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MF Utility Operational: Online Platform for Direct Mutual Funds!

Published on 105 Comments on MF Utility Operational: Online Platform for Direct Mutual Funds!

MF Utility, online transaction portal for investing in direct mutual fund plans from 25 AMCs (as of now), is operational!  Here are instructions to access the portal.

Steps necessary to use the online facility of MF Utility

  1. Obtain a Common Account Number (CAN) following the instructions in the investor page of MFU
  2. The CAN form with required documents to be submitted can be found here CANforms
  3. The completed CAN form has to submitted (in-person or couriered is my understanding) to one of the point of service locations: MFUPOS
  4. Once you receive the CAN number, send an email to clientservices [AT] mfuindia, quoting your CAN number and request for online access.
  5. You will receive your login details from them.
  6. Once you receive details, activate your account with your credentials and a one-time password (OTP) sent to your email and mobile number.
  7. The system will then allow you to create a login and password.

The following activities are possible via the MFU Online portal from 1st Jan 2016 (the year of the direct mutual fund!) (extract from email sent to CAN holder who requested online access)

  • Transact online under the CANs where you are the sole / primary holder.
  • You can transact on Purchase, Redemption, SIP, STP and SWP.
  • For purchases, you will have the option of making payment through Netbanking, NEFT, RTGS or a pre-registered PayEezz Mandate.
  • View your Account Profile.
  • View transactions in the CANs where you are the second or third holder.
  • View your holdings in the schemes of various participating Mutual Funds.
  • View your Normal and Systematic Order Books.
  • Log a complaint or Feedback online.
  • We will soon be enabling more features in the coming months.
  • At this time the online access is enabled only for individual CANs with mode of holding as 'Single' or 'Anyone or Survivor'.

Should one use the MF Utility?

Considering that it (at least as of now), free, why not? It is a nice way to consolidate all direct mutual funds and transact. One cannot switch from one AMC to another though. I will now get my CAN no and give it a try.

Here is a screenshot of the participating AMCs.

MF-Utility

Credits: This post is written with extensive inputs from members of facebook group Asan Ideas for Wealth: Ravi Pathak, Vetri Vel, Dr. Dipak Kumar, and Saravana Jananarthanan.

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105 thoughts on “MF Utility Operational: Online Platform for Direct Mutual Funds!”

  7. Shyam Bansal

    Thank you for early information.
    This is a wonderful proposal.It will save time to invest.The best performing schemes will get more money form investors irrespective of any Mutual Fund House.All MF will have same folio no.
    Kindly do it fast.This will bring revolution in MF investment.

    Reply ↓
  8. Shyam Bansal

    Thank you for early information.
    This is a wonderful proposal.It will save time to invest.The best performing schemes will get more money form investors irrespective of any Mutual Fund House.All MF will have same folio no.
    Kindly do it fast.This will bring revolution in MF investment.

    Reply ↓
  17. AJ

    Why couldnt they use just PAN as your account number. Why do we need to apply for Common Account Number or whatever it is.

    Reply ↓
    2. Sanjiv Singhal

      The common account number has dimensions such as PAN, holding pattern, tax residency (resident/NRI) etc. So you will have 2 separate CANs if you have a single account and a joint account. Similarly some people have old folios as residents and new ones as NRIs and these have to be kept separate for legal reasons. This may appear confusing but is necessary and the PAN alone does not suffice. There was a proposal to create the CAN automatically and you may not need to apply for it.

      Reply ↓
    3. Mani Sriram

      your PAN no. is more or less a common knowledge, what with govt authorizing everyone to act as a tax man and collect this information. So would like to have such a "public" identity to be a key identifire for your investment aggregating account?

      Reply ↓
  18. AJ

    Why couldnt they use just PAN as your account number. Why do we need to apply for Common Account Number or whatever it is.

    Reply ↓
    2. Sanjiv Singhal

      The common account number has dimensions such as PAN, holding pattern, tax residency (resident/NRI) etc. So you will have 2 separate CANs if you have a single account and a joint account. Similarly some people have old folios as residents and new ones as NRIs and these have to be kept separate for legal reasons. This may appear confusing but is necessary and the PAN alone does not suffice. There was a proposal to create the CAN automatically and you may not need to apply for it.

      Reply ↓
  19. amol

    Is MFU run by AMFI?
    Is it reliable? Authentic? Safe?
    Is it better than investing online through AMC Websites?
    How it is different from CAMS/ Karvey/

    regard
    amol

    Reply ↓
  20. amol

    Is MFU run by AMFI?
    Is it reliable? Authentic? Safe?
    Is it better than investing online through AMC Websites?
    How it is different from CAMS/ Karvey/

    regard
    amol

    Reply ↓
  21. RAJEEV GUPTA

    "penny wise & pound foolish " can be the best proverb for such enthusiastic tech friendly on line investors.Investments in risky instruments especially equities can be quiet complicated & dicey for big section of investors.It requires skills,training & aptitude to deal in subjects of personal finance.one should always check with financial planner before taking such direct plunges,how so ever beneficial cheap routes may be as we have seen in our decade long experience that eventually such "cheaper" routes turns out to be "more expensive" than indirect route.every customer has unique set of problems & certainly cant be genralised .it is like entering into every service where few bucks can be saved by curtailing fees charged by service provider & limiting our own time for productive job that is our core competence.

    Reply ↓
    1. pattu Post author

      “penny wise & pound foolish ” is also what I would use to describe people from the financial services who become insecure whenever direct mutual funds are mentioned. Their time is better spent focusing on people who need hand-holding.

      Reply ↓
      1. RHGCFP@GMAIL.COM

        THAT DOESN'T ANSWERS MY LOGIC PATTU THERE ARE DAILY RAPES GOING ON IN INDIA DOES THAT MEAN EVERY MAN IS ARAPIST,YOU HAVE TO JUDGE A FINANCIAL PLANNER & YOU MIGHT BE AWARE THERE IS NO DEARTH OF THEM.DONT DIVERT THE TOPIC BUT PL UNDERSTAND THE POINT I WANTED TO MAKE .KUDOS TO PEOPLE LIKE YOU WHO ARE DOING GREAT JOB BUT EVERY ONE CAN NOT BE LIKE YOU.

        Reply ↓
        1. pattu Post author

          If you think tying in caps will make people think again. I am not going to argue about this anymore with you. My stand is clear on this. I will promote only direct plans and fee-only planners. This who find that a good fit use them. I am not going to lose sleep over the others.

          Reply ↓
          1. rajeev

            i totally agree i too support fee based planners i am also one of them but only minuscule percentage pays fees but they want professional advise what to do then?
            if people are agreeing to pay fees then we also support direct route otherwise no

          3. rajeev gupta

            that is one & same thing pattu idea is to charge fees for planning i will greatly admire if you can convince insurance behemoth LIC to start direct route as they are the BIGGEST CULPRITS WHO SALE worst products in the name of financial planniing but i doubt if 125 crore plus indians can be covered by fee only planners & direct route will solve the burning issues of missing goals in personal finance.

          4. pattu Post author

            I do not wish to argue on this any further. I am acutely aware of the differences between those who distribute and those who do not. If you are new here, suggest you locate the list of fee-only planners listed at the top right.

  22. RAJEEV GUPTA

    "penny wise & pound foolish " can be the best proverb for such enthusiastic tech friendly on line investors.Investments in risky instruments especially equities can be quiet complicated & dicey for big section of investors.It requires skills,training & aptitude to deal in subjects of personal finance.one should always check with financial planner before taking such direct plunges,how so ever beneficial cheap routes may be as we have seen in our decade long experience that eventually such "cheaper" routes turns out to be "more expensive" than indirect route.every customer has unique set of problems & certainly cant be genralised .it is like entering into every service where few bucks can be saved by curtailing fees charged by service provider & limiting our own time for productive job that is our core competence.

    Reply ↓
    1. pattu Post author

      “penny wise & pound foolish ” is also what I would use to describe people from the financial services who become insecure whenever direct mutual funds are mentioned. Their time is better spent focusing on people who need hand-holding.

      Reply ↓
      1. RHGCFP@GMAIL.COM

        THAT DOESN'T ANSWERS MY LOGIC PATTU THERE ARE DAILY RAPES GOING ON IN INDIA DOES THAT MEAN EVERY MAN IS ARAPIST,YOU HAVE TO JUDGE A FINANCIAL PLANNER & YOU MIGHT BE AWARE THERE IS NO DEARTH OF THEM.DONT DIVERT THE TOPIC BUT PL UNDERSTAND THE POINT I WANTED TO MAKE .KUDOS TO PEOPLE LIKE YOU WHO ARE DOING GREAT JOB BUT EVERY ONE CAN NOT BE LIKE YOU.

        Reply ↓
        1. pattu Post author

          If you think tying in caps will make people think again. I am not going to argue about this anymore with you. My stand is clear on this. I will promote only direct plans and fee-only planners. This who find that a good fit use them. I am not going to lose sleep over the others.

          Reply ↓
          1. rajeev

            i totally agree i too support fee based planners i am also one of them but only minuscule percentage pays fees but they want professional advise what to do then?
            if people are agreeing to pay fees then we also support direct route otherwise no

          3. rajeev gupta

            that is one & same thing pattu idea is to charge fees for planning i will greatly admire if you can convince insurance behemoth LIC to start direct route as they are the BIGGEST CULPRITS WHO SALE worst products in the name of financial planniing but i doubt if 125 crore plus indians can be covered by fee only planners & direct route will solve the burning issues of missing goals in personal finance.

          4. pattu Post author

            I do not wish to argue on this any further. I am acutely aware of the differences between those who distribute and those who do not. If you are new here, suggest you locate the list of fee-only planners listed at the top right.

  23. Kamat

    Dear Pattu Sir - Any idea when MFU may go live? And will it allow investing in direct plans of various AMCs, centrally via the online route?

    Reply ↓
  24. Kamat

    Dear Pattu Sir - Any idea when MFU may go live? And will it allow investing in direct plans of various AMCs, centrally via the online route?

    Reply ↓
  25. abvblogger

    This platform will be a greater game changer than most people currently know. Currently it is so hard to invest in direct plans even across 5-10 AMCs. I'm eagerly awaiting it.

    Reply ↓
  26. abvblogger

    This platform will be a greater game changer than most people currently know. Currently it is so hard to invest in direct plans even across 5-10 AMCs. I'm eagerly awaiting it.

    Reply ↓
  27. Kaushal

    Will there be any charges for direct investors under MFU? Since they are providing services like reminders, etc.

    Reply ↓
  28. Kaushal

    Will there be any charges for direct investors under MFU? Since they are providing services like reminders, etc.

    Reply ↓
  29. Mahadevan

    Hi Pattu,

    I track my MFs using the CAMS report and import it into mProfit evey month (its free till the corpus is 50 Lakhs and I will not hit that soon). I create SIPs at the MF site directly. Will MF Utility Online be of any help to me? Thank you.

    Reply ↓
  30. Mahadevan

    Hi Pattu,

    I track my MFs using the CAMS report and import it into mProfit evey month (its free till the corpus is 50 Lakhs and I will not hit that soon). I create SIPs at the MF site directly. Will MF Utility Online be of any help to me? Thank you.

    Reply ↓
  31. Anish mohan

    Pattu sir. If mfu has indeed started the online facility then its a very good present to indian diy investors. At this point i have sent my mail to MFU and sincerely hope that this dream comes true indeed.

    Reply ↓
  35. Arvind Raghavendran

    Sir, I think in the point 4 of "Steps necessary to use the online facility of MF Utility" you have misspelt "quoting" as "quiting".

    Reply ↓
  36. Venky, Bahrain

    Very good initiative. My wife and I will apply for CAN now.
    Wonder what is MFU's business plan and how they will make money!

    Reply ↓
    1. freefincal Post author

      They will make money the same way AMCs make money when you invest directly, because MFU is run by AMcs

      Reply ↓
      1. Venky, Bahrain

        Thanks for the reply.
        Looks like the intermediaries / MF Agents will be out of business in the long run!

        Reply ↓
  37. Shanmugam

    HI Pattu SIr,

    I am a big fan of your blog and your calculators, thank you for your effort in educating us on financial DYS.
    This is an excellent news for retail investors like us.
    How about KYC proof, we need to re do the KYC process again? or if we already have any existing portfolio with any of the listed Fund houses, that should be enough?

    Regards,
    Shamugam

    Reply ↓
    1. freefincal Post author

      There is no need to apply for KYC again, but the CAN form will ask for id and address proof.

      Reply ↓
    2. Anuj

      You have to provide your KYC compliance proof (KYC acknowledge letter). Otherwise you need to apply for fresh KYC along with CAN form.
      Regards

      Reply ↓
  38. Kuldeep Bhardwaj

    I can't see link to login. I have got the User ID created and password is with me but can;t find link on website main page to login. Could you please help?

    Reply ↓
  39. Aravind

    Pattu Sir,
    Thanks for the procedure. Got my MFU login details.

    Have a couple of questions:
    1. I hold PPFAS/ ICICI fund , but its not appearing in the dashboard. Currently investing directly through the AMC websites. What should I do from here?.
    2. for SIP transactions is it mandatory to get payeezz ref no (PRN)?. My bank details are displayed correctly?. Am I missing something here?.

    Thanks in advance.
    Aravind

    Reply ↓
  40. Aravind

    Pattu Sir,
    Thanks for the procedure. Got my MFU login details.

    Have a couple of questions:
    1. I hold PPFAS/ ICICI fund , but its not appearing in the dashboard. Currently investing directly through the AMC websites. What should I do from here?.
    2. for SIP transactions is it mandatory to get payeezz ref no (PRN)?. My bank details are displayed correctly. Am I missing something here?.

    Thanks in advance.
    Aravind

    Reply ↓
  41. Jagan

    Just came to this post to thank Pattu for educating people like me and (in a way :)) forcing us to go DIRECT route. I have been investing in equities both stocks and MF since 2007 via ICICIDirect but due to convenience, no direct plans then and some bad experience in going direct AMC route, I avoided going on my own. But thanks to the relentless mention of going DIRECT and you post on MFUtilities besides some other gr8 blogs, today I completed by MFU registration and shud get my CAN hopefully by Monday and PayEezz in a months time. I have my ICICIDirect SIP ending in March so new SIPs will start from April so I am well in time.

    Pattu 1 question though...although this post of your tells "online investing(meaning SIP & Lumpsum) is now allowed via MFU, I read some other blogs saying you cannot invest(SIP etc) online yet but can log in and see your balance, initiate redeem etc. For creating SIP you have to still fill common transaction form and give at ur nearest POS. Confusing. Can you pls clarify if "online initiation of SIP/Lumpsum" is now supported in MFU or not?

    Thanks once again for your relentless and right push.

    Reply ↓
    1. freefincal Post author

      Thak Jagan. This is the latest post on MFU. It is fully operational online for consolidation and lump sum investments. I dont know about starting SIPs online.

      Reply ↓
      1. Jagan

        Thanks Pattu. I request anybody having MFU active with online login facility or better still if anyone has done online SIP via MFU in direct funds to pls provide us confirmation.

        Reply ↓

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  44. Parvez

    Hi Pattu,
    I have a query, it would nice if you can help me on this. I have few SIP's in MFU. The dashboard on MFU portal just shows the units and doesn't show any further details like gains/loss from inception of SIP. I guess MFU wont do this as they are would be stepping into the financial advisor territory.

    Can you please suggest some excel based tool or may a App or something which can track my SIP portfolio?

    Reply ↓
  45. Pulin

    Dear Sir,
    I have received my CAN and created online login id and password. My existing portfolios are being mapped to mfu portal.
    From my existing portfolio, i would like to stop one of my SIP. When I check CAN transaction menu, it doesn't include STOP (not redeem) facility for running SIP.

    I want to know how one can stop existing SIP through this online MFU portal.

    Waiting for your valuable reply.
    Thank you,

    Reply ↓
  46. Karan Kapoor

    Do they any charge brokerage/commission when i invest in listed funds through the platform of mutual fund utilities?

    Reply ↓

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