses.

Keeping financial data safe and secure is one of the concerns of investors amid a growing number of online frauds and hacks.

It is claimed to be quite secure and it offers multiple layers of protection and data encryption to perform mutual fund transactions. “The personal and investment data resides with the Registrar and Transfer Agents (RTA) and is safe with them," MFCentral portal states on its platform.

MFCentral offers a number of features. First and foremost, you can send service request and it will be addressed quickly without having to run from pillar to post.

On the top of it, one service request is enough to add and modify information across all your mutual fund folios.

How to get started?

To create an account, the system requires the user to enter PAN (Permanent Account Number) and mobile number or email ID. The portal also gives some quick links that facilitate users to update PAN details, apply for PAN and make a transmission request.

The platform enables you to view portfolio across all mutual funds on a single platform. You can check your assets based on asset class, fund house, returns, scheme level holdings and performance.

Services offered

Apart from just accessing information across asset classes, fund houses and performance, investors can also explore a range of services such as changing the bank mandate to updating personal contact details to making a change in IDCW.

And the frosting on the cake is that one can get the change done across all folios with one simple request instead of shooting out similar requests to different fund houses to carry out respective modification.

Other services which investors can avail on MF Central include consolidation of folios, status change from minor to major, correction of data in folios, registering multiple bank mandates, and opting for income distribution cum capital withdrawal option.

MF Central is one platform for all investment related worries.
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MF Central is one platform for all investment related worries.

One might wonder as to why should one use the platform in the first place since all fund houses are digitally savvy and enable investors to communicate seamlessly via portal and app.

To this, it is imperative to know that mfcentral is a mutual fund industry initiative to minimise the need to visit multiple industry players to access your portfolio, statements, service requests and investments.

Scope of coverage

As of now, its access is restricted to individuals and resident Indians but over time, it will offer coverage to all classes of investors over a period of time.

In the next phase, the platform will cover financial transactions such as buy or sell holdings, and modify, pause or cancel SIP (systematic investment plan) in its second phase.

In the last phase, the platform will be integrated for other service providers such as distributors. The transmission of mutual fund units to legal heirs after the investor's demise will also be available in a digital mode at this platform.

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Published: 26 Apr 2024, 12:01 PM IST
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