How to Manage your Mutual Funds using MF Central Portal?

KFin Technologies and CAMS (Computer Age Management Services) announced the inauguration of a new mutual funds investment platform, MF Central, a unique digital service platform for mutual fund investors. The forum will make it convenient for the investors to trade or transact and utilize the services while investing their money in Mutual Funds (MFs).

How to Manage your Mutual Funds using MF Central Portal?

The platform obviates the requirement of visiting several mutual fund houses’ websites to access your financial capability, statements, service requests, and investments. You can acquire all these kinds of information from MF Central. Apart from a single portfolio view, the platform attempts to interchange physical and digital-based services entirely interchangeably.

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MF Central Launch Phases and Features:

MF Central will be launched on the economic market in three different levels or phases:

  • The first phase, which was started on 23rd September 2021, will enable the investors to conduct all kinds of non-financial Mutual Fund transactions on the platform. Investors will also get a complete view of their financial portfolio across all the mutual fund houses (or the Asset Management Companies), Consolidated Account Statement, Unclaimed Dividends, etc.
  • The second phase of this platform will mainly focus on launching the mobile application of MF Central. All the MF Central services or functionalities provide in Phase 1 will be accessible or available in the mobile application in Phase 2.
  • The third phase of this platform will enable all the investors to perform online transactions (i.e., buying and selling the Mutual Funds from the AMCs) by using the MF Central platform.
  • The later phases or stages will give Mutual Fund distributors or financial advisors the ability to execute these particular services on behalf of their customers or clients.

The Securities and Exchange Board (SEBI) released a circular on 21st July 2021, asking the Registrars and Transfer Agents (RTAs) to jointly design a common platform to conveniently serve their mutual fund customers. RTAs provide the facility of record maintenance in various mutual funds companies.

It provides a variety of non-financial services on an almost real-time basis, including change in bank account details, updates of an e-mail address, change of mobile number, consolidation of folios, updating the details of your bank nominee, the rectification of incorrect data, and many other features. Nominees of demised investors can also request the transmission of units bestowed to them through MF Central.

The most significant advantage of the MF Central platform is the normalization of these services or processes across all the Asset Management Companies (AMCs) on a single framework. The website states that the service requests are entirely accepted in digital form with a minimum document submission requirement, which makes this process simpler and more convenient.

There is no need to submit physical documents for more than 90% of service requests on this platform. Although, if the service request calls for the submission of a physical paper on the forum, a user can easily submit these documents at over 400 pan-India branches of KFin Technologies and CAMS. The dashboard panel also provides you the portfolio summary of your belongings based on your asset type or mutual fund house.

How To Get Started With MF Central?

1. First of all go to the official MFCentral Website and click on the signup tab.

mfcentral

2. Now enter your PAN card along with your registered mobile number.

3. After that verify your number with OTP.

4. Now secure your account by entering your Display name and a unique password.

mfcentral account

5. Now you need to add Two-factor authentication to your account for extra security.

mfcentral account two factor

7. That’s it! You have successfully registered yourself in the MFCenral portal.

8. Now login into your account with your details and a dashboard will come like this.

mfcentral account dashboard

9. I invested a few amounts with Groww in mutual funds which I found in the MFcentral as well. You can check the below screenshot.

mfcentral account dashboard portfolio

10. With MFCentral you can do a lot of things with your account such as Changing Email, Registered Mobile Number, Multiple bank mandate registration, Update Nominee Details, Update Banks IFSC, and much more. I suggest you explore all the things to know more about them in a better way.

How is MF Capital different from Mutual Fund Utilities?

Mutual Fund Utilities (MFU) is a vision or an initiative by 40 different Mutual Fund Companies, or we can say, Asset Management Companies (AMCs), to provide similar services that MF Capital delivers or aims to provide at later stages. In Mutual Fund Utilities (MFU), you’ve to create a specific account called Common Account Number (CAN) and then distinctly or separately map your current Mutual Fund Folios in that system.

But in MF Capital, you can access all your Mutual Funds Investments by just entering your PAN Card Number and Mobile Number. However, Mutual Fund Utilities (MFU) allows Mutual Fund distributors to digitally onboard their investors and transact smoothly across AMCs for financial and non-financial transactions.

What does MF Central provide to its users? 

MF Central will provide services and functionalities for all your Mutual Fund Folios having the same PAN Card Number and the registered mobile number. However, service requests are presently forbidden or restricted to your non-Demat belongings that are initiated or originated from the MF Central platform.

How to register or sign-up on MF Central? 

You can use your PAN Card details and the mobile number registered with your Mutual Fund investments to create an account on MF Central platform. An OTP-based verification will then follow this process to register you as a valid and legit user on the forum.

Is my data is completely safe in MF Central? 

Your personal and investment data presently resides with the Registrar and Transfer Agents (RTA) and is entirely safe with them. All such sensitive data and information are as safe and secure as they were before the launch of MF Central. A minimal amount of information relating to user identification or log-in credentials is stored in the server of MF Central in a highly secure environment.

Why do I need to consolidate my folios? 

It is always convenient to have all your Mutual Funds investments in one account. Because of the submission of a new account opening form on the platform, a distinct folio is created, which you may wish to combine or merge into a single account in the future. At that moment, “Consolidation of Folios” helps you a lot to save your account from this type of circumstances.

Last Words:

That’s all about MF Central, the centralized platform to manage all your Mutual Fund investments. Do try it out and let us know how did you like it. In case you have further queries you can drop them down below in the comments section. I will try my best to help out.

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Anuj Kumar

Anuj is a 20-year-old blogger from Bareilly, Uttar Pradesh. Currently pursuing B.sc in Programming and Data Science from IIT Madras. Apart from being an avid learner and a tech enthusiast, he loves playing PC Games and likes to keep himself updated with the latest trends in the tech industry.

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