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How to register with MF Utility?

register with MF Utility

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Direct plans of MF schemes have been gaining traction over the last few years. Till about a few years ago, 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 a need for direct mutual fund websites which could let you invest in direct plans of MF schemes from different AMCs. Fortunately, many such portals have come up over the past couple of years.

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 a 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 a 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 the same PAN, holding pattern and mode of holding with participating AMCs.

Therefore, you get a 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 a 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 to 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 the 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 SEBI Registered Investment Adviser (RIA) or a fee-only financial planner 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 out 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. 

Both CAN and PayEezz registration can now be done online.

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.

Now PayEezz Registration can also be done online [Update: March 19, 2018]

Even PayEezz registration can now be done online. Instead of the timeline of 3-4 weeks in case of physical forms, the online registration process takes only 2-4 days. For more on this, go through this post.

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.

136 thoughts on “How to register with MF Utility?”

  1. 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?

    1. Deepesh Raghaw

      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. 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.

    1. Deepesh Raghaw

      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. 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.

    1. Deepesh Raghaw

      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.

      1. 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. 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.

    1. Deepesh Raghaw

      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

    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

    1. Deepesh Raghaw

      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. 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?

    1. Deepesh Raghaw

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

  7. 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.

  8. 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

    1. Deepesh Raghaw

      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.

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

    1. Deepesh Raghaw

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

        1. 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.

  10. 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,

    1. Deepesh Raghaw

      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.

      1. 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,

        1. 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.

          1. 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,

          2. 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.

  11. 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?

    1. Hi Santosh,
      Go to the Transaction book-> Systematic order book.
      Search for your SIP.
      You will see a pencil like button to cancel SIP.
      Hope that answers the query.

  12. 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.

  13. 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.

  14. 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

    1. 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.

  15. 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

    1. 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.

  16. 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?

    1. 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.

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

  18. 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.

  19. hi deepesh!
    i want to open account with MFU. I want both me and my wife to have full authority for and account. which holding option should i choose.

    anyone of survivor? is it right?

    please guide

  20. Hello Sir,

    I have registered online for CAN and got the confirmation. Do I need to submit CAN Transaction Forms like Purchase, Redemption,SIP registrations etc which are mentioned on MFU website to start the investment..
    Thank you advance

  21. Arunkumar Patel

    Hi Deepesh,

    I have CAN for my HUF. I want to trade online thru MFUtility portal. How to do that?

    Thanks,

    Arunkumar Patel

    1. Deepesh Raghaw

      Drop an e-mail to clientservices[at]mfuindia[dot]com.
      I am not sure if online access is provided to HUFs at present. You can check with MFU.

  22. Dear Deepesh,

    Thanks for the post. It was very informative. I have set up a CAN as a joint account and have been investing in it for the last few months. I would now like to convert it to “Anyone or survivor”. Do you think its possible?

    1. Deepesh Raghaw

      Hi Vikram,
      You are welcome.
      Will really appreciate if you could share the post with your friends and family too. They might benefit as well.
      You can’t do that. You have already made investments.Therefore, the holding pattern has already percolated down to AMCs.
      If you had not made any investments, you could have changed.
      I managed to get the holding pattern changed from Joint to Anyone or Survivor for some of my clients.
      However, they had not made any investments.
      You can open a new account under Anyone or Survivoe mode if you wish. You will be able to see all the investments under the same login.

  23. Hi,
    during registration i entered the ARN no of my adviser but now i dont see direct option anywhere in the portal.
    how can i solve that?

    Thanks

    1. Deepesh Raghaw

      You can drop an e-mail to MFU (clientservices@mfuindia.com) and ask for new login credentials.
      With this new login, you can invest in direct plans.

  24. Hi

    While setuping STP from liquid fund to Equity , I can see there is option for fixed and VARIABLE .

    Please help me to understand . How variable option work ?

    1. Hi Sudam,
      Variable can mean many things. It could be capital appreciation STP or any formula based on market levels.
      You have to refer to SID of the specific MF scheme to understand what it can possibly mean.
      If there are multiple options in SID, then it can get confusing since MFU only shows 1 option (variable).
      Of course, that is apart from fixed.

  25. Hi deepesh,

    I was opening MFU account in either or survivor mode with my wife as primary holder. But the problem i face is my wife is not working. what option should i choose in source of wealth tab,

    Please guide

    1. Gift. Better that you become the first holder and your wife the second.
      In any case, you have to pay tax on any gains.

  26. Hi Deepesh,

    How do you find this utility for creating Goal based portfolios? Is there any way we can create goal based SIPs and monitor separate goals or some workaround.

    Thanks
    Harry

    1. Hi Harry,
      Think of MFU as transaction platform.
      You don’t such features with MFU.
      However, you can keep mental account or track in an excel sheet.

