How to buy and sell direct mutual funds using MF Utility Portal

MF Utility is a free “Transaction Aggregating Portal” run about 25 AMCs jointly. It allows users to invest in direct mutual fund plans. Here is a step-by-step user guide prepared by Anish Mohan to buy and sell direct mutual funds using the MF Utility portal.

If you are thinking about getting an MF Utility account, this post will give you an idea of what to expect, and the pros and cons of transacting. If you have already got an account and are about to begin transactions, this post will help you invest better. Be sure to read about the payment options available.

The author Anish may be familiar to many readers as the author of Reader Story: Arise, Awake and DIY! He is also a member of Facebook group, Asan Ideas for Wealth where we often discuss using MF Utility for transacting.

Feel free to share your experience of using MFU or any questions about the facility.

A few screenshots of the new MF Utility online transaction portal were posted earlier. This is a detailed guide.

I am most fortunate to have dependable and generous friends like Anish, who gave me this post in just a couple of hours after I requested him. Over to him.

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Dear Readers,

I write this post to make a lite user manual on how to transact online in MF Utility. Let me put a small disclaimer before I start with this blog.

I advise readers to use this as a User Manual “only” and not construe this as any advertisement or encouragement to use the portal. The author, Anish Mohan and his mentor Pattu-Sir is putting this article on a pure personal initiative and have no interest or receive (d) any incentive in promoting MFU through this blog. The reader has to apply his or her own discretion to transact on MFU online and is not bound to transact on MFU Online mandatorily for investing in direct Mutual Funds.

How to apply for an MF Utilities account

1. You need to first apply for a CAN (Common Account Number). You can start this process  here to generate the application form: CANFormFillTab, but be warned that it will give an error and all information submitted will be lost if the back button is pressed! Therefore, the form is preferred. The filled form with necessary proofs can be sent by courier  to the MFU office.

2. Post allotment of CAN, you need to request for online access by sending an email to clientservices [at] mfuindia.com after which you will be given an username and password.

3. You need to have netbanking access for the bank accounts tagged to the CAN.

4. You have a computer with an internet browser Internet Explorer or Google Chrome (!)

4. MOST IMPORTANTLY, the POP BLOCKER mode is set to OFF in the browser you wish to transact. This means, you MUST allow MF Utility POP Ups to appear in your Browser.

I shall now show how to transact and all my illustrations will be on Google Chrome (purely my personal preference). You can use the one that you are comfortable with.

Now, let’s try to login to MFU. On the browser address, type mfuonline.com and the following page appears.

MF-Utility-Screenshot-1You would be landing in the following page post successful authentication.

MF-Utility-Screenshot-2

The things that will annoy you in this screen are as follows

  • The zero holdings in various funds are displayed and you have no way to filter them out.
  • The number of Units Held is shown with NO Folio Number mentioned.
  • The number of Units Held is shown with NO value mentioned.

Please make yourself familiar with the symbols as shown in the text beside the screenshot above.

Purchasing Mutual funds

Now, let us see how to transact. You may click on the Symbol pertaining to the action that I have outlined above, OR you may following the navigation as shown below

MF-Utility-Screenshot-3Let us now try to make a Purchase Transaction. Click on the Purchase menu in the above screenshot or use the symbol beside the fund name as explained above. You would be navigated to the following screen

MF-Utility-Screenshot-4

  • The Orange outline details your CAN. Make sure that the KRA is approved, the names of the account holders are correct
  • The RED box must be checked if you want to invest in DIRECT Plans

When you are done, click on Proceed button in the bottom right-hand corner.

On clicking Proceed, you are navigated to the following screenshot

MF-Utility-Screenshot-5

Please do the following actions in the screenshot above

  1. Select the Fund that you wish to invest in
  2. If you have an existing Folio, select the Folio Number. If you have none, you will have an option to create a “New Folio”. This option is NOT present if you already have an existing Folio in the combination of names that the CAN is created for.
  3. Select the scheme where you want to invest
  4. Select the Dividend option. If you select Growth option, it automatically changes to Not Applicable
  5. Input the amount that you want to invest

There is some more to this. This screen acts like a shopping basket. If you want to buy more funds in other AMCs, you select the “Add Txn” button. That will create a line item under the Scheme Name section. You can then repeat the steps 1 to 5 outlined above and accumulate more transactions in the queue.

Once you are done adding all your funds across AMCs or same AMC in a single list, the total value of your investment is displayed in bold in the aggregate section. You may now click the Proceed button to move further.

On clicking Proceed, you are navigated to the following screenshot

MF-Utility-Screenshot-6

I do not wish to hold Units in DEMAT and hence simply go ahead and Press the Proceed button (not shown, but at the bottom right) to go the next Payment section.

MF-Utility-Screenshot-7

Payment options available

There are 4 payment types that MFU allows you to pay with. They are as follows

  1. Net Banking: On selection of this payment mode, please select the Source Account Number from where you wish to pay. On clicking the Submit button, you will be redirected to the Net Banking site and the experience is self-explanatory and intuitive
  2. NEFT: Please obtain the virtual account number and IFSC for your CAN from clientservices [at] mfuindia.com and set them as NEFT beneficiaries in your Net banking account. The Net banking account to process the NEFT should be similar to the bank accounts set in CAN.
  3. RTGS: Same as above.
  4. PayEezz: This is an authorization to MFU that can be used (optionally) to debit funds (SIP or lump sum) from the bank account set in CAN. Essentially this is a one-time mandate which will enable faster transactions without net banking.  Please read the section https://www.mfuindia.com/PayEezzFAQ to familiarize with the process and concepts.

Additional notes on payeez

There have been a lot of buzz/thoughts/analysis/misconceptions with people executing transactions through MFU using PayEezz as the mode of payment. I am writing a separate thread to let members know, the behind-the-scenes process with regard to payments using PayEezz. PayEezz is nothing but a One-time Mandate (OTM) registration facility offered by MFU where the registrations and subsequent payments are handled through the NACH platform offered by NPCI. The payment aggregator used by MFU to facilitate PayEezz payments is BillDesk, who uploads all PayEezz debits provided by MFU into NACH platform. There are 3 cut-offs for uploading the debits viz. 10:00 a.m., 11:30 a.m. and 1:30 p.m. If the debit file is uploaded in the 1st and 2nd cut-offs, the customer account is debited on the same day and the funds are made available to the merchant on the next working day. If the debit file is uploaded in the 3rd cut-off, the customer account is debited on the next working day and the funds are made available to the merchant on the day subsequent to the debit day.

