Thursday, March 5, 2015
by
Indian Real Estate News
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.
POA holder cannot request for a CAN registration on behalf of the applicants.
KYC compliance is compulsory for CAN creation.
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