      1. Thanks for your response. and I understand.
        Is there any portal where we can create the same Goal based portfolios for tracking purpose only and keep transactions through MFU?

        Thanks
        Harry

          1. Thanks, Surely I will do so.
            I think I can transact on MFU (being free) and create my goal based separate portfolios on some portal like Value Research online so that I can track those properly.

            Thanks
            Harry

          2. Sure, you can do that. Not sure if ValueResearch allows you to segregate portfolios according to goals.
            If it does, go ahead.

  27. Hi Deepesh

    Nice article regarding MF Utility

    I have applied for CAN online and allotted the CAN no after that I got a mail asking me to submit CTF form for mutual fund purchases in POS , is it necessary to submit CTF form physically in POS?
    Thanks in advance

    1. Hi Sravan,
      No.
      You can ask for online access. Subsequently, there is no need for physical forms.
      Everything is online thereafter.

  28. Hello Deepesh,

    Some of my family members eCAN application took so much time as in 3 months, then also they have not allotted Permanent CAN numbers, they are even not responding on clientservices@mmfuindia.com. How much time it would take from there side to activate the CAN. OR, is there any way to convert my eCAN application from completely electronic to partially electronic mode now?

    Thanks,

    Piyush

    1. Hi Piyush,
      Quite pathetic.
      Be rest assured nothing will happen if you keep waiting and just drop emails.
      Did you try calling them? Call their regular number and not toll-free number.
      MFU CEO V Ramesh is on Twitter. Tweet to him.
      If that does not yield result in 7 days, drop me an email at support id. Will guide.

  29. Hi,

    Filled online application and uploaded documents for E-CAN on last week September, but still the status is showing as HOLD.
    Please advise how to get an user id and password for transacting, Moreover tried calling to customer care numbers in the website, no one is attending the call.
    If there is a communication lag on how to contact them, how to trust the MFU, Is it safe.. ?

    1. Hi Sravan,
      You can’t transact unless your CAN is approved.
      Many users have been facing similar issue of lack of response from MFU.
      Did you try calling their paid numbers (not toll free numbers)?
      Write to clientservices@mfuindia.com too.
      MFU CEO (Mr. V Ramesh) is also on Twitter. You can tweet to him.
      Let me know on the support id if this does not work in 7 days.

  30. I tried submitting my eCAN on mfuindia.com but got the error many times that your combination of details already exists. I am kyc compliant and having sip in few funds through fundsindia. I never applied previously for CAN. I am confused.
    Thanks

  31. I have account in mfu ,my spouse also have funds ,I saw your YouTube video about mfu
    I am also add my spouse funds also add in same as well under one can

    Thanks

  32. Already i am having kyc but i don’t have ekyc.but in can registration form they asked about ckyc identifier/ kin… whether it leaved blank?…if it leaved blank mf utility accept application or not?

    1. I am not sure but I think you can go ahead without entering identifier.
      They must be able to access CKYC database on their own.

  33. i am my wife are working
    is it possible to get two cans(separate pans) under single login account.
    So that we can see each of ours portfolio

    1. Online account is linked to PAN.
      So, unless you have joint accounts, you won’t be able to view investments under your wife’s name under your login.

  34. Hi Deepesh

    I have initiated the purchase of mutual funds in the MF portal through netbanking. But due to unfortunate reasons the payment didn’t happen. The money also not debited from my bank account. But in the order book, that status is shown as ‘Sent to RTA’. Is it possible to cancel the order now

    1. Hi Sreekanth,
      Nothing to worry about.
      you will get the units and the units will be clawed back after some time.
      The way it works is that the AMC does not wait for the funds to reach them. Fund units are alloted upfront.
      If they do not receive the funds in due time, such units will be clawed back. It may take a couple of weeks or months.
      MFU does not provide you a feature to reinitiate payment.
      However, sometimes, you may get an e-mail directly from the AMC to reinitiate payment. If you want, you can make the payment from there.
      You can’t cancel.

  35. Hi Deepesh,
    Thanks for a such a good article.

    I would like to know, can I do transactions for my old MF through MFU portal or I can only see it?

      1. Hi Bhavik,
        Demat is a way of holding MF units. You can hold both direct and regular plans units in demat account.
        Typically, with brokerages, you get invested in regular plans.

  36. Mrinal Chakraborty

    Sir, I have two queris.
    1. I had created my MFU account online and got my eCAN a few month ago. after that, I have started two new SIP’s ( before setting up payezz mandate ) through ABSL and DSPBR amc websites , but these 2 folios are not mapped to my MFU account.
    I have already raised a query in my mfuonline.com account and also sent email 2 times to clientservices@mfuindia.com regarding this issue before 20 days. but they haven’t responded yet.
    How could I map those folios to MFU account in order to track all my funds through MFU and get consolidated statements ?
    Should I have to create a new CAN for this purpose?