Therefore, when a transaction is placed with MFU by 10:00 a.m. and the debit requests are given to Bill Desk by 10:30 a.m. Bill Desk uploads the same in the 11:30 a.m. batch. NPCI would process these transactions and get the customers’ bank to Debit the money from the customer’s account and provide the funds to Billdesk by END OF DAY. After that Bill Desk will provide the funds to MFU on Next Day (T Plus ONE) which MFU will further transfer the same to the AMCs.

All of the above processes have to be considered ONLY for transactions of Rs. 2 Lakh and above (for Non-Liquid Schemes) and any Amount (Liquid Schemes), where the AMCs will require the actual credit in their accounts prior to allotment.
The above process does not matter if the transaction value (per scheme) is below Rs.2 lacs (for Non-Liquid schemes). Investors will get the NAV of T day if the transactions are submitted with MFU before 3 p.m. cut-off time.

Some members have asked if SIP using PayEezz have any difference or are they akin to the regular transactions? Answer is yes, the SIP transactions are treated at PAR with the regular transactions and hence will have similar processing rules.

All of above is through relentless talking with their team and making notes on my diary. This is my analysis and information that I have assimilated.

After selecting the Payment Type and selecting the Source Bank account number, please fill the relevant information which will be unlocked dynamically. Press the Submit button and a confirmation message will be displayed where you are required to press the confirm button.

Please note, if you have selected Net banking option, you will be redirected to your Net banking site where you will authenticate and pay the funds. The redirection will come back to MFU site and the confirmation number is displayed as a POP UP message. If your POP UP is blocked, this message will not be displayed and the transaction will be deemed as failure, though the funds have been already debited from your bank account. This will not be processed by MFU and refund is sent later after few days.

The important thing to note is the cut off time. On selecting the Payment Type, MFU advises you with the cut off times through a pop up message. The Pop Up message is show below.

MF-Utility-Screenshot-8

Redemption Process

Let me take you through the redemption process. It’s a similar navigation to Purchase and if you follow the Step No. 2, you can reach the redeem screen. Please see screenshot below

MF-Utility-Screenshot-9

On the redeem screen, please fill the details in the following order

  1. Select the AMC
  2. Select the Folio No.
  3. Select the Scheme from where you wish to redeem
  4. Select if you want to redeem all units or amount specific
  5. Tick the Payout Details if you want to change the bank account where the redemption proceeds are to be credited. It will enable the Payout Account drop-down list
  6. In Payout Account drop-down list, you can select the Bank Account of your choice. The bank Accounts which are present or recorded in the Folio are displayed.

The redemption transactions can also be grouped together and a single transaction can be issued to MFU. MFU will internally break into various AMCs and process the same individually.

Once your transaction is complete, you can check the status of your transaction. Please see the screenshot below

MF-Utility-Screenshot-10

It is important to understand the Group Order No. concept. If you have made multiple transactions in a single basket, like multiple Purchase transactions or Multiple redeem transactions, all these will appear under a Single Group. The group no will denote the basket. Within a group, the individual transactions are displayed through a drill down mechanism as shown by the RED box. So the relationship goes like

MF-Utility-Screenshot-11

Dear Readers, I hope that you have quite an insightful view of MFU Online transactions. There are many dimensions in using MFU online. Let me try to put some pros and cons of the same. All views expressed are personal and need not reflect any bias or aversion to using MFU in any way. You may have faced many issues are may not have faced any issues at all. All statements here are my personal experience and may have no resemblance to any one’s experience.

Pros:

  • The portal gives you the window to transact across multiple schemes and multiple AMCs in DIRECT mode in a single window
  • It dispenses away with the fright of maintaining multiple logins for AMCs.
  • It is FREE till now till date and hopefully it will remain that. If you think that your portal of MF is free, read the blog Your online mutual fund investment platform is not free!

Cons:

  • The dashboard is supposed to a one stop solution for Data Analytics. Users rely heavily on various reports like Equity Debt breakup, Capital Gains report, Portfolio XIRR, Individual Holding XIRR and many more to speak of. The MFU portal lacks the very definition of Data Analytics
  • Unit Holdings are required to be displayed in more detail, e.g. a list screen detailing Folio No, Fund Name, Units Held, NAV and value, Nominee against the Folio are bare minimum to be displayed.
  • The Folio Mapping in the dashboard does not come fully mapped to a user’s Folio holdings. I had multiple Folios which did not appear in the dashboard. I raised this with clientservices and they promptly solved the issue though
  • The Unit Holdings are not properly updated/refreshed every day, though if it is raised with clientservices, they generally resolve it promptly
  • The Net banking payment mode has failed once for me, though I later found that the Pop Up blocker is the cause.
  • The cut-off time of transaction for applicability of same day NAV is not extremely transparent. Few posts in facebook group Asan Ideas For Wealth have raised these concerns.

Frankly speaking, other than the refinement of the Dashboard and more meaningful display of Holdings, I have yet to have any gripe on MFU Online portal. I needed a portal which would allow me to invest in Mutual Funds in DIRECT mode and keep my entire holdings consolidated. MFU is the right thing and right place to be, though as with any portal, it has its own share of shortcomings.

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Please join in thanking Anish in preparing this guide to buy and sell direct mutual funds using MF Utility Portal.

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118 thoughts on “How to buy and sell direct mutual funds using MF Utility Portal

  1. Kunal rane

    Thank You Anish for the walkthrough.

    Consolidated Direct MF investing is definitely a step in the right direction and the participating MFs should be acknowledged for having the foresight of opening a new revenue stream for themselves while empowering investors.

    I hope the developers of MFU site get to see your post so that the cons are addressed swiftly.

    Reply
    1. Anish Mohan

      Thanks Kunal. I had asked for the bare minimum enhancements thru the MFU portal. I am sure that they are receiving such requests and they are pouring in as every day passes by. Hopefully some day they would have the incentive to enhance it further.

      Reply
  2. Rakesh

    Thanks Anish. I was not aware of Pop-up blocker problem( which led to transaction failure twice and then I stopped using MFU).

    Reply
    1. Anish Mohan

      Mr. Rakesh, also to add one more point. The round about time from the Net banking to the MFU Site is only 5 mins. So if you are waiting for OTP from Bank or taking time to put the OTP on the screen and you surpass the 5 min window, then also the transaction will get a failure message.

      Reply
    2. balap

      When I tried, it failed like it did for you. I sent an email to their client services and they have addressed it. Units got allocated. However, it looks like they are not aware or don't want to highlight for some cause. I presume distributor community might be using similar platform for their investors. Basic dashboard features are missing as reported by Anish. If they fix it, they could get more users. But, they could not go against distributor and promote this platform. If direct plan volume is high, AMFI could make some more enhancements.

