Mutual Funds: Benefits of Common Account Number(CAN)

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    Mutual Fund Utility is a product of the Mutual Fund Industry which helps investors and enables them to transact in multiple schemes of various Mutual Funds through a single transaction and consolidated payment.

    This is very similar to bank account or demat account where you can do number of transactions and have a consolidated view of their holdings and transactions at industry level.

    Mutual Funds: Benefits of Common Account Number(CAN)

    MFU will also provide value added services like Common Account Statement (CAS), Alerts, Triggers, Reminders etc., to investors.

    To open CAN account click here. Download the form and submit along with necessary documents.

    Once you have the CAN, it will map the existing folios of the investor/s across Mutual Funds, to the CAN, based on the PAN, holding pattern and other parameters.

    Having CAN will avoid filling up an Account Opening Form every time the Investor transacts in a new Mutual Fund. Also, duplication of processes or documentation is eliminated, thereby reducing administrative botheration.

    CAN will hold centrally for the industry, the information like:

    • Investor Name(s)
    • KYC Status
    • Income Details
    • Mode of Holding
    • Nomination
    • Nationality
    • Tax Status
    • Contact details of the primary holder
    • Multiple Bank Accounts registered at CAN level
    • Depository Account details
    • Power of Attorney, if any
    • Guardian Information for minor applicant
    • FATCA, UBO & OECD related details etc.

    Story first published: Tuesday, April 28, 2015, 10:31 [IST]
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