How to register with MF Utility?

register with MF Utility

Direct plans of MF schemes have been gaining traction over the last few years. Till about a few months, you had to go to individual AMC websites if you wanted to invest in direct plans of MF schemes. That meant remembering or noting down many user ids and passwords.

There was need for investment portals which could let you invest in direct plans of MF schemes from different AMCs. Fortunately, many such portals have come up in this calendar year.

Prominent ones include MFUtility, Invezta, UnoWealth and OroWealth. I am sure a few more are lined up.

Of the many portals discussed above, MF Utility is my preferred portal for MF investments. I manage my own MF investments on MF Utility. Additionally, I advise my clients to also get onboard MF Utility.

In this post, I will write about to how you can get started with MF Utility.

What is MF Utility (MFU)?

MFU offers a transaction portal for MF distributors, investors and Registered Investment Advisers (RIAs). MFU is owned by 25 participating AMCs. All major AMCs are part of MFU.

From the perspective of investors, MFU lets you invest in direct plans of MF schemes from multiple AMCs from a single interface.  You can make purchases, redeem units, set up and cancel SIPs in MF schemes from different fund houses from a single interface.

So, you do not need to register on different AMC websites to invest in direct plans online.

By the way, MFU works in offline mode too where you submit physical forms at MFU Points of Service.

You can also invest in regular plans of MF schemes through MFU. Either your distributor can originate transaction for you or you can enter his ARN at the time of initiating transaction.

The focus of this post is Investment in Direct plans of MF schemes online.

Benefits of MF Utility

  1. The platform is free of cost.
  2. You can invest in direct plans of MF schemes.
  3. You can invest in schemes from multiple fund houses from a single interface.
  4. You can get consolidated view of your investments across MF industry.
  5. A SEBI Registered Investment Adviser (RIA) can originate transactions for you. You will have to approve transactions before those are executed.
  6. Once you register, the entire investment process is paperless. No issue of typo errors and signature mismatches.

What is Common Account Number (CAN)?

At MFU, everything begins with CAN (Common Account Number).

CAN is a unique reference number issued by MFU for a unique combination of

  1. Number of investors
  2. Order of holding
  3. Mode of holding (individual, joint, anyone or survivor)
  4. Status (Resident, NRI-NRE, NRI-NRO etc)

Clearly, many permutations and combinations are possible. So, you can have multiple CANs.

For instance, there will be separate CANs generated for:

  1. Individual holding for you
  2. Individual holding for your spouse
  3. Joint holding with spouse with you as the Primary holder in Joint operation mode
  4. Joint holding with spouse with your spouse as the Primary holder in Joint mode
  5. Joint holding with spouse with you as the Primary holder in Anyone or Survivor mode
  6. Joint holding with spouse with your spouse as the Primary holder in Anyone or Survivor mode

And yes, you will have to fill separate CAN registration forms for each CAN.

Once CAN is created, it automatically maps the existing folios under same PAN, holding pattern and mode of holding with participating AMCs.

Therefore, you get consolidated view of your investments across all the participating AMCs.

How do I register with MF Utility?

CAN (Common Account Number) can be issued to you only if you are KYC compliant.

If you are an existing investor, you must already be KYC compliant. You can find out if you are KYC compliant on CVL website.

If you are already KYC compliant, you need to submit the following documents to MFUtility.

  1. Completed CAN Registration form
  2. Completed PayEezz Registration form
  3. Self Attested Copy of your PAN Card
  4. Self Attested Copy of KYC Acknowledgement letter (a simple printout from CVL website will do)
  5. Cancelled Cheque (cheque should have your name printed on it)

Please note you may be required to submit a few additional documents if you are a non-resident (NRI). The details about the documents required are specified in the CAN registration form.

PayEezz registration form is a one-time ECS/NACH mandate for debiting bank accounts. PayEezz registration is necessary if you want to do SIP transactions.

In you plan to open a joint account, you need to submit KYC and PAN details of joint holder too. Cancelled cheque must have name of the primary applicant.

If you do not have cancelled cheque copy, you can submit copy of bank statement or bank passbook or a letter from bank stating your account number.

Update: You can now create CAN online instantly. Discussed later in the post.

Do I need to visit any office to submit these forms?

No, you can mail these documents to MF Utility office in Thane and you are good to go.

Alternatively, you can visit the nearest point of service (POS) of MF Utility to submit these forms. CAMS and Karvy branches act as point of service for MF Utility.

