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The Association of Mutual Funds of India (Amfi) on Wednesday launched MF Utility, a single window for investment in multiple schemes. The portal was launched by UK Sinha, chairman of the Securities and Exchange Board of India.
The platform will become fully operational by the first week of March. MF Utilities India, an Amfi arm, will act as the transaction aggregator.
“MF Utility will help develop the sector in smaller towns, besides providing convenience and efficiency to all stakeholders,” Sinha said.
MF investors will have to obtain a common account number, a unique identifying number for all MF investments. The platform will allow investors to submit a single transaction form with a single payment for multiple investments across mutual funds.
The platform comes at a time when the number of folios, or investor accounts, from the top 15 cities has fallen below that from other cities.
