AMFI may launch 'MF Utility' portal by end of FY 2014

Business

oi-Staff

By Super

Published: Wednesday, September 25, 2013, 9:23 [IST]

MUMBAI: The Association of Mutual Fund in India (AMFI) is likely to launch 'MF Utility' portal as a single platform for all mutual fund transactions by the end of this financial year, a top AMFI official said today.

"We are planning to run the trial for 'MF Utility' in January next year. If the trial run is as per operational satisfaction, then we will launch it within the next few months," AMFI Chief Executive H N Sinor told PTI here.

The interface will not only help investors to invest across MF schemes through creation of a single account but will also benefit distributors as they can upload their transactions, he said.

MF Utility is a centralised mutual fund distribution platform, which will facilitate transactions by customers, distributors and financial advisors in schemes offered by fund houses on a unified platform.

Meanwhile, Sinor also said that Sebi is likely to announce the appointment of the Self Regulatory Organisation (SRO) by next month, in which AMFI is also one of the three applicants.

As per reports, three companies are in race to obtain the regulator's approval to become the mutual fund distributors' self regulatory organisation, namely Institute of Mutual Fund Intermediaries (IMFI), floated by AMFI, Organisation of Financial Distributors (OFD) and FPSB India.

Sebi, in its August 2012 Board meet, had taken the decision to set up a separate regulatory body for mutual fund distributors.

PTI