    2. what is meant by Order of holding ? and how can i create another CAN ? will creating another CAN solve my issue ?

    1. Hi Mrinal,
      Suggest you raise your complaint at this link too (https://www.mfuonline.com/onlineComplaint?reqComplFlag=Q)
      Are your new SIPs in a different holding pattern as compared to your CAN?
      Order of holding means the order of investors in the account.
      For instance, if you open a joint account with your spouse, she can be the first holder and you can be the second holder.
      Alternatively, you can be the first holder and she can be the second holder.
      So, you can open three CANS.
      1. individual
      2. Joint with your spouse (she is the first holder)
      3. Joint with your spouse (you are the first holder)
      Please understand the permutations and combinations will increase if you increase the number of holders.
      Only those folios are mapped where PAN, residential status, mode of operation and the holding pattern match.
      Hope this answers your query.

      Here is an excerpt from MFU FAQ page (https://www.mfuindia.com/InvestorFAQ).
      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.

      1. Mrinal Chakraborty

        thanks a ton Sir for your valuable comments. I am enriched. sir, my holding pattern is same in all my folios i.e. individual.
        I recently contacted MFU team over phone. they asked my CAN and then assured me that those folios will be mapped in 2-3 days.

        1. You are welcome, Mrinal.
          However, keep following up till such time this issue gets resolved.
          Will really appreciate if you could share the post with your friends.

  37. Mrinal Chakraborty

    Sir, thank you very much once again for your kind co-operation. I had made a complain to MFUONLINE as you advised, and the problem has been solved magically within 3 days. now i can see all my folios in against my CAN. . thank you so much. 🙂

    1. You are welcome, Mrinal.
      Will really appreciate if you could share the post with your friends and family too.

  38. Hello Deepesh – Thanks for the guidance. It is very helpful. I have a small query regarding the direct plans of MF. I have a diversified portfolio of 15Lakhs invested through SIP on FundsIndia platform in 8 different mutual funds across large, mid and small cap funds. With LTCG effective from April18, I am planning to revisit the mutual funds in my portfolio and reduce it to 3 or 4 funds across 1 each in Large, Mid, Small and Balanced category.
    1) Can I switch my existing plans from regular to direct through MF Utility platform?
    2) If not then would have to redeem all from FundsIndia portal and do a fresh investment through MFU and initiate a SIP in parallel. Kindly confirm?
    3) I understand that exit load might be applicable for my SIP investments in the last year but believe this should be fine in terms of gaining long term benefits of direct plans.
    Please let me know your thoughts on the above. Many thanks in advance!

    1. Hi Hitesh,
      1. Yes
      2. You can switch through MFU. Please understand switch is same as redemption followed by purchase. So, tax liability will arise.
      3. Yes, you must switch to direct. You can switch once the exit load period is over.

  39. Deepesh, I must say that this is the best post I’ve every came across on Mfutility.

    I have just filled online can form and got my CAN number. Now what I have to do to gain the online access of the portal?
    Thanks in advance

  40. Hello Dipesh,
    Thanks for your blog. Keep it up.
    1)My query about eCAN,
    Images of needed documents are needed to be uploaded in less than 500 kb in JPEG format on given link for eCAN registration as per mfutility website.
    Is it simply taking an image of documents and just upload it ,or like we have to use specific App to scan and something like that ?
    2)About your blog,
    Is there not any separate question-answer segment in your blog ,so we can ask directly in that segment ?
    Thanks.

    1. Deepesh Raghaw

      Hi Dipak,
      1. Scan, take photo or upload. No specific requirement.
      2. Not till now. Please post your queries in a relevant post.

      1. Thanks for your reply.

        About KIN:

        My first SIP is already registered through agent ,Kyc registration done but not got kyc number.I would get it after 15 days.

        Now can I go for e CAN,e Payeezz, and new SIPs registration through direct mode through MFutility
        ,or Kyc number is extremely necessary to proceed for these ?

        Thanks.

        1. Deepesh Raghaw

          Hi Dipak,
          PayEezz does not require KIN.
          For eCAN, you need to check in the online application. When I did, it was not required.
          There are ways (other than KIN) to check if you are KYC compliant. So, MFU can use that to check your status.
          Since you have already invested, you are anyways KYC compliant.
          So, should not be a road-block.

  41. Hi,

    I have already regestered in MFutility and i got ECAN number. But after that i didnt get any confirmation. Once again i am trying to resubmit for ecan regestration, now it is giving the error as CAN is NOT an ECAN type.

    Please what is this error. how can i re sumbit for the ECAN. or else any alternates.

  42. Hi,

    Great posts and videos on MFU.. Thanks for sharing it.
    I had a query. Is there any advantage of having multiple CANs (joint & other combinations). Please share your thoughts.

