MFU CAN (Common Account Number)

• What is MF Utility?

  MF Utility (MFU) is an innovative “Shared Services” initiative from the Mutual Fund industry under the aegis of Association of Mutual Funds in India (AMFI), which acts as a “Transaction Aggregation Portal” through which a Mutual Fund customer is enabled to transact in multiple schemes across Mutual Funds using a single form/payment.

• How does it work?

  It provides browser based access to Mutual Fund customers, with connectivity to Registrars and Transfer Agents (RTA), Banks, Asset Management Companies (AMC), Payment Gateways (PG) and KYC Registration Agencies (KRAs) and enables online transaction submission convenience in multiple schemes across Mutual Funds through a single form/payment.

• Who operates and owns MF Utility?

  MF Utility (MFU) is operated by MF Utilities India Pvt Ltd (MFUI) which is equally owned by the participating AMCs.

• What are the features of MF Utility?

  MF Utility (MFU) provides a whole lot of features to the Mutual Fund customers like:-
  - Provides Common Account Number (CAN) facility to Investors
  - Facilitates KYC registration through KYC Registration Agencies (KRAs) for CAN creation
  - Provides standardization of forms, processes and MIS across the industry
  - Provides multiple modes of access and transaction submission options
  - Provides broad and neutral Points of Service (POS) footprint for enhanced coverage
  - Enables transactions through a common transaction form
  - Enables single payment for multiple scheme investments across various Mutual Funds
  - Accepts payments through various physical and electronic modes
  - Provides CAN based consolidated view of investments across the industry
  - Provides industry level alerts, triggers, reminders etc.
  - Provides a centralized complaint management and tracking system

• What are the different transactions enabled through MF Utility?

  MF Utility (MFU) will facilitate the following through the Portal:-
  - Common Account Number (CAN) registration for Investors
  - Submission of documents to KRAs for KYC Registration for those investors who are seeking CAN creation
  - Commercial transactions like Purchases, Redemptions and Switches
  - Registration of Systematic Transactions like Systematic Investments (SIP) using a single Mandate, Systematic Withdrawals (SWP) and Systematic Transfers (STP)
  - Non-commercial transactions (NCT) like Bank Account changes, facilitating change of address through KRAs etc. based on duly signed written requests from the Investors

• What is a CAN?

  CAN (Common Account Number) is an industry level Folio allotted by MF Utility (MFU) to an investor. It is a combination comprising of the following:-
  - Number of Investors i.e. 1 or 2 or 3
  - Order of holding i.e. A; A&B; A,B&C; B; B&A; B,C&A; C; C&B; C,A&B; and so on
  - Mode of holding i.e. Single, Joint and Anyone or Survivor
  - Social (Tax) Status i.e. Individual, Company, Non-Resident etc.,
  

  Using a CAN, the investors will be able to submit single request for multiple transactions in various schemes across Mutual Funds using a single form/payment.

  Individual and Non Individual CAN Registration Forms are available for download. Submit the filled in CAN Registration form along with required documents at the nearest MFU POS or at MFU office.

• What is a POS?

  POS (Point of Service) is a front-office facility offered by MF Utilities India Pvt Ltd (MFUI) in various locations across the country to enable Mutual Fund customers to submit their transactions. An MFUI POS will accept transactions across Mutual Funds participating in MFU. The current MFU POS locations are published here.

• Which are all the Mutual Funds available through MFU for transactions?

  Please visit Participating AMCs under Corporate section of our website for the list of AMCs who are participating in MFU. All Schemes of these AMCs are available for transaction through MFU.

• How does MF Utility benefit me as an Investor?

  MF Utility (MFU) provides investors a whole lot of features like:-
  - Common Account Number (CAN) – a single reference for all your Mutual Fund investments
  - KYC Registration facility – for the purpose of CAN creation
  - Neutral Points of Service (POS) – irrespective of the RTA servicing the Mutual Fund
  - Common Transaction Form to transact in multiple schemes at a time, across Mutual Funds
  - Single payment facility for investments in multiple schemes across Mutual Funds, using a single form
  - Multiple modes of payments for investments through physical and electronic means
  - Consolidated view of investments across the industry using CAN
  - Industry level alerts, triggers, reminders etc. for transactions, SIP expiry etc.
  - Centralized complaint management and tracking system to login complaints across the industry

• How do I gain access to MF Utility?

