CAMS, KFintech launch new platform for MF transactions (2024)

Investors will be able to get a consolidated statement of their MF holdings and transactions and will also be able to give service requests through the platform.

The platform, which will be launched on 23 September, will, in its first phase, be open only to resident Indians who are existing MF investors. Only service requests have been enabled in phase one. Users can request changes in bank accounts, update IFSC code if it gets changed, mobile numbers, and email addresses, as well as register up to five bank accounts and file nominations. They will also be able to change their income distribution capital withdrawal (IDCW), or dividend option such as a change from IDCW reinvestment to payout or vice versa. Users can also consolidate their MF folios, correct erroneous data, provide Foreign Account Tax Compliance Act (FATCA) details, and update their status from minor to major.

A mobile app will be launched in phase 2. Users will be able to claim unclaimed dividends of previous time periods in this phase.

Users will be able to do financial transactions such as purchase and redemption in phase 3.

People can sign into MF Central by providing their permanent account number (PAN) and registered mobile number. Thereafter, a one-time password will be sent to the mobile number for authentication.

Users can view their holdings across MFs. However, holdings in demat form will be displayed with a lag.

The platform is free of cost for users and the RTAs plan to monetize it through other means.

“There will be opportunities to monetize the platform such as selling ad space on it to asset management companies and selling APIs to fintechs," said Sreekanth Nadella, chief executive officer, KFintech, told Mint in July.

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Published: 22 Sep 2021, 04:37 PM IST