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The Common Account Number (CAN) is a reference number issued to the mutual fund investors by MFU or the mutual funds’ utility platform.
The MFU (Mutual Fund Utilities) is a shared platform used by all Indian AMCs. Now, the MFU has made it easier for all the mutual fund investors to manage and track their investments on the MFU platform. This is done through using the CAN (Common Account Number) service, wherein an investor needs to self-register on the MFU platform and then can use their platform to track the performance of their investments.
The Common Account Number (CAN) is a reference number issued to the mutual fund investors by MFU or the mutual funds’ utility platform. This platform is an essential tool for investors as it helps in facilitating and consolidating investor holdings across separate fund houses into a cohesive statement. The MFU also helps in easing the transaction in multiple schemes via a common transaction form. This platform is an essential tool for investors as it helps in facilitating and consolidating investor holdings across separate fund houses into a cohesive statement. The MFU also helps in promoting transactions in multiple schemes via a common transaction form. To obtain a CAN, an investor must finish the KYC process, which is a one-time activity.
Here are the steps to complete your KYC:
Step 1: Investors should download the KYC form from an AMC’s website, or a transfer agent’s website. They can also visit the ‘Downloads’ section of the CDSL website.
Step 2: Now, print out the KYC application form for the individual application (for a fresh KYC).
Step 3: Fill the form and provide self-attested copies of the following documents:
Step 4: Self-attest the form and send it to the AMC with which you wish to invest or a Registered Transfer Agent. Please know that there are no fees for KYC registration.
The MF Utilities (MFU) portal has made it possible for all those investing in mutual funds to track and manage their investments via a single platform. Once you have been issued a Common Account Number, the MFU will map your existing investment folios – across the sea of mutual funds you’ve invested in – to your CAN. This mapping will be based on your PAN details and will take into account your holding pattern and other parameters. Once you create the CAN, it will work as defacto storage for all important information such as: a. Investor Name(s) b. KYC Status c. Income Details d. Mode of Holding e. Nomination f. Nationality g. Tax Status h. Contact details of the primary holder i. Multiple Bank Accounts registered at CAN level j. Depository Account details k. Power of Attorney, if any l. Guardian Information for an applicant who is a minor m. FATCA, UBO & OECD related details etc
The MF utility website will not be involved in investors migrating their existing investments to its own platform. However, after investors have created their Common Account Number, the MFU will start to map their existing folios (across the different types of mutual funds) to their CAN. This migration will take place based on the investor’s PAN, their holding pattern, and other parameters.