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To make things easier, MF Utilities launches eCAN

eCAN is an electronic account opening option for existing KYC compliant individual investors

To make things easier, MF Utilities launches eCAN

In January 2015, Association of Mutual Funds in India (AMFI) came up with a 'shared services' initiative in association with several SEBI-registered AMCs. Named MF Utilities, the service has since enabled a lot of retails investors to manage their mutual fund investments on a single platform. It was launched with an objective of investor empowerment, distributor convenience, consolidation of information to various agencies, operational efficiency for RTAs and benefits to AMCs, thereby benefitting all stakeholders in the industry.

By opening a CAN (Common Account Number) offered by MF Utilities, the single account for the Mutual Fund Industry, investors and their advisors can enjoy the benefit of Single Form, Single Payment for multiple mutual fund transactions. Currently, to open a CAN, investors need to submit a signed physical form with necessary attachments.

Going by the digital trend, to make things easier and more convenient, MF Utilities has now launched eCAN, an electronic account opening option for existing KYC compliant individual investors. With eCAN, investors can fill the CAN registration data online on MFU Website and submit electronically. The required proof documents can also be submitted electronically, by using an upload link provided for the purpose. The CAN number will be allotted instantly. eCAN is also made available in the form of API, to enable distributors/advisors to facilitate creation of CAN for their clients online.

New investors can also make use of the eCAN option to fill and submit the CAN registration data online to get the CAN Number allotted instantly and later submit a signed CAN form with necessary documents later to their intermediaries or at any of the MFU Point of Service (POS).

Talking about this, Mr V Ramesh, Managing Director & CEO, MF Utilities India Pvt Ltd, said, "MFU always endeavour to provide increased convenience to the distributors/clients; eCAN is another innovation. Since launch, more than 72,000 CAN requests have been processed. The Average AUM as on 31st October 2016 held by the CAN holders is close to Rs 45,000 crore. Currently, on an average more than 300 CAN requests per day are being received. With the convenience offered by eCAN, this number is expected to grow substantially."