From loans to locking portfolios, big changes are afoot at revamped MFCentral
Subscribe to enjoy similar stories. MFCentral (mfcentral.com), a mutual fund transactions platform jointly run by Computer Age Management Services Limited (CAMS) and KFin Technologies Limited (KFintech), has finally been converted into a separate joint-venture company. The platform, which has 2.5 million users, is run by registrar and transfer agents (RTAs) – Sebi-registered firms that provide services to mutual fund companies and investors – and allows investors to buy or sell any mutual fund.
In an interview, Sreekanth Nadella, CEO of KFintech, told Mint what MFCentral has in store for retail investors and mutual fund distributors. He also explained how the platform is different from others and why it hasn’t had the success of similar apps. If you created a mandate of ₹20,000 every month on a third-party app, you could split it across various asset management companies (AMCs).
But if you went to the MFCentral platform before the joint entity was formed, you had to create a separate mandate for each one. Now this issue has been fixed and investors can seamlessly transact across all funoutds under one mandate. That’s just one part.
We have lots of innovations in the pipeline for investors. For the immediate future, we are working on a solution to lock folios. Many people travel outside the country for work.
Let’s say somebody is going to the UK for two years. With this feature, they can lock their folios when they’re abroad to reduce the risk of fraud or misappropriation of funds through impersonation. Also read: How CAMS is tackling SIP bounces and enhancing investor experience MFCentral is the only platform where you can get consolidated account statements across all AMCs.
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