Typically, you will get CAN within 5-7 days. PayEezz registration will take another 3-4 weeks.

What if I am not KYC compliant?

You still need to provide aforementioned forms with the exception of KYC acknowledgement letter.

You need to get KYC compliance done. KYC requires in-person verification.

Though there are ways to get KYC done online, it is better to visit nearest CAMS or Karvy office with filled in KYC form and KYC documents.  You can submit MFU documents at the same time.

Must read: How can NRIs invest in Mutual Funds in India?

Points to Note

  1. So, you can have more than one CAN. For instance, you have one CAN for individual holding, while you can have a second CAN for joint holding with your spouse.
  2. For NRIs, there will be two separate CANs for NRO and NRE accounts. You will have to submit two CAN registration forms if you want to make investments through both NRE and NRO accounts.
  3. You can link multiple banks with the same CAN.
  4. Submission of PayEezz form is not mandatory. MFU will still create CAN for you. You can make payment for your purchases through net banking, NEFT or RTGS. However, you will not be able to initiate SIP transaction unless you have submitted PayEezz form.
  5. You will have to send a separate PayEezz form for each bank account that you want to enable for SIP transactions
  6. It is necessary that you send PayEezz form at the time of CAN registration only. You can send it later too.
  7. All the bank account holders need to sign the PayEezz mandate form.

How do I get online access for MFUtility?

You do not get online access by default.

Sounds bizarre.  However, do understand MF Utility is an industry initiative and thus needs to balance many participants.

You have to request online access. Once CAN is created (you get e-mail or SMS about CAN creation), you can drop an e-mail to MFU (clientservices[AT]mfuindia.com) requesting for online access.

You will get login credentials within a few days. You can go to following website to start investing through MFU.

You will be able to view investments made through other modes say, through distributors or other online portals. You can even redeem those units through MFU.

Point to Note: Even though you may have multiple CANs, you need to request online login details just once. Online details are provided on PAN basis (and not CAN basis). Once you log in, you can check all the CANs (linked to your PAN). You can select the requisite PAN and initiate transactions.

A Registered Investment Adviser (RIA) can also originate transactions for you in direct plans of MF schemes. You will get an approval mail and the transaction will be executed only after you approve the transaction mail.

Things to keep in mind while filling CAN and PayEezz registration forms

Though the forms are quite simple and there are clear instructions on how to fill the forms, there are a few things that you must keep in mind.

  1. PayEezz form will require you to enter CAN. However, if you plan to submit PayEezz form along with CAN registration from, you won’t have CAN at the time of filling PayEezz form. You can leave CAN details blank.
  2. All the details about bank account (such as IFSC, MICR) are present on the cheque leaf. You can find out such details on the internet.
  3. In PayEezz form, the amount to be entered is the maximum that your bank will allow you to debit per day. Hence, fill the form accordingly. If, in doubt, opt for a higher number.
  4. In period (PayEezz form), do enter how long you want debit mandate to continue. The best is to Check Until Cancelled.
How to register MF Utility PayEezz form

PayEezz Form

Updated December 18, 2016

Now you can open CAN online (eCAN Facility)

MFU has recently allowed opening CAN online. Hence, there is no need to fill CAN Registration form and courier to MFU office in Thane or submit at CAMS or Karvy centers.

You can visit this link to create CAN online. You can fill all the details online and you will be allotted a provisional CAN instantly.

Subsequently, you will get an e-mail from MFU where you will be asked to upload a few documents. I opened CAN (anyone or survivor) with my wife and I was asked to upload scanned copies of PAN card and cancelled cheque. Your CAN will be activated after verification of uploaded documents.

Once your CAN is activated (and after you receive online access), you can transact in mutual funds online.

Do note only creation of CAN is online. For registering PayEezz (which is mandatory if you want to initiate SIP transactions), you still need to follow offline process.

However, not everybody can create CAN online. There are the following pre-conditions.

  1. You must be KYC compliant. AND
  2. You must satisfy one of the following conditions.
    1. You should be an existing investor in any of AMCs participating with MFU and the bank account (provided while filling eCAN form) should be registered with any existing MF folio.
    2. You should not have any investments in AMCs participating in MFU.

As I understand, either you should be a new investor. Or else if you are an existing investor with participating AMCs, your bank account should be registered in atleast one of the folio.

Investors who do not satisfy this criteria can still open eCAN but they will have to submit documents physically. However, the entire purpose of opening CAN online is defeated in that case.

