In this article, we will discuss the MF Central Portal. What is it, what are the services provided, and How one can sign up for it? So, let’s get started!
What is MF Central and Why it is Created?
- MF Central is one of the sites which is created as per the directives of the Securities and Exchange Board of India (SEBI).
- New age discount brokers do not provide services like nominee facility, changing bank account details, etc. For this reason, SEBI suggests the creation of a platform that provides such services as well as enables a smooth flow of transactions.
- There are 2 leading Registrar and Transfer Agents (RTAs)- Computer Age Management Services (CAMS) and Karvy (K-Fintech). SEBI asked these 2 RTAs to create a portal that can provide all such services on one platform and hence MF Central was launched in September 2021.
- Now, information of investors is not held by Asset Management Companies in the case of Mutual Fund as their prime work is to manage funds, and hence this MF Central comes into play.
- Different AMCs may choose different RTAs and hence to integrate all this in one place, MF Central was created.
- MF Central supports not only services but also enables financial transactions like Systematic Investment Plan (SIP), Systematic Transfer Plan (STP), Lumpsum, etc.
Services Provided by MF Central:
- MF Central provides 14 important services which are as follows:
- Change of Income Distribution cum Capital Withdrawl (IDCW)
- Change of Mobile number, email-id, etc.
- Integrating different folios
- Changing bank details
- Updation of IFSC code
- Update of resident status- from ordinary to Non-Resident Indian (NRI)
- Transmission Request- Transfer of authority of mutual fund to the nominee
- Updation of Foreign Account Tax Compliance Act (FATCA)
- Changing status from minor to major
- Availability of Form 15 GH to the individual
Important Thing to Note:
Currently, one can carry on all the transactions and services in the MF Central as a single holder as currently mutual fund with joint holding is not supported by the platform.
How to Sign Up in MF Central?
- Visit https://www.mfcentral.com/
- On the right-top corner click on Sign-Up.
- Enter the details asked- Permanent Account Numer (PAN) and Mobile Number and then verify reCAPTCHA and proceed to create an account.
- You will receive a One-Time Password (OTP) on your registered mobile number. Enter the OTP and then submit.
- You will get a screen asking you to create a password. After creating a password there will be a page of security questions. Answer them wisely as they are asked at the time of log-in.
- Now your account has been created and now you can sign in with your credentials.
What Should Individuals Do:
Every investor who is investing through mutual funds should sign up in this MF Central and should check the details and services provided. It is a new initiative and hence with time, the portal will become more smooth.
Disclaimer: The information here is provided for reference purposes only and should not be misconstrued as investment advice. Under no circumstances does this information represent are commendation to buy or sell stocks or MF.