All you need to know about KYC, CAN and MFU for mutual fund investments

Being in the mutual fund industry for quite some time, I am aware how difficult it is to fill the hard copy forms for every transaction. Even if you have online access to mutual fund house websites, it becomes very tedious to transact multiple funds in the same fund house or across various fund house.

To overcome this hassle, a new innovative solution is now available which is called MF Utility (MFU). This online transaction portal reduces duplication and increases efficiency. MFU is approved by AMFI / SEBI. It is jointly developed by mutual funds to make transacting easier and efficient.

ADVANTAGES OF MFU

• You can see all your funds, across various fund houses in one single screen/window.
• It is similar to single “sign on” in technical terms – no need for multiple log-in to various fund houses.
• There are no charges for using MFU platform.
• You can buy / redeem / switch for any funds in the same place.
• As your mutual fund advisor, I can register your buy / redeem / switch etc and your job gets easier - you just need to approve.
• You can approve even without using internet. It can be done through sms.

STEPS TO OBTAIN COMMON ACCOUNT NUMBER (CAN) IN MFU:

CAN is based on PAN number and combination of holding.

If you have solo holding and as well as joint holding, you have to get more than one CAN.It is a one-time process. Rest assured, we can transact in any mutual fund online without filling any hard copy form or visiting bank sites for transfer of funds.

1. Select this link - https://www.mfuindia.com/CANFormFill
2. Fill online CAN request form (This is an online form which needs to done online)
3. Enter my code ARN 4367 also EUIN - E032684 in the form
4. Fill all other requested details
5. Once filled, save it, print it and sign it.

For bank transfers, one time mandate has to be given - by this no need to write any cheque later, or visit the bank site for transfer every purchase.

STEPS FOR PAYEZZ REGISTRATION:

1. Select this link - https://www.mfuindia.com/downloads/PayEezz-Mandate-Fillable.pdf
2. Download the form from this link.
3. Fill the pdf file, save it and then take print out. (This is a fillable pdf file)
4. Sign in the respective places
5. Being Bank related form, NO corrections/ overwriting/ strike through is allowed.
6. Payezz registration will take up to 15 to 30 days
7. You can fill maximum amount, you can invest in single go - this amount is only approval amount and will not get debited from your account
8. I’m providing an example for easy understanding: If you fill the maximum amount as 1,00,000 - next time when make online purchase of Rs 10,000 it will still be processed and only 10,000 will get debited from your account. But any amount more than 1,00,000 will be rejected.

Once both CAN and PAYEZZ forms are done, you can transact in any fund at any time.

Please reach out to me in this regard.

FOLLOWING ARE REQUIRED FOR DOCUMENTATION:

1. Filled and printed CAN form with Signatures
2. PAN copies (Self attested)
3. Pay ezz forms
4. Blank cancelled chq with name printed on the cheque. Else provide latest 3 month bank statement with your name on it

SIP: 

      Please download fillable pdf from the following link and fill the forms - take a print out
       https://www.mfuindia.com/downloads/CTF-SIP-Fillable.pdf

KYC:

If you have KYC compliant, then there is no need to provide any further documentation for mutual funds in this regards. If not, the first step is to provide KYC documents. If you are not aware if you are KYC compliant or not, you can verify in the following link by supplying your PAN number - https://www.cvlkra.com/ (Go to KYC Inquiry tab)

If not, please complete KYC documentations for investing in mutual funds.

STEPS FOR KYC:

1. Please download the KYC form from this link – given in point 3
2. From Feb 1, 2017, we need to use the ney central kyc form - use this link to download the form from the link given below in point 3
3. https://camskra.com/CKYC-Individual%20Form.pdf
4. Take printout
5. Fill the details in the form
6. Affix recent passport size photograph - sign below the photo - not across the photo
7. In person verification / attesation has to be done by Authorised person, usually Bank managers
8. 2 signatures are required – one below the photo and one at the bottom of the form
9. Self-attested PAN copy is required and original should be available for verification.
10. Self-attested address proof is required and original should be available for verification.