Two of India's biggest mutual fund registrars and transfer agents have launched a common platform to help investors view and manage their investments.
MFCentral, unveiled by KFin Technologies Pvt. and Computer Age Management Services Ltd. on Thursday, is a free digital offering backed by the Association of Mutual Funds in India. It brings all processes related to mutual funds—portfolio management, statements, nominee changes, bank account additions or service requests—under one roof.
At present, investors either use one of KFin Tech or CAMS to manage and view investments. Zerodha's Coin or Paytm Money also offer a similar service. They, however, serve customers of asset managers they have tied up with.
MFCentral, currently in its first phase, covers only non-commercial transactions, financial portfolio and consolidated account statements for now, according to KFin and CAMS. The next two phases planned by the year-end will include financial transactions, among other services.
“For the first time, we're putting customers at the centre of everything,” Madhabi Puri Buch, whole-time member of Securities and Exchange Board of India, said. “Smaller investors are equally important and while HNIs used to enjoy good services, this tech platform will help democratise good services for everyone.”
The offering, according to Sreekanth Nadella, chief executive officer of KFin Tech, would help rapidly scale the digital infrastructure to meet “exponential growth” in the mutual fund industry.
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