      Reply
      1. Anish Mohan

        This is an interesting point. In my case, even if I could prove them that the funds were credited to their account, they refused to process the transaction and instead refunded me the money back. But as I understand from your post, they actually processed the transaction and gave you the allotment. When did this happen ? Since I remember I had this issue in last month and they clearly said that since the credit has not been timestamped, so they have to refund the money back. Has there been any change in policy off late ? Within how many days did you get allotment and with which days NAV. If you kindly elaborate...

        Reply
        1. R SWAMINATHAN

          I tried to register on line and the last page is asking questions of the

          NSDL dp name, dp id and beneficiary a/c

          when i input the dp name as icici bank ltd and the dp id and the beneficiary client id and clik on submit it does not accept.

          any thing speical to be mentioned or leave it blank

          i tried to leave the columns blank, but it does not work

          pl advise

          Reply
          1. Anish Mohan

            Mr. Swaminathan, the online form works too very crude. I never could have success in filling it out online. I would rather say, please download the form, take a print and fill it up with hand. I would keep the DP ID portion as blank since I dont want to store units in demat mode. I understand its too much of a pain in filing the form in hand, but there is no choice either. I did it for A+B and B+A and imagine my plight.

          2. R SWAMINATHAN

            Thanks for your prompt reply Anish

            I just gave up trying all the tricks i know.

            will do manually as suggested. thanks buddy again

        2. Kannan

          The system enhancement introduced later, allowed the retention of transaction data even though the success response did not come through from the gateway and thus being able to match the credit against the transaction later on.

          Reply
          1. Anish Mohan

            Thats a very good development they have done. Thanks for sharing this news. In fact these data points prove that MFU is evolving for the good.

  3. Jagan

    Hi,
    Thanks for the detailed article. 1 question though - What cutoff and thus NAV will be used when SIP is done via PayEezz since we are not the ones doing payment manually every month, we have no control over ensuring payment reaches into the escrow before 1:40 pm, after reading the first few lines of "PAYMENT ALERT" screenshot, it seems that if I setup an SIP for every 5th of the month, I will get Units as per NAV on 5+1=6th(or maybe 7th) of the month but that is NOT what an investor wants right? If I setup SIP for 5th then I want NAV of 5th of the month.
    Will I get units as per NAV of 5th or 6th or 7th? If not of 5th then it will be another disadvantage of MFU vis-a-vis other online portals like ICICIDirect.

    Reply
    1. Anish Mohan

      Mr. Jagan, for the SIP ones, it is straight forward. You will get the NAV of the T day, where T=date of SIP. Reason being, for SIP ones, the debit instruction will reach your bank prior to 10 AM. The funds may get debited anytime in the day, but the payee bank will send a confirmation message that they will pay within the cut off. Since for SIP, the funds will get credited on T or T+1 (in worst case), so AMC will give you allotment of units based on NAV of T day. Hope this clarified.

      Reply
  4. R SWAMINATHAN

    On this i would like to know whether CAN application has to be filed for ever individual. what happens in the case of 2 applications in one Fund as eitehr or survivor ? or Joint

    how to apply for this ??

    Reply
    1. Anish Mohan

      If there are two investors A and B, the CAN can be opened in following combinations
      1. A and B
      2. B and A
      3. A alone
      4. B alone

      Now A and B can be opened in Either or Surivor which is one CAN. Also A and B in Joint Mode is another CAN. It is all dependent on the permutations and combinations that you have your Folios in. For every combination that you want to open in, the forms will have to be filled in that same fashion. Like for me I had to fill up No. 1 and No. 2 respectively.

      Reply
      1. Anish Mohan

        Mr. Swaminathan, also to add one more point, if I take my example where I had to open in two combinations of Point 1 and Point 2, I was given two CANS. So, I have been given 2 login IDs, both for CAN in A+B and B+A. Now If I login with A+B mode CAN userid, on the dashboard or on any screen, I see the CAN of both A+B and B+A. But, I can "Transact" in only A+B mode CAN. The B+A mode is then for viewing ONLY. So in the CAN dropdown, I am required to choose the right combination CAN so that the transaction screen is enabled. Hope I have clarified. I wanted to add this point but then I thought it would unnecessarily obfuscate the matter for first time readers.

        Reply
          1. Anish Mohan

            Mr Swaminathan, I have interesting news to break. If A and B are 2 investors having holding combination as A+B and B+A, then MFU will provide you 2 CANS, one for A+B and another B+A. Therefore you will have 2 user ids for CAN of A+B and CAN of B+A. If you login with userid of A+B, you could see both CANs, but transaction facility was enabled for A+B only. Here is the BREAKING NEWS... Just now, 5 mins ago, I am finding that even if you login with userid of A+B, the TRANSACTION FACILITY IS ENABLED FOR B+A ALSO... This is a new development and the post is required to be updated...

          2. Kannan

            In case of individual CANs, user ids are at PAN level. To get a user id one should be a sole or primary holder in atleast one CAN. Such user will be able to view details pertaining to all CANs where he is a holder, but will be able to transact in CANs which are in single holding mode or in Anyone or Survivor mode. Joint CANs are not permitted for transaction as of now.

    1. Anish Mohan

      Hi Asheesh, Yes indeed. Even if they are regular, still you can. You have to go from the dashboard screen. Click on the icon of Cart which is Purchase as shown in Point 2. When you click on there, if it is a regular plan, then the ARN details will remain pre populated. For Direct, the direct will remain tick marked.

      Reply
  5. Kumar

    Thanks Mr.Anish and Mr.Pattu for this initiatives on educating the DIY community.

    I would like to share my personal experience with MFU while performing Purchase through PayEezz. It took 7 working days to see the units purchased since the money debited from my bank account. when I wrote to client services, they regret about the delay, and wrote to me as "....We shall work out the loss as a delay in allotment of units and revert back to you shortly!!". So I would personaly wait for some more time to transact through MFU until they resolve all their small issues..

    Reply
    1. Anish Mohan

      Mr. Kumar, this is a very bad experience that you went through. The more we are hearing, it seems that PayEezz has lots of issues in unit allotment. There are people in AIFW who seem to face such issues on PayEezz. Keep us posted. Also the units were alloted on which day's NAV ? The day of purchase ..?

      Reply
      1. Kumar

        Mr.Anish,
        Unfortunately the units were alloted on later date NAV only !!
        Order placed through PayEezz on 24th Jan, Money deducted from my bank on 27th Jan, and the Units allocated on 1st Feb NAV.
        It shows that MFU still needs to improve in their transaction process and its speed!!

