Greetings Of The Day! 

Mutual Fund Central, simply a platform created to ease down and carry out all your work related to mutual fund investing under one roof.

There is no doubt, investing in mutual fund is quite an easy process especially when you are tech-savvy. However, investors do face problems when it comes to registering their complaints and getting them solved.

This is simply because every fund houses follow different procedures. A change of bank mandate or transmission of units would mean following different processes for different fund houses.

So, to resolve all these issues faced by the investors, a new MF Central (MFC) platform was launched on September 23^rd, 2021. You must know that the SEBI had asked the mutual fund industry to launch in July 2021.

Let us know about the MFC in detail.

How Is MFC Different From Other Online Investing Platforms?

MFC doesn’t need you to open a new account. By entering your Permanent Account Number (PAN) and mobile number, you can fetch all your investments – made across Statement of Account format and Demat – in a consolidated list.

While in a regular online portal, you still have to open an account, fill up forms, complete the Know-Your-Customer (KYC) formalities, and so on.

In case if you are an existing investor, after you a new online account, you still have to transfer all your existing investments spread across multiple platforms and distributors onto your new portal, to get a consolidated view.

All My MF Investments Are Viewed In The Common Account Statement (CAS) Then Why MFC?

MFC not only gives you a consolidated view of all your mutual fund investments, but it also allows you to transact (coming soon, in phase 3), initiate a variety of non-financial transactions, register, and monitor all your MF service requests or complaints.

I am happy transacting with my existing online platform. What is the need for me to log on to any other platform?

Most of the existing platforms are merely order-taking platforms. They do not allow you to do non-financial transactions – changing bank mandates, updation of mobile numbers, and so on.

Is It That Important That My Platform Allows Me To Make Non-Financial Transactions?

Yes. There are several other service requests.

You can update your email addresses and mobile numbers in any of your existing MF folios. You can consolidate your folios or add a new bank or two in your folios.

You can also initiate a transmission request if your loved one has passed away and has bequeathed MF units to you. Ordinarily, these processes differ across fund houses. But MFC has ensured that these processes are standardized across fund houses.

This is the biggest advantage of MFC. This, experts say, will help investors in crucial tasks such as transmissions, change of bank mandate, and so on, which otherwise takes days if you opt for the physical route.

How Does MFC Help Me In Complaints Redressal?

Firstly, you can register a complaint or initiate a service request with any fund house on MFC. But MFC will also fetch all your pending complaints and service requests that you may have initiated in the past and are not yet resolved. That way, it gives you a consolidated view of your complaints filed with SEBI, fund houses, or registrar and transfer agents.

What Is Section Unclaimed Dividends About?

MFC also shows a list of all unclaimed dividends and redemptions against all your MF units. This is a useful feature that many experts say would help investors track down unclaimed dividends and redemptions against their investments.

How Soon Can I Start Using MFC?

Phase 1 of MFC is getting launched on September 23, which will allow you to make non-financial transactions on its website, in addition to providing a single view of your portfolio, CAS, and unclaimed dividends on its website.

 In Phase #2, it will launch a mobile app. You could then do the same things via the app. While Phase #3 will allow you to buy and sell MF units.

In later phases, it will also allow your distributors to log in and execute your transactions, on your behalf.

You can contact your fund manager or can visit Ashutosh Securities Pvt. Ltd. for any further assistance in mutual fund investment. Keep reading our article and stay updated with the latest news about Mutual Funds!

For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.

Happy Investing!

(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).