    Thanks,
    Mahadev

    1. Dear Mahadev,
      No benefit in multiple CANs.
      I prefer to invest in joint accounts.
      If you are investing through a joint account, it may be a good idea to have different combinations for convenience.
      For instance, if both husband and wife are working, husband makes investments in the account where he is the first holder.
      The wife makes investments in the account where she is the first holder. Will be easier for tax compliance.

      1. Thanks Deepesh.

        Had one more query related to this. How can we add multiple CANs to one login? Does this happen automatically based on PAN or email id? I see this in your videos. Please let me know.

        Thanks.

        1. Hi Mahadev,
          It is automatic. Login is per PAN (and not per CAN).
          When you login, you can view all the CANs (where your PAN is included).

  43. Hello Deepesh

    I want to register my company which will be the best suitable form company registration will help me to save me from tax. Pvt Ltd COMPANY, PUBLIC LIMITED COMPANY, LIMITED LIABILITY PARTNERSHIP, OPC REGISTRATION?

    Best Regards
    Nikhil Jadav

  44. Hi Deepesh,

    I m planning to open a CAN in joint mode with spouse bring the primary. Can I link the bank account (joint account of both of us) for payeezz with myself being the primary?

    Thanks

  45. Hello Deepesh,
    Thanks for this post regarding mfutility which helped me a lot.
    Mfutility is good for transaction purpose,
    But what should be done to know about profit-loss in individual skims ,and overall portfolio ,
    A method which is Cost free to track portfolio.
    Thanks.

    1. Deepesh Raghaw

      Hi Dipak,
      you can use valueresearch. You can download transaction statement from CAMS and upload on Valueresearch.
      There was a very good tool Simplemoney. However, they have taken the site off recently and may relaunch in the near future.

      1. Thanks for reply.
        I could not use value research due to some technical problem.

        But, I found “Piggy ” app very useful & superb , for tracking portfolio,

        It automatically fetches portfolio information through our permission to access our Google account
        Do you see any harm to use such app which has access to our Google account ?
        Thanks.

  46. Dear Deepesh,
    Few more questions:
    1. Have a CAN account in joint mode and have few MFs traded with that.. can I change that to individual account? If yes, I presume changes for mfs will be automatically taken care right?

    2. Also, if I want to change the bank account linked to a MF then what is the process?

    Please let me know.

    Thanks.

    1. Deepesh Raghaw

      1. No
      2. You will fill up bank mandate form and mail to MFU along with cancelled cheque of existing account and of the new bank account.

  47. Hi Deepesh,
    Firstly big thanks for these articles. Very will written and extremely helpful.

    I am a foreign national with an OCI. I have both NRO and NRE accounts in banks in India. I had a question about the CAN/eCAN form – the residential status options are PIO, Foreign national, NRI-NRE, NRI-NRO. Some of these are not really residential statuses and they are not mutually exclusive. Its a bit confusing which one to choose. Any guidance appreciated.

    1. Deepesh Raghaw

      Thanks Pranav!!!
      Frankly, I am stumped.
      You are right. Both PIO and OCI are foreign nationals.
      As I understand, it can’t be NRI-NRO and NRO-NRE since these are for investors with Indian citizenship.
      Let me check this with MFU. I hope they know the answer.
      Do remind me if you don’t hear from me in two weeks.

  48. good wishes sir
    i am a new to mfu and mutual funds ,i have made a netbanking payment to the fund,money debited from my account and in the mfu profile no units allocated to me and RTA ORDER STATUS -SENT TO RTA FOR ACCEPT message is there.
    what is the meaning of this??? my main concern is STATUS-NORMAL ORDER BOOK-REINTIATE PAYMENT OPTION also there along with other options.In dashboard also there is nothing showing.
    Thanks in advance

    1. Hi Kishore,
      Don’t worry about the money. If the payment failed, the money comes back in a few days.
      A couple of things:
      1. As I see, you initiated this transaction recently. All transactions go through RTA (CAMS, Karvy etc). So, RTA message is correct. You will get the units irrespective of whether your payment went1 through because RTA don’t wait to receive funds if transaction amount is less than Rs 2 lacs. Subsequently, if it doesn’t receive the funds, it will claw back the units.
      2. As I see, the transaction failed in between. To avoid confusion, don’t reinitiate payment. Initiate a new transaction if you want to purchase.
      3. It takes a couple of days for the units to show up.

  49. Hi,

    What is the procedure to convert MFU account with active CAN and full KYC for resident Indian to NRI due to change in tax residency (Non US/Canada)? Can the process be done completely online or IPV will be required again for updating KYC for tax residency?

    Thanks,

  50. Rajesh Pillai

    Hi Deepesh
    Thanks for all this information. I am a UK citizen with OCI status, which is equivalent to NRI for investment purposes. However there is no option called ” OCI” when I try to register- Only PIO. I already saw a similar query above. Any updates on this ?Thanks

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