        Reply
        1. Anish Mohan

          Mr. Kumar, this is indeed a very very bad experience. It shows that PayEezz is a very unstable option in that case. Thanks for sharing this experience since even I was waiting for PayEezz setup as an alternative instrument.

          Reply
          1. Jagan

            Thanks Anish & Kumar. In this case, which option should we avail to ENSURE we get same day NAV? Netbanking?, NEFT/RTGS?, ECS?, any other option you can think of?
            Since I am an SIP person I would like to know from SIP point of view, which option will be better? Incase with SIP, only few payment options might be valid, I am ok with Manual SIP mode where I buy into MF on specific days and then use the best option to ensure I get same day NAV.

          2. Anish Mohan

            For SIP Mode, I hope, and thats purely my hunch, the bank will get the debit instruction before 10 AM. As we know that PayEezz before 10 AM is supposed to guarantee same day NAV (as claimed by MFU). Therefore in SIP mode, payEezz will work normally,hopefully, though I cannot make an authoritative statement without experiencing the matter.

  6. Jagan

    Also one disadvantage with MFU which you might want to highlight in your blog post is that if you buy funds via MFU BUT select credit unit to DEMAT a/c then you will not be able to sell those funds via MFU. You HAVE TO sell/redeem/STP etc only via your Demat provider. Silly but true.

    Reply
    1. Anish Mohan

      Mr. Jagan, this is not a silly point at all. In fact, this is an extremely good observation. I realise that MFU dashboard will go blank if you hold ALL units in DEMAT mode. MFU units are shown only for those units which are in SOA - statement of account mode

      Reply
  7. Sree

    For customers whose KYC is already done, the CAN form requires "KYC acknowledgement letter". Anyone has ay idea how this can be obtained? Internet search results are not helpful.

    Reply
    1. Anish mohan

      The KYC letter is the print out from CVLINDIA.com. go to the website. .. key in your PAN and take the printout

      Reply
  8. Kannan

    Just one point to add.

    The CAN Fill option allows you to save and retrieve the record for future use. For saving a record you just need to fill in the primary details and then fill the rest later at your convenienct. To protect the privacy of the data that you submit, a verification code (OTP) is used to enable retrieval of the record for subsequent use.

    Reply
    1. Anish Mohan

      Till before 7th Jan, I had an idea that he could transact with the CAN where he is sole or primary holder ONLY. BUT, after 7th Jan, recently when I logged in, I am finding that transaction rights are enabled for those CANs where I am the second holder in Either or Survivor mode. Though the enablement has happened, I havent tried to make a transaction to be able to say that yes it works. But the breaking news is, what used to be holding mode only are now open to transact.

      Reply
  9. Jagan

    Hi Anish, replying to your comment http://freefincal.com/how-to-buy-and-sell-direct-mutual-funds-using-mf-utility/#comment-14350 since I cud not, reply to your comment:
    So you bought MF units in lumpsum & not in SIP? I thought your experience was with SIP. But even then, if you placed your order before 1:40 PM cutoff(as stated on MFU), you shud have got units as per NAV of the same day.
    I am thinking how different will units purchased via SIP be from Lumpsum IF placed at roughly the same time say at 9 or 10am? If don't want to face same issues as yours if I put in SIP for 12 months and then remain stuck with this issue in MFU.
    Anyone else have experience with SIP purchase via PayEezz and what date NAV units are allocated? Pls share.

    Reply
    1. Anish Mohan

      Hi Jagan
      The SIP works on PayEezz method of payment only. Since my PayEzz was not set up till date, hence had no SIP experience. Anyway, today I got the PRN set up confirmation and now I can experience the SIP also.
      A lumpsum transaction placed before 10 AM will receive the same treatment as an SIP transaction. You should be able to get units on the date of SIP or date when the lumpsum transaction was placed (provided before 10 AM).
      I will be able to confirm all of these on 25th Feb which is my SIP date.

      I also made a lump sum purchase using PayEezz mode todat at 7 30 PM. Oddly, the transaction straight away went to "RTA Accepted" status and was posted in CAMS straightaway. But the debit has not happened in my bank account yet. I will come back tomorrow to reply to this post to tell you if the debit happened tomorrow and allotment happened on which date's NAV.

      Reply
      1. Jagan

        Thanks Anish. Will be waiting for more details from you once your SIP via PayEezz is done. Hopefully, it should be as seamless AND reliable month after month as we have with our brokers like ICICIDirect, fundsindia, sharekhan etc. I am waiting for my PRN to arrive to start my first SIP in Direct fund.

        Reply
  10. Ashik

    Hi Anish,

    Thanks for the detailed post. I did not find any help material in MF site for guidance. This post helps a lot. I got my CAN and online access today. I was exploring the site. I have few questions:

    a. Do we need to register for PayEezz to set up SIP mandate?
    b. Or can it be done by NEFT? What is the process to do it?

    You have mentioned setting up virtual account. Can you explain in detail how to do it. Thanks.

    Reply
      1. Anish Mohan

        Hi Ashik

        I forgot to reply on Virtual Account. Say, you decide to use the NEFT option to transfer money to MFU account. For that, you will require the beneficiary details i.e the IFSC and the Account Number of MFU to send money via NEFT. If you write to clientservices of MFU, they will give you a IFSC and an account number. The account number that they provide is a combination of 4 letter code suffixed with your CAN. Since, MFU has not opened so many "real" bank accounts in that branch, it is actually a virtual account number where you transfer money via NEFT.

        Reply
  11. Anish Mohan

    Dear All,

    Thanks to all for your overwhelming response to this article. I have tried my best to answer your queries as fast as possible, and I hope you have been well served. I wanted to say something on PayEezz exclusively.

    There have been a lot of buzz/thoughts/analysis/misconceptions with people executing transactions through MFU using PayEezz as the mode of payment. I am writing a separate thread to let members know, the behind-the-scenes process with regard to payments using PayEezz. PayEezz is nothing but a One-time Mandate (OTM) registration facility offered by MFU where the registrations and subsequent payments are handled through the NACH platform offered by NPCI. The payment aggregator used by MFU to facilitate PayEezz payments is BillDesk, who uploads all PayEezz debits provided by MFU into NACH platform. There are 3 cut-offs for uploading the debits viz. 10:00 a.m., 11:30 a.m. and 1:30 p.m. If the debit file is uploaded in the 1st and 2nd cut-offs, the customer account is debited on the same day and the funds are made available to the merchant on the next working day. If the debit file is uploaded in the 3rd cut-off, the customer account is debited on the next working day and the funds are made available to the merchant on the day subsequent to the debit day.

