TransactEezz, a
paperless transaction convenience for distributors on behalf of their clients.
PayEezz allows Investors
to pay for SIP and lump sum investments by registering mandates.
Mumbai – Thursday, 05 November
2015
MF Utility has announced the
launch of two new features TransactEezz and PayEezz.
With TransactEezz,
distributors can create transactions online for their clients by logging into
MF Utility (MFU). MFU takes an approval from the investor electronically over a
mobile or an email registered under the CAN.
Payment for subscriptions will
be completed by the investor based on the payment mode chosen by the
distributor at the time of creating the transaction; i.e. Net Banking, RTGS,
NEFT or PayEezz. All the distributors who have signed up with MF Utility
can use this feature.
With PayEezz, Investor
provides a mandate once, which will serve as the standing instruction to his
banker authorizing MF Utility to debit his account up to the amount mentioned
in PayEezz for any future transaction through MF Utility. Investors can
have multiple PayEezz Mandates registered and quote the relevant PayEezz
Reference Number at the time of transacting.
PayEezz Mandate is
supported as a payment mode for both Lump-sum purchases and SIPs.
Both these features are
available FREE OF COST to distributors and investors.
Investors may register a PayEezz
Mandate while opening a CAN or later by submitting the PayEezz Mandate
form at any of the MFU Points of Service or through their distributors.
 |
| V Ramesh, Managing Director and CEO, MF Utilities India |
Speaking about the features,
Mr. V Ramesh, Managing Director and CEO of MF Utilities India said “Combined
with the PayEezz, the TransactEezz feature offers tremendous
convenience to both distributors and their clients. Investors have the ease of
instructing the distributor through a phone call, SMS, email, Fax, letter or in
person to create transaction on their behalf which the distributors can do by
simply logging into MF Utility. We are aiming at reducing large amount of paper
transactions in the industry through these features. These provide power to the
distributors since they can also use the tablet devices and capture the
transaction sitting at their client’s place, without the hassle of carrying,
filling and submitting a paper based transaction.” MF
Utilities
Speaking out on the benefits of MF Utility, Mr. Ramesh said,
“Over the past six months, since the launch of MF Utility in the hands of Shri
U.K. Sinha, Chairman, SEBI, MF Utility has processed transactions worth more
than ₹ 165 crore. More than 18,000 Common Accounts have been opened by
investors. The average schemes transacted per form is around 2.5; thus reducing
lots of paperwork and hassles in transacting in Mutual Funds.”
About MF
Utilities
MF Utilities
India Pvt Ltd (MFUI) is the Mutual Fund Industry’s “Shared Services” initiative
formed by the Asset Management Companies (AMCs) of SEBI registered Mutual Funds
under the aegis of AMFI, with an objective of investor empowerment, distributor
convenience, consolidation of information to various agencies, operational
efficiency for RTAs and benefits to AMCs, thereby benefitting all stakeholders
in the industry.
MF Utility
(MFU) is an innovative initiative of the Indian Mutual Fund Industry that
brings significant benefits to all stakeholders, i.e. Investors, Distributors
and Asset Management Companies, by leveraging technology. MFU will bring many
conveniences to the investors and distributors and allow Mutual Funds to
significantly enhance their reach and presence in the country to further the
goals of retail penetration.
Participating AMCs
Directors on the Board of MFUI:
MFUI Board is constituted with representatives from Industry who will be offering their expertise and support to the efficient operation of MFUI. The following are the Directors on the Board of MFUI:
- Mr. Saurabh Nanavati - Chairman
- Mr. V Ramesh - Managing Director & CEO
- Mr. Sanjay Sapre - Director
- Mr. Ramamoorthy Rajagopal - Director
- Mr. John Mathew - Director
- Mr. Krishnan Ramachandran - Director
- Mr. Bhalchandra Joshi - Director
- Mr. S L Pandian - Director
- Ms. Keerti Gupta - Director
- Mr. Raghav Iyengar - Director
Mr. Ashok Suvarna resigned from the Board w.e.f. December 20, 2014.
Key Management Personnel
MFUI is managed by professionals with expertise in the Mutual Funds domain. The following Key Management Personnel are on board:
- Mr. V Ramesh - Managing Director & CEO
- Mr. Kannan Subbiah - Chief Technology Officer
- Mr. R Niranjan Babu - Head - Operations
- Ