KFin Technologies and CAMS announced Thursday the launch of MFCentral, a one-of-a-kind digital solution for an enhanced service experience for mutual fund investors.
The platform would allow investors to transact and benefit from services while investing in mutual funds (MF).
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The move comes after Sebi asked Registrar and Transfer Agents (RTAs) in July to develop a common platform for trading mutual fund shares.
These days, mutual fund investors face delays and have to fill out too much paperwork for non-business transactions.
Speaking at the launch, Madhabi Puri Buch, a full-time member of Sebi, said the platform is expected to improve the investor experience with the mutual fund industry through its one-stop-shop for all mutual funds. shift.
The platform is designed to be commissioned in three separate phases, all of which are expected to be commissioned by the end of this calendar year. The first phase, launched today, covers Non-Commercial Transactions (Investor Service Requests), Financial Portfolio View and Consolidated Account Statement, among other features.
The next two phases will see the launch of a mobility platform, financial transactions and integration with ecosystem partners for several value-added services.
MFCentral is the result of a collaboration between KFin Tech and CAMS, the registrar and transfer agents of mutual funds, in association with the industrial organization AMFI.
For the first time in the industry, MFCentral is providing digital access to investor lifecycle engagement with the entire MF industry under one roof.
The platform aims to make all types of transactions imaginable among industry participants in a highly automated and digitized way.
“The platform will simplify mutual fund services and reduce turnaround times, while providing secure access. Leveraging the power of digital, MFCentral provides a unified gateway for frictionless services across all mutual funds, ”Anuj Kumar, Managing Director, CAMS mentioned.
In addition to a single portfolio view, the platform aims for full fungibility of physical and digital services. It provides investors with the additional ability to generate reports on unclaimed payments and raise service requests for non-business (digital and analytics-based) transactions, such as nominee change and update. ‘address.
Sreekanth Nadella, CEO of KFin Tech, said: “At the heart of the platform are four fundamental goals: a radical change in the ease of doing business for investors, intermediaries and AMCs; lay the foundation for a secure, resilient and large-scale processing infrastructure to meet the expected growth in the MF industry; build an information highway to provide best-in-class analytics to regulator, AMCs and ecosystem partners and streamline redundancy in industry efforts and costs. “