    Therefore, when a transaction is placed with MFU by 10:00 a.m. and the debit requests are given to Bill Desk by 10:30 a.m. Bill Desk uploads the same in the 11:30 a.m. batch. NPCI would process these transactions and get the customers’ bank to Debit the money from the customer’s account and provide the funds to Billdesk by END OF DAY. After that Bill Desk will provide the funds to MFU on Next Day (T Plus ONE) which MFU will further transfer the same to the AMCs.

    All of the above processes have to be considered ONLY for transactions of Rs. 2 Lakh and above (for Non-Liquid Schemes) and any Amount (Liquid Schemes), where the AMCs will require the actual credit in their accounts prior to allotment.

    The above process does not matter if the transaction value (per scheme) is below Rs.2 lacs (for Non-Liquid schemes). Investors will get the NAV of T day if the transactions are submitted with MFU before 3 p.m. cut-off time.

    Some members have asked if SIP using PayEezz have any difference or are they akin to the regular transactions? Answer is yes, the SIP transactions are treated at PAR with the regular transactions and hence will have similar processing rules.

    All of above is through relentless talking with their team and making notes on my diary. This is my analysis and information that I have assimilated.

    Reply
  12. Ashik

    I have tried direct purchase using both the method yesterday:
    a. NEFT
    b. Net Banking

    NEFT: I have earlier set up Virtual account getting the required information from MFU. I placed my purchase order in the portal and did a NEFT transaction to MFU at about 11:45 am yesterday morning

    Net Banking: Next I tried Net Banking and was successful in authorizing the amount in my bank account. But on redirecting back to the MFU site. an error screen was displayed. I sent a mail to MFU on this error.

    Though I have not received any reply to my mail, today morning both the transaction were success and the units were credited to my account (with yesterday NAV)

    Reply
    1. Anish Mohan

      Dear Ashik,
      Thanks for letting us know the update. There seems to be a good enhancement since my last Net Banking failure experience. I am finding that in spite of the Net Banking failure, you are getting the transaction through, whereas back in 8th Jan 2015, it was not the case. They were refunding the money back in case of failure in Net banking.

      So, this is an important enhancement. Even if Netbanking fails, it will still be processed. I will require to understand under what conditions. It may have one condition, that even if the money is debited from your account it actually reaches the payment gateway, then only in spite of a failure message you will still find the transaction to go through.

      Reply
  13. bharat shah

    all in all, from this very informative post and comments plus testimonials on mfuindia.com site, it seems that it is not for individual direct investors' mf transactions at least now! I got CANs for all family members, but I prefer to stay put for going online through it! There seems no other use(apart from transactions) of CAN for current online direct mf investors. or are there any?
    thank you very much for the post.

    Reply
  14. Anish Mohan

    Let me share another experience that happened with MFU in this week. This is long post.Please hold patience.

    On 09th Feb, I placed an order for a direct fund in an equity scheme whose RTA is non-CAMS or non-Karvy. Let us assume, that is XYZ RTA, intentionally masking the name since this post has Nothing to do with the RTA and more to do with MFU. This transaction was placed on 9th Feb at 11:44 AM, i.e. before cut-off time and through Netbanking mode of payment. But Units were NOT alloted on 10th or even 11th Feb. So, I contacted MFU on 10th Feb in the evening around 6 30 PM narrating my plight and also highlighting that the RTA records do not show the 09th Feb transaction as a pending transaction. (A separate post was written by me to let members know how to check in RTA portal if the transaction was indeed posted in the RTA). The MFU team sprung into action within 30 mins inspite of my mail in the late evening and forwarded the mail to RTA. On 11th Feb, I got 3 calls from the RTA and a message that they are seriously looking into it. On 12th Feb, to my pleasant surprise, I got units allotted in 9th Feb's NAV and an account statement.

    Now, why was this a pleasant experience for me?

    To answer that, I need to narrate another incident. Back in Dec 2015, when MFU online facility was not available for Investors, I was transacting through my broker. On 3rd Dec 2015, there was an exactly similar incident when my SIP in the same folio and fund but Regular Plan was not processed and was literally untraceable. My Broker (after a lot of push) woke up to the situation and contacted the RTA (as they claim). That matter was ultimately resolved on 22nd Dec, after relentless follow up, escalations, phone calls and being horribly ping-ponged by both Broker and the RTA. That was a bitter and terrible experience of 18 days of agony.

    This time I was gearing up for such a harrowing experience and I never expected this pleasant and sweet outcome. Their intervention resolved this in just 2 days, in fact they were transaprent to copy me in emails to the RTA. if I compare to my broker experience back in Dec, they only gave me false assurances but never showed me any evidence of correspondence.Whereas here, MFU and the RTA correspondences happened, with me in CC, in fact, I was able to see the technical file with my transaction details and could decipher some meaning. It proved my technical mind that MFU system had no error in trasmitting the data and the RTA had some processing lacunnae.

    It has indeed surpasses all my expectations to give an incredible experience. I thought of sharing this experience. When I thanked the team back, they even said that they are still investigating the cause of the failure and are just not brushing it off under the carpet.

    Reply
  15. Anish Mohan

    Esteemed Members, I am back with another post on MFU. This is regarding the payment mode of NEFT and its intrinsic relationship with Virtual Account No. (VAN).

    MFU intends to appoint multiple collection bankers with whom collection accounts will be maintained. Currently, ICICI and Kotak Bank are enabled. Few more banks will be added in the near future.

    To avoid, unidentified credits being received in the MFU collection accounts, MFU decided not to disclose the actual account numbers but to provide Virtual Account Numbers (VAN) for the investors desiring to remit the payments by way of NEFT or RTGS. To be unbiased to the collection banks, MFU system is designed to generate a VAN randomly with the beneficiary account details of the MFU collection account managed by ANY of the active MFU collection banks when the investor does the transaction for the 1st time. For e.g. if ICICI Bank, the VAN would be MFIB+CAN, if Kotak Bank, the VAN would be MFKK+CAN.

    Once the VAN is generated and provided to the investor, he can register the same as a beneficiary in all the bank accounts he has through the respective Bank’ net banking logins. This then becomes a permanent beneficiary account for the customer to make all NEFT/RTGS payments with regard to MFU transactions.

    With the VAN already available, the customer is free to initiate the payment either before or after the transaction is initiated.