  You will have to get a Common Account Number (CAN) by submitting the CAN Registration Form (CRF) at any of the nearest Point of Service (POS) of MF Utilities India Pvt Ltd (MFUI) or through a Distributor signed-up with MFUI or a participating AMC Branch.

• How will the existing folios/investments be migrated/linked to MF Utility?

  MF Utility (MFU) will not migrate your existing investments. However, upon creation of a Common Account Number (CAN), MFU will map your existing folios across Mutual Funds, to the CAN, based on your PAN, holding pattern and other parameters.

• Will I be able to have multiple Common Account Numbers?

  Where an investor wants to have a change in the combination, a new CAN will be created.
  Common Account Number (CAN) is provided for a combination comprising of the following:-
  - Number of Investors i.e. 1 or 2 or 3
  - Order of holding i.e. A; A&B; A,B&C; B; B&A; B,C&A; C; C&B; C,A&B; and so on
  - Mode of holding i.e. Single, Joint and Anyone or Survivor
  - Social (Tax) Status i.e. Individual, Company, Non-Resident etc.

• How can I change Bank Mandate and other details in CAN?

  You can submit changes to Bank Mandate and other details in CAN to MFU POS, and such requests will be appropriately processed in MFU and will be updated in all related folios. Thus change of CAN level details, such as Bank Mandate, Nominees, etc., submitted through MFU will reflect in all mapped folios with different AMCs and there is no need for submission of such requests separately with different AMCs.

• Will I be able to get my KYC Registration done through MF Utility?

  MFU will not enable standalone KYC Registrations like a KRA. However, MF Utility (MFU) will facilitate KYC Registration along with creation of CAN, i.e. it will facilitate submission of KYC documents to KRA for KYC registration.

• I am not a KYC compliant investor. Can I get a CAN created for me?

  KYC compliance is compulsory for CAN creation. If you are not already KYC compliant, MF Utility (MFU) will facilitate KYC registration along with creation of CAN.

• Are there any pre-requisites to get a CAN created?

  You would have to submit a CAN Registration form to get a CAN created. All investors in the CAN form should be KYC compliant. If an investor is not already KYC compliant, MF Utility (MFU) will facilitate KYC registration for investors who wish to create a CAN.

• What if I do not create a CAN?

  Common Account Number (CAN) provides a lot of benefits/facilities to the investors and Distributors. Without availability of a CAN, these benefits/facilities will not be available.

• Will the folio number be redundant after CAN creation?

  Ideally CAN will be a single reference number for all your investments/transactions across the Mutual Fund industry. However, if an investor has multiple folios for the same combination, within the same Mutual Fund, the folio number under which the transaction is required to be processed should also be quoted while transacting.

• Is CAN transferable?

  CAN is not transferable. In case of eventualities like demise of one or more holders in the CAN, the surviving holders have to request for transmission with MF Utilities India Pvt Ltd (MFUI) who shall do the needful.

• How can I transact through MFU?

  An investor can transact by submitting a physical transaction form at a MFU Point of Service (POS) or through a distributor who has signed-up with MF Utilities India Pvt Ltd (MFUI).

• Will I be able to submit my CAN Registration or Transaction form to my Distributor?

  You may submit the CAN Registration and Transaction forms to your Distributors. If the Distributor is registered with MF Utility (MFU) for online access, he may scan and submit the transaction in MFU. Else, he may submit the transactions at an MFU POS or redirect you to a nearest MFU POS.

• Will the Bank details and nominee details provided in the CAN Registration form override the existing details in the folio?

  The Bank details registered under the CAN will be added to the existing bank accounts maintained under the Folio. However, the nominee details, if provided under the CAN will override the existing nominations, if any under the folio.

• If my existing Bank details in the folio are different from what I wish to register under the CAN, do I need to change the bank details in the folio before I open the CAN?

