If you have invested in multiple mutual funds and find it mind-numbing to keep track of all your holdings simultaneously, you can now rely on a user-friendly investor services hub that enables you to check your units across fund houses so long as they are linked to one permanent account number (PAN). We are talking about MF Central.com.
Let us understand what is this and how it can be a boon for small investors
Investors can do a login on the MF Central website with the help of their mobile number and PAN card details. Then they can check their mutual fund holdings across asset management companies (AMCs).
As of now, all facilities are not available on the portal. So, investors can use the website for any non-financial dealings which include changing contact details such as email ID or mobile number or bank details. At the same time, the system allows the users to update nominee details, bank IFSC, form G/H, etc.
Other services which are available on MF Central include consolidation of folios, status change from minor to major, correction of data in folios, registering multiple bank mandates, and opting for income distribution cum capital withdrawal option.
The portal is slated to go live towards the end of 2021, and aims to cover financial transactions such as buy or sell holdings, and modify, pause or cancel SIP (systematic investment plan) in its second phase.
In the third and the last phase, the platform will be integrated for other service providers such as distributors.
Even the transmission of MF units to legal heirs after the investor's death will also be available in a digital mode at this platform.
As of now MF Central doesn’t offer capital gains statements which will come handy at the time of filing tax returns.
Also remember that this facility is only available as a website and not a mobile application.
As we summarise, we can reiterate that MF Central is a tool to give access to your entire mutual fund holdings. As of now, it offers limited functions and its useability can be gauged once all of its applications go live.