    If the payment is already initiated and the UTR is available, he should check the box “NEFT/RTGS Transfer done” and specify the UTR (optional) and VAN (mandatory).{READ THIS SENTENCE AGAIN}

    If the payment is not yet done at the time of transaction, he should only check the box “VAN already registered” and mention the VAN (mandatory) to which he will be making the payment. If he doesn’t check the box “VAN already registered”, the system will again generate a fresh VAN which may or may not be the same provided during the 1st transaction. In such case, the investor has to make the payment to the NEW VAN and NOT the OLD VAN. Else the credit will not be matched to the transaction.

    So, there are effectively two modes of payment. Pre and Post. In Pre, you do NEFT first and then make the transaction in MFU. In Post, you make the transaction in MFU and then transfer the funds to VAN

    Many would find the POST to be better than PRE. In PRE, Say you made the NEFT. Money has gone out. Then Electricity snaps off Or BSNL broadband goes down. Then you have to run to the cyber cafe to finish the rest ! Since money is already debited... This is a humor..

    Reply
  16. bharat shah

    Are all funds of member AMC available on the platform for transaction ,or selected few? i can't find the funds i like to invest, so the query.

    Reply
    1. Anish Mohan

      There are 25 AMCs participating in this portal. You may write to the MFU helpdesk which is connect [at] mfuindia [dot] com about your query.

      Reply
  17. Raja Rajagopal

    Hi Anish,

    This is Raja Rajagopal. Hope you are doing good. I got my user id / pwd for MF utility. I have the below clarification. Could you please clarify?

    IN MF Utility page, there are many options (Like Purchase, Redeem, SIP etc). Here, what is the difference between "Purchase" and "SIP"?

    Also, I have started SIP for one find with Regular Plan. I want to invest additional investment on the same fund. The additional invest will come under different Folio No. or the amount will get add with the same Folio Number .

    Appreciate your advise.

    Thanks,
    Raja Rajagoapl

    Reply
    1. Anish Mohan

      Hi Rajagopal, I am fine, Thank You. regarding the second question, if you use the cart icon in the dashboard screen to make additional purchase, the units will be credited under the same Folio No. and NO additional Folios will be created. MFU does not allow you to create a new Folio if you already have an existing Folio since it is duplication which they do not encourage. Also, when you exercise the purchase option under the CAN Transaction, and click on purchase and select your AMC, you will only find one folio number under dropdown. Therefore, all subsequent purchases will only appear in the same folio.
      Regarding the 1st question, purchase is lump sum which you can do anytime as per your wish. SIP is a systematic and automated purchase executed at a pre-set date using the PayEezz mode of payment

      Reply
      1. R Swaminathan

        hi. I also have taken the CAN no. but only thing is
        1. it shows only total unit holdings
        2. it does not show the value or details of holdings
        3. the purchases does not show same day NAV but T+2 days
        4. cannot see any MF details as no provision for opening like the MFs sites

        the payemnts even if made thru bank site does not get credited to them same day. so nav is not the day of purchase.
        I spoke ot them but they are not sure when there will be upgrading. funny that it is a mfu of 25 amcs. but the amcs hv their own website which is more better than mfu
        is it worth continuing this site is a big question

        Reply
  18. Raja Rajagopal

    Hi Anish,

    Hope you and your family doing well.

    Thank you so much for your advise and reply.

    One more clarification, Could you please advise me, How can I check, How is the market today and either we can purchase the fund or not?
    or else anytime we can purchase?

    which is best time to purchase the MF?

    Thanks & Regards,
    Raja Rajagoapl

    Reply
  19. Jayadeep Purushothaman

    Thank you Prof Pattu and Anish - this was really helpful. I have been thinking of doing direct investments for a while, but I had a long time financial advisor(commission based) who was offering advice free till now, but wants fee now. So it was time to call it quits and go DIY.

    Initially I was going to the fund house portals and investing, but Franklin Templeton was a challenge because my bank HSBC(online portal is the lousiest) wasn't available from their portal. So I figured out MFU, though I did the initial investment going to a CAMS POS, things worked pretty well after that. And now that I have done an investment vial MFU to FT, my ICICI bank account also shows up in FT online.

    And needless to say, freefincal helped me become a DIY investor gaining some key insights from the blog. And most of the things align with my way of thinking as well. Thank You Prof Pattu!

    Reply
    1. Anish Mohan

      Thank you Mr. Purushothaman for the feedback and it is a pleasure for us to be of any service to you. Keep investing via MFU.

      Reply
  20. Pete Deltoro

    Hey blog post , I was fascinated by the information . Does someone know if my business would be able to get access to a sample SEC Form SEC 1410 document to fill out ?

    Reply
  21. jayakumar

    Recently I registered and got a CAN no. I want to narrate my experience and want some clarification. I have been buying (in the past till now) MF units in REG mode using my ICICI Direct and AXIS Direct brokerage accounts and are held in respective demat accounts.
    Once I registered CAN and logged into the account, in the dash board I can see that mutual fund units held in both ICICI Direct and AXIS direct are mapped here. Some mutual fund units held in AXIS Direct I wanted to switch to DIRECT mode same fund units and through MFU online I could carry out the switch transaction smoothly.
    But now the switched DIRECT units are only visible in mfuonline.com
    CAN account dashboard and I cannot see the same in my MF holding in AXIS Direct . Is it ok?. Is it that Direct mode units will not appear in AXISDIRECT. If I want to transfer these DIRECT units to my AXISDIRECT DP Id should I fill up some transfer form to transfer to AXIS DIRECT DP account.

    Reply
  22. Anish Mohan

    By this time, I think all of these wishlists have come true. Point 1 2 and 3 are complete as I can see... Please hold patience.. Many more things are to come.

    Reply
  23. Anish Mohan

    Hi Mr. Rajagopal, this is a good question. However, this cannot be answered in a single reply. There are pointers in the blog of how to plan your purchases and I request you to go through them. They are immensely beneficial articles and will help you for sure.

    Reply
  24. Anish Mohan

    Dear Jayakumar, regarding this question "But now the switched DIRECT units are only visible in mfuonline.com
    CAN account dashboard and I cannot see the same in my MF holding in AXIS Direct . Is it ok?."
    This is perfectly ok. The DIRECT funds do not bear the ARN number which the regular funds used to have. therefore the DIRECT funds will not be fed to the distributor (AXIS DIRECT) in this case and hence they will not never appear in AXIS DIRECT.

    Reply
  25. Jayakumar

    Thanks Anish for your immediate response. Does that mean that if I want to later redeem these Direct units thru online transaction I can do it only thru mfuonline.com?

    Reply
      1. Jayakumar

        Dear Anish,

        When I wanted to buy some MF units for transferring money they have sent me the
        beneficiary account details. Now in my ICICI net banking account I wanted to add this
        account as beneficiary account. But I need to know whether this account is savings a/c or current a/c or loan account.