You can also go through eCAN FAQs.  MFU has also provided detailed instructions for filling up eCAN form.

Additional Links

MF Utility Investor FAQS

MF Utility Forms

Benefits of Common Account Number (CAN)

How to purchase MF units and set up SIPs on MF Utility website?

The post was first published on July 2, 2016 and has been updated since.

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Deepesh Raghaw

Deepesh is a SEBI Registered Investment Adviser and an alumnus of IIM Lucknow. Deepesh provides customized Financial Planning and Investment solutions to his clients. Deepesh is passionate about personal finance and contributes regularly to leading Business Newspapers. Deepesh appears regularly on personal finance shows on Business Television.

48 Responses to How to register with MF Utility?

  1. Anonymous says:

    Hi Deepesh,

    This is a very helpful article. I was wondering if I want to make only lumpsum investments and not SIPs, I wouldn’t need a direct debit/ECS mandate. So when I sign up, do I compulsorily need to provide a direct debit/ECS mandate? I’m not comfortable with the direct debits because if there are any unauthorized transactions that happen, I’ll be the one running around for remediation.

    Also, is there an option to provide my bank account details at a later stage (i.e. after I get online access, once MFUtility has confirmed my application) when I want to start transacting?

    • Deepesh Raghaw says:

      Hi,
      Thanks!!! Please do share the post with friends and family.
      ECS registration (PayEezz) is not compulsory. Just that you can’t do SIP transaction without PayEezz.
      Typically, the systems are quite robust. So, unauthorized transactions do not happen but it is your choice.
      You can always make purchases through net banking, NEFT or RTGS.
      Yes, you can add, delete and modify bank details at a later stage too. You will have to submit forms for that.

  2. John says:

    Is the MF Utility online portal ready for use? I had started an SIP online in MFU and even after a week of the SIP date the units were not reflecting in my account.

    Have you faced any such problems?

    If this is a recurring problem, it is going to be really difficult since its not possible to keep track of various SIP dates and whether the units are correctly reflecting after each SIP debit.

    • Deepesh Raghaw says:

      Yes, it has worked well for me.
      Typically, it takes a few days for the units for reflect in your account.
      If you have a weekend or holidays in between, it can take even longer.
      If you have started a SIP in a liquid fund, add a few more days.
      That happens with all the portals.
      The bigger question is the applicable date of NAV.
      I wouldn’t be worried much about this.
      For your transaction confirmations,
      1. You will get account statement from the AMC.
      2. You can check the transaction status on CAMS website too (for funds serviced by CAMS) or Karvy website.
      So, relax. But yes, it is a new system and hence you need to check if the transactions are going as expected.

  3. Pankaj says:

    Hi Deepesh! Thank you for writing such a helpful article. You have written it in very lucid manner.
    I have few doubts regarding this I would be thankful if you clear it.
    1. What amount need to be fill up in the space for an amount in the screen shot put up by you of PayEezz form. Is it the whole sip amount of collective different MF schemes or is it the sip amount of single MF scheme. Can it be changed later.

    2. What happens if MF utility stop servicing in near future? Can we move our sip from MF utility to individual AMCs.

    3. How is your experience with MF utility are they providing good customer services.
    Thanks.

    • Deepesh Raghaw says:

      Thanks Pankaj. Please do share the post with friends and family.
      1. It is the amount that you can invest per day (cumulative debit in a day) using PayEezz facility. Yes, it can be changed later. Suggest you go through PayEezz FaQs on MFU website. https://www.mfuindia.com/PayEezzFAQ
      2. MFU is merely a facilitator. Does not matter if it closes down tomorrow. MFU merely passes the information to AMCs through R&T agents such as CAMS and Karvy. Everything will go on as before. Your units will be in folios with AMCs. Your SIPs are registered with AMCs. MFU is an industry initiative. Unlikely that it will close anytime soon. In fact, other portals for direct investments may close down.
      3. Quite good. It is a new platform. There will be minor glitches here and there. But nothing that can’t be sorted out. I am quite satisfied.

      So, relax and register with MFU. You can always try out other platforms if you don’t like MFU.

      • Pankaj says:

        Thanks for your reply Deepesh.
        I am not a KYC compliant and i wanted to go for same while applying for CAN through MF utility. For KYC I came to know that I need to submit in person verification documents along with KYC registration form. Can I submit the ipv certificate issuef from a notary public officer or from a gazetted officer and send it along with registration form directly to their office. When I contacted customer care MF utility they said I can do that. Is there any disadvantage in this process of KYC.

