A little more than a year of launch of MF Central, the portal has started to become popular, albeit at a glacial pace, among mutual fund investors with 10,000 daily logins.
It appears that a beginning has been made by the AMFI-backed mutual fund platform that promises to offer a number of useful functions. These include bank mandate change, updating personal contact details, change in IDCW (Income Distribution cum Capital Withdrawal) and many more. Other services which investors can avail include consolidation of folios, status change from minor to major, correction of data in folios.
And the best part is that the changes can be done across all folios with just a single request.
Journey so far
MF Central was rolled out in September 2021, and offered only nonfinancial transactions at the outset such as change in email address, bank account details, mobile number and also to update nomination details.
Later in June 2022, the platform also rolled out financial transactions such as investing in fund schemes and redeeming investments, among others.
And the platform will — in the next phase — be opened for mutual fund distributors and investment advisors, who have been urging for a common platform for some time now.
ALSO READ: MF central: Manage accounts with multiple fund houses at one unified platform; Here's how
The platform has so far recorded only 350,000 registrations in the first year, shows the data shared by KFintech.
Also, over 180,000 common account statements (CAS) have been downloaded in the first year of launch until September 2022, the data reveals.
The number looks diminutive when compared with the total number of mutual fund SIP accounts that stands at 5.84 crore. The reasons behind the lukewarm response are believed to be a phased rollout of features and lower digital penetration.
“Given the phased rollout of the platform, we did not expect it to have a huge user base from the get go. We also have to be cognisant of the fact that it will take a little time for investors to adapt to such initiatives,” said KFintech’s CEO and MD Sreekanth Nadella said.
The platform is also known to be secure as it offers multiple layers of protection and data encryption to perform transactions
For the unversed, MF Central platform was created by Kfintech and CAMS (register and transfer agents i.e., RTAs) in association with the Association of Mutual Funds in India (Amfi).