        I have asked clientserivices at mfuonline.com. In the mean time I am also addressing to you. Do you have any idea about what is the type of account of these beneficiary accounts.

        Reply
  26. Jayakumar

    Yes that is correct. Later when I called their customer care no they confirmed that it is to be selected as current account.

    Reply
  27. Suresh Gadupu

    As pointed in the article one of drawback of MFUtilities is the missing Dashboard to view the info like invested amount, XIRR of each fund and portfolio. But we can over come this by using "unovest.co" free account facility for the moment which is also based on the MFUtility platform. Register with unovest and Get your consolidated statement from cams in PDF format and upload the document in unovest. The site will import the data from PDF and will show you the portfolio summary and all the transactions done. I have successfully imported data from consolidated statement . But you need to keep on import the data once in a while to see latest status as new investment is not reflected automatically. For more details on unovest free ac please see faq

    Reply
  28. Karan Batra

    Thanks for writing this useful article

    Small query -

    1. I hope everything happens online including account registration for e-kyc compliant users
    2. Just inquisitive to know how MFUtility will make money provided they are neither charging the users directly nor the AMC's.

    Reply
  29. Mani

    Anish,

    When a CAN is created, does it map existing investments made through a broker (like ICICIdirect/kotak) available in the dashboard?

    IOW, in the application form, if I chose not to mention my demat account number and for all future pruchases use MFutility, will it still map to the CAN, the older units that I hold in demat account with broker?

    I see in one of your earlier replies you mention this:

    Mr. Jagan, this is not a silly point at all. In fact, this is an extremely good observation. I realise that MFU dashboard will go blank if you hold ALL units in DEMAT mode. MFU units are shown only for those units which are in SOA - statement of account mode

    But then I see another comment from a different user with this:

    Recently I registered and got a CAN no. I want to narrate my experience and want some clarification. I have been buying (in the past till now) MF units in REG mode using my ICICI Direct and AXIS Direct brokerage accounts and are held in respective demat accounts.
    Once I registered CAN and logged into the account, in the dash board I can see that mutual fund units held in both ICICI Direct and AXIS direct are mapped here.

    So I'm a little confused. Do existing units in demat mode purchased via broker, map to the CAN?

    Thanks!

    Reply
    1. Anish Mohan

      All the older units held in demat and SOA mode will get automatically mapped to the CAN and the dashboard should view all.mfu is designed that way. By the way.. icici direct only supports SOA mode of mf purchases and so am surprised how did u get units in D mn at format of icici ?

      Reply
    2. Anish Mohan

      Mr. Mani, I stand corrected in my statement done yesterday on 5th July. I rectify the statement and now convincingly answer that only SOA based MF will be displayed on the MFU Dashboard. Sorry for the confusion.

      Why and How I could conclude to this statement is a series of post exchange between myself and Mr. Jayakumar after your post yesterday. Please read the exchange of the posts and how I concluded to this point in a post today on 6th July.

      Reply
  30. Jayakumar

    I want to clarify my earlier comment as it has been referred to in Mr.Mani's comment.
    I confirm that only MFs bought in SOA mode is mapped in CAN dashboard. Mfs bought in demat mode donot appear in CAN dashboard. After my earlier comment which confused you (I have just opened my CAN account then), I have learnt more and I confirm MFs in demat mode is not mapped in CAN dashboard.

    Reply
    1. Anish Mohan

      Mr. Jayakumar, can you please check this out again. My wife has one Mutual Fund (FMP) holding in the AxisDirect demat account. This holding is displayed in the MFU dashboard. May be, the CAN mapping to the demat held folio in your case is not complete and hence it is not appearing. If you would lodge a complaint in the complaint module of MFU regarding this, then it might get solved.

      Reply
  31. Jayakumar

    I made this comment from my experience. I hold a demat account in HDFC. I bought some MFs through exxchange (again bought thru Exchange mode due to lack of knowledge at that time) and these appear in my HDFC demat balance along with other shares bought.

    These MFs in my HDFC demat account (i believe this is demat mode for this MFs) it seems can be sold again through exchange. I also learnt later that only some Mfs can
    be bought or sold through the exchanges.

    I was referring to these MFs and they donot appear in CAN dashboard.

    Jayakumar

    Reply
    1. Anish Mohan

      Dear Mr. Jayakumar, I am now able to understand the basis of your conclusion. And the odd part of it, we having the same circumstance but with different outcome. Let me summarise this.

      1. The HDFC Securities allow ONLY demat-based mutual funds since they buy via BSE Star-MF platform where those mutual fund schemes are stored in demat format. Therefore all MF bought by you via HDFC Sec are in demat account only.
      2. Axis Direct allows BOTH BSE Star-MF and also SOA based MF. My wife has the FMP bought on BSE Star-MF and I have bought the same FMP via SOA mode.
      3. ICICI Direct allows ONLY SOA-based MF purchases and hence Folio bought via ICICI Direct will simply get mapped to CAN. This is straightforward.

      With Point No. 2, the FMP was purchased from Axis AMC. The FMP was purchased in paper form but the units were credited into the Demat Account. Therefore the purchase was NOT via the BSE Star MF platform and was paper based via a distributor with the storage options being the demat. Hence I was allotted a Folio Number and therefore the Folio got mapped to CAN. Hence it appeared in MFU Dashboard. So, in spite of FMP being stored in Demat format, still appears in MFU dashboard in my case.

      With Point No. 1, the regular mutual funds were bought via the BSE Star MF platform and therefore may not have a Folio Number per se. Since there is no record of the Folio with the registrar, hence there is no mapping of the CAN to the Folio. Hence the MFU Dashboard does not display the same.

      I think that is the reason we have different outcomes in spite of the MF in demat format.

      Reply
      1. Jayakumar

        Thanks Mr.Anish. You have increased my understanding of these different forms of buying the mutual funds. There were certain understandings of these different modes. With your summarising a lot of points I think now I know a little better than before.

        Thanks,

        Jayakumar.

        Reply
  32. Jayakumar

    Actually I contacted MFU regarding these. I was told that first I have to rematerialise these
    mutual fund by going thru my DP.

    I didnot proceed further.

    Rgds

    Jayakumar

    Reply
  33. Mani

    Anish, Thanks for the clarification on DEMAT vs SOA. It appears that I've been in the wrong impression that my units are in demat mode since it appeared in the NSDL CAS. So I guess they will get mapped to CAN. I still have a few questions though, I'd be much obliged if you could clarify:

    1. Do mappings to CAN depend on Name of holder or Bank mandate? (From what I'm reading, I guess not. It depends on PAN number rather and order of holders and number of holders)

    2. In the event that I apply for a CAN account with a join holder, what rights will the second holder get:
    - Will statements be sent to them?
    - From the MFU FAQ, I understand online access is only for primary holder. But another question in the FAQ also says that second/third holders can not transact but can view the details? How is that possible if they are not granted a online access in the first case.