  4. Pankaj says:

    Thanks for your reply Deepesh.
    I am not a KYC compliant and i wanted to go for same while applying for CAN through MF utility. For KYC I came to know that I need to submit in person verification documents along with KYC registration form. Can I submit the ipv certificate issuef from a notary public officer or from a gazetted officer and send it along with registration form directly to their office. When I contacted customer care MF utility they said I can do that. Is there any disadvantage in this process of KYC.

    • Deepesh Raghaw says:

      Dear Pankaj,
      If I were you, I would visit the nearest branch of any AMC or CAMS/Karvy.
      The process is much quicker. At the end of it, MFU also forwards these forms to CAMS/Karvy or a KRA only.
      There is no chance of form rejection either.
      However, if you have made up your mind, both notary officer or gazetted officer will do.

      Typically, when you visit CAMS or Karcy office to get KYC done, they will ask you to make an initial investment (without which they will not do KYC) .
      You can make the investment in the fund of your choice. Once you register with MFU, even that investment will be visible after login.

  5. Pradip B. Gupte says:

    Please advise me regarding better system of holding mutual fund units

    whether M.F units should be held in physical form or Demat form.

    which is better option and what are advantages of holding M.F Units in Demat

    • Deepesh Raghaw says:

      You don’t hold MF units in physical form. You hold in digital form only (in folios with AMCs)
      There is no major benefit for holding MF units in demat form. Just that you can specify just one nominee for demat account. Otherwise, you have to specify for each folio.
      I do not hold MF units in demat form.

  6. P.B.Gupte says:

    Thanks for advice. I have converted my all M.F units held with AMC folio in Demat form. Please let me know if nominee of M.F Units in AMC folio is different from nominee of Demat . , which nominee will prevail?

    • Deepesh Raghaw says:

      Just to be clear, I didn’t ask you to convert MF units to demat.
      Nomination in demat account will prevail.

  7. Ankit says:

    Is any document needed for FATCA/CRS is I am an Indian citizen and I pay tax only from India?

  8. Ankit says:

    Is any document needed for FATCA/CRS if I am an Indian citizen and I pay tax only from India?

  9. keerthana says:

    Great article!
    1. Can you please clarify whether SIP can be done only thru payEez(auto debit) or we can do via net banking also?
    2. I have demat account in Hdfc, whether this means I am KYC compliant? I tried checking it from various websites..but no go.

  10. Hi.. says:

    Excellent Article ..I am really Enlightened.
    Can you briefly explain difference between SIP and buying MFs through auto debit ECS-Payeezz and VIZ direct buying of MFs using net banking.

    Thanks

    • Deepesh Raghaw says:

      Thanks!!!
      Net banking. You have to login to your net banking every time you want to purchase.
      With PayEezz, all the permissions are already there. You just need to select payment option and submit the transaction.
      The problem with Netbanking is that if the transaction fails, you have to track it, raise request etc.I don’t like that.
      With PayEezz, things are quite smooth.
      The only issue with PayEezz is when you want to invest in liquid funds. You get NAV of a few days later.

  11. Divyansh says:

    Hi Deepesh,
    Very Nice article.
    I want to know how MFUtility is different from ScripBox or FundsIndia?
    Isn’t they are same?

    • Deepesh Raghaw says:

      Hi Divyansh,
      You can’t invest in direct plans of MF schemes through Scripbox or FundsIndia.
      With MFUtility, you can.

      • Ayush Neema says:

        Hi,
        I opened CAN account after reading this article. I don’t see ‘direct’ scheme there.

        • Deepesh Raghaw says:

          Hi Ayush,

          I assume you are talking about online portal.
          On the page where you need ARN details, there will be a checkbox (Direct) towards the bottom.
          Once you check Direct, you will see Direct plans too.
          Hope that solves your query.

  12. Srinivas says:

    Hi Deepesh,
    I got CAN and access for MFU online recently.I submitted PAYEEZZ from also. When I logged in to MFU, I could see most of the folios of funds I have invested through the distributor.Some of the folios are not visible.

    PLease let me know the procedure to switch to direct mode investment from regular mode for the SIPs.

    Regards,

    • Deepesh Raghaw says:

      Dear Srinivas,
      There could be two reasons:
      1. A part of your investment is with those AMCs which are not part of MFU say Mirae or BNP.
      2. You own those investments in a different holding structure (say joint holding with a family member)
      About switching to direct plans, the procedure is very simple
      There is a switch button in front of your existing holdings in the online portal of MFU. You can click on it to switch to direct plan.
      Will take only a few seconds.
      Hope this answers your query.
      Just keep in mind capital gains tax and exit load implications while switching.

