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Polaris Financial Technology will develop the online mutual fund platform - MF Utility - to be implmented by the Association of Mutual Funds in India.
The platform, titled MF Utility, will work as a one-stop shop for the sale and purchase of mutual fund products across all fund houses. It is a web-enabled front-end application which will function as an order-routing tool connecting all the mutual funds by bringing their products onto one single online platform.
MF Utility will be operational in nine months, Polaris said in a statement to the exchanges on Monday.
MF Utility will help reduce transaction costs for the distributors of mutual funds while increasing the reach of the industry, said mutual fund players. The platform will provide investors with benefits such as a single login ID which would enable them access to the entire industry. Investors will be able to make single-cheque payments for multiple transactions, receive common account statements, have access to a complaints and feedback module and receive commom Cap Gain statement.
From the distributor perspective, benefits involve bulk upload of transactions, cost saving, one view customer portfolio, client level alerts, among others.
Polaris Financial Technology specialises in providing techonolgy solutions across the financial services industry. The scrip of the company closed the day up 5.6% at Rs 122.60 on the BSE.