    3. Once created, can we remove a joint holder from a CAN? If so after the removal, the combination may match another CAN, in that case will this one be folded into that one?

    Thanks!

    Reply
    1. Anish Mohan

      Thanks Mr. Mani. Let me make an attempt to answer the questions

      1. The CAN mapping is given to investors PAN and their order of holding and mode of holding. E.g. If CAN is for A and B, who are two individuals with PAN PA and PB where PA is Primary and PB is Secondary and the mode of holding is Either or Survivor, then ALL FOLIOS where the holders are PA followed by PB in Either or Survivor mode shall get mapped to the CAN provided to A+B. But with all the above conditions remaining same, if there is any Folio that just differs by mode of holding as "Joint", that Folio will NOT get mapped. In short, the fashion of composition of the CAN has to match the composition of holding details of the Folio.

      2. Statements will not be sent. The Online access is given to the CAN and not to the Holder. That means, there can be ONLY one User ID against ONE CAN. Now the second part of read only.. Ignore that. The FAQ may require to be updated. If A and B are two individuals, they can have tow CANs as A+B and B+A. When A logs in, he can transact on CAN holdings of A+B and only view the holdings of B+A. However, MFU now allows transacting on B+A too. Hence ignore that part.

      3. I think removal and addition is NOT possible except other than death of one unit holder. The rest part of automatic mapping, is a tricky affair, and I will not be able to answer that. Logically it seems, it should, but I reserve any further speculation owning to my ignorance of the extant law regarding this.

      Reply
  34. Trips

    thanks for the very informative article. My question is - w.r.t this article we cannot invest in Growth plans of the MFs through MFutility? Only dividend option is available? well, that does not make any sense if I want to get compounded interest through my investments.

    Reply
  35. Trips

    Hi Anish

    With reference to your article quoted as below:

    "Select the Dividend option. If you select Growth option, it automatically changes to Not Applicable"

    For e.g. if I want to invest in Tata Balanced Fund (G)- will I be able to do so?

    Reply
    1. Anish Mohan

      Yes certainly you can do so. The english sentences are a bit confusing. Growth option will not allow the dividend option to be selected.

      Reply
  36. saurabh

    As I am trying to purchase a MF through MFUonline, the systems asks for RIA No. ? Can you please tell us what it is? I want to purchase a direct mutual fund.

    Reply
  37. Anish Mohan

    The payeezz set up takes various times for various banks. The quickest is 10 working days I have experienced so far. Otherwise it takes around 1 calendar month in approximate.

    Reply
  38. Vikas Anand

    Hi Anish,

    If I already have existing running SIPs in ICICI Direct, will I need to stop them before I switch these regular mode funds to direct mode funds on MFU platform ? Subsequently can I just initiate SIPs in the same funds on MFU platform in the same folio so that portfolio is consolidated ?

    Thanks / Vikas

    Reply
  39. Anish Mohan

    Vikas your case is exactly similar to mine. You are right. Cancel them on icicidirect sip book. Start new sip in MFU on direct plan ON the SAME folio number

    Reply
  40. Jai

    Dear Anish,

    Your blog post and comments are very helpful. Thank you.

    I just got my CAN and awaiting login credentials. I have few queries,

    a. I am an NRI, I applied for NRI MFU account. The CAN linked with my NRE account. So all my MF purchases are in NRE? Redemption also will be happened in my NRE account?

    b. Once I get my login credentials can I start to purchase direct MF?

    Please advise.

    Thank you

    Warm regards,
    Jai

    Reply
  41. Anish Mohan

    Dear Jai Thanks for your kind words. Please be advised both your questions have answer as Yes. Thanks Anish

    Reply
  42. hiten shah

    thanks anish for good article

    good initiative to encourage direct investment through mfu online.
    however in the absence of proper reporting system ; effort is half hearted.. very basic report ..not enough to understand the investment .also how to generate report from tax point of view.

    pl. suggest an alternate method of generating tracking report. money control kind of site are not practical due to manual feeding of data .. liquid fund transactions are too often to keep updating data.

    regards
    hiten

    Reply
  43. Anish Mohan

    Thanks Hiten for the words. On Capital Gains report, that is already under the consideration of MFU and will get rolled out in future. On the tracking matter, this is outside the purview of MFU. MFU is a transaction aggregator portal and it shows only the data that is sent by the RTA. You may look at perfios for tracking.

    Reply
  44. Shivam

    Thanks, Anish for the informative article. Even more appreciable is your effort to answer each query.

    I have an account with myCAMS. But very few mutual funds have the SIP option available on that portal. Are you aware of any such restrictions on MFU? Or are all participating mutual funds available for an SIP registration?

    And how is the SIP registration in a new folio accomplished? Is a physical request required or can it be done online?

    I made one investment through myCAMS. If and when I register on MFU, this will be visible and operable through MFU?

    Many thanks, again.

    Reply
  45. Ram

    Dear Anish,

    Wonderful initiative!

    I opened an mfuonline account and it's now active. I used to invest in regular plans through HDFC Bank. All my holdings have now been mapped onto the MFU platform.

    However, when I try to make a purchase of any of the funds that I was investing in via regular plan , it rejects the transaction after the payment step (payment by NET Banking; popups enabled) and I get a status message on the Transaction Details tab stating "Direct investment not allowed for this scheme plan".

    Could you please help me out with this?

    Thank you!

    Reply
  46. Vikas Lohiya

    Dear Ram,

    The plan that u have bought in HDFC are regular one and the one u r trying to invest from MFU is direct one.
    U cant club both plan with that.
    While selecting the details click on new portfolio instead of existing one amd ur problem would be solved

    Reply
  47. Karthik

    After registering with MFU online, if i transact directly through the fundhouse portal, how long will it take for MFU to reflect that "fundhouse" transaction?

    Reply
  48. Anish Mohan

    Generally that happens next day itself. For Franklin AMC, that is around 4 days. Or if you raise a complaint , it is done within 1 day

    Reply
  49. Anish Mohan

    For equity funds of purchase-value less than Rs 2 lakhs submitted before 3 PM, date of purchase = date of NAV allotment
    For equity funds of purchase-value less than Rs 2 lakhs submitted after 3 PM, date of NAV allotment = date of purchase +1 (next working day)

    Reply

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