      • Srinivas says:

        Hi Deepesh,
        Is it possible to exempt the SIP installments that are not older than one year to avoid CG tax and exit loads?

        Regards,

        • Deepesh Raghaw says:

          Hi Srinivas,
          Don’t get confused. SIP is merely a way to invest in mutual funds.
          http://www.personalfinanceplan.in/mutual-funds/myths-about-mutual-fund-sips/
          You purchase units through every SIP installment and sale of such units (and not cancellation of SIP) is subject to exit load and capital gains tax.
          Yes, you can switch only those units that are more than 1 year old (am talking about equity funds).
          Download your transaction statement from AMC or RTA (CAMS, Karvy etc) website and switch only those units which are more than an year old. Remaining you can switch as and when exit load period gets over.

          • Srinivas says:

            Thanks Deepesh!
            Switching of existing plans from regular to direct plans is almost completed.
            The payment was by auto debit for the regular plans.

            Do the SIPs continue in direct plans or do I need to request separately for the SIPs?
            Do I need to submit SIP cancellation forms for the regular plans?

            Regards,

          • Deepesh Raghaw says:

            Dear Srinivas,
            You have to close SIP in regular plan and start SIP in direct plan.
            If you don’t do that, your future SIP installment will go in regular plan only.

  13. Santosh says:

    Hi Deepesh

    I have not seen a Stop SIP option in the website, only Redeem is given. I want only stop the future SIP payments, not to redeem the existing holdings. How to do that?

  14. Shakti says:

    Hi
    i want to open CAN for my minor Son, For this do in need PAN in his name or Guardian Pan can be used for CAN registration of minor.

  15. Srikanth says:

    When I tried to purchase & went to ‘Scheme Search’ for any AMC name, I see that plan type is always mentioned as ‘Regular’ and ‘Direct Allowed’ is shown as ‘No’, so wondering do they allow direct plans at all? If yes, how to check? Please advise.

  16. Santhosh says:

    Hi Deepesh

    After reading your article I tried to invest through MF Utilities for direct schemes. But the experience was horrible..I got my CAN immediately. But for last one month I am struggling to get the online link.

    They never respond to any of the mails sent to clientservices@mfuindia.com. I have sent several emails and called the toll free no a around 15 times.

    With this type of service how can we invest through MFU. After starting the investment if there is an issue where will we go?

    Will the AMCs takes responsibility for investments through MFU?

    Regards

    Santhosh

    • Deepesh Raghaw says:

      Hi Santhosh,
      Please understand I am not a representative of MF Utility. You can approach MFU for any issues with MFU portal.
      If you are not comfortable with MFU, you can try out other portals or invest through websites of AMCs directly.
      Btw, the online link is mfuonline.com.
      For any issue, you have to lodge a complaint with MFU.
      Your investments are with AMC only, irrespective of the transaction platform you choose to invest through.

  17. Santhosh says:

    Hi Deepesh

    Thank you for the reply. It was not a complaint against you. Since you are discussing about MFU I just shared my experience with them

    • Deepesh Raghaw says:

      Santhosh, I understand.
      If you are planning to invest in direct plans, you have to be prepared to sort out these issues.
      All direct plan platforms are new and may not be as robust.

  18. Nishant Singh says:

    Brilliant article. Thank you so much for this. I registered online and have received my CAN number.

    What I would like to know is whether I can stop my existing SIPs through online trading platforms and continue the same through MFU? Will that automatically convert my MF account into a direct account and avail the additional bump in returns?

    • Deepesh Raghaw says:

      Thanks Nishant.
      You can stop existing SIPs in regular plans through online trading portals.
      Subsequently, you can start in direct plans from MFU portal.
      Nothing happens automatically.

  19. Sunny says:

    What Needs to be mentioned in Tax Status for Resident Individual in India
    Person of Indian origin Or Sole sole proprietor?

  20. Nandan says:

    Nice Article. I am an NRI. And after reading the article I immediately applied for eCan where I submitted all documents online. I had done my ‘In Person Verification’ when I was Resident Indian. Finally it took me over a month to get the CAN account number and subsequently a mail was enough to get the online transaction account to be activated withing a day. No doubt it took some time I am happy that all went through without any hassle.
    Thanks Deepesh for your very informative article.

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