  No need to change. You can register different bank accounts under the CAN without getting the details changed in the folio. Both the new accounts and the existing accounts will continue to exist. When redemptions are by quoting CAN, the default bank account registered under the CAN will be utilized for payout. While submitting the redemption form, you need to tick the appropriate choice of bank account for payout.

• If I select “I do not wish to nominate” in the CAN Registration Form, will my previous nominations in the existing folios be cancelled?

  If you select “I do not wish to nominate” in the CAN Registration Form, your existing nominations in the existing folios will continue to remain as it is.

• How can I track my existing investments in Mutual Funds through MFU?

  Upon CAN opening, MFU will map all your existing folios matching the CAN combination. When MFU provides access to Investors, they will be able to track their existing investments using the CAN.

• How long does it take for a CAN to be opened?

  CAN opening is a simple process. Upon submitting a duly filled CAN registration form to an MFU POS, the CAN is opened instantly.

• Can a photocopy of the cheque be submitted as proof of bank account or a cancelled cheque leaf is required?

  Ideally a cancelled cheque leaf which has the primary applicant’s name printed on it, should be submitted as a proof of bank account. The applicant may also submit a copy of the cheque, self-attesting the same.

• Is switching between one AMC to other AMC permitted through MFU?

  Switching between one AMC to another AMC is not possible.

• What are the documents required for CAN Registration for NRI investors?

  NRI investors are required to submit all documents as similar to Resident investors. All documents detailed in the instruction of the CAN form should be submitted for CAN creation.

• How will I get the account statement for transactions done through MFU?

  Currently, you will continue to get the statements from each AMC/RTA. MFU will start providing the consolidated account statements shortly.

• How do I open a CAN?

  CAN Registration Form and submit the same along with necessary documents to an MFU POS or a distributor.

• Will my address changes updated in the KRA automatically get updated in the CAN and the respective folios with different AMCs?

  Yes. The changes updated by you in the KRA will get updated in the CAN and the folios mapped with the CAN.

• Will MFU permit cancellation of one or more SIPs registered through MFU?

  Yes. MFU will send your cancellation requests to the respective AMCs to cancel the SIPs registered in that AMC.

• Is it necessary to have the MF Units in DEMAT form to obtain CAN?

  No.

• Can I move my units in the Depository (DEMAT) Account to CAN?

  Yes. The process to be followed is as below:
  - Fill up a REMAT Request Form (RRF) signed by all account holders and submit the same to your Depository Participant (DP).
  - Your DP will verify the details on the RRF and send it to the Issuer / RTA.
  - The Issuer / RTA will verify the request and confirm the same to Depository.
  - Depository will debit the securities in the account to the extent of quantity rematerialized.
  - Issuer/ RTA issues units in Account Statement form to the Investors.
  - Upon your confirmation about REMAT of units, MFU will map your folios to the CAN.

• Can my units bought through MFU account be credited to the Depository (DEMAT) Account?

  Yes. You need to register your Depository (DEMAT) Account in CAN. During the transaction, you can request for crediting the units in the Depository (DEMAT) Account. MFU will send the instructions along with the transaction and the AMC/RTA will credit the units to your Depository (DEMAT) Account.

• Can I subscribe to Direct Plans through MFU and get the units credited into my Depository (DEMAT) Account?

  Yes. You can subscribe to Direct Plans through MFU and get the units credited to your Depository (DEMAT) Account. Once credited to your Depository (DEMAT) Account, the units can be redeemed only through your Depository Participant.

• Will CAN eliminate direct transactions and force an investor to route his transactions through a Distributor only?

  CAN is nothing but a COMMON FOLIO applicable for all participating AMCs. Therefore, just like in folio, CAN will continue to provide all modes of transactions for investors. Quoting CAN, investors can transact in DIRECT plans or in REGULAR plans.

• Will MFU consolidate the redemption/dividend payments from different Mutual Funds and make a single payment to the investor?

  The redemption/dividend payments from the Mutual Funds will continue to be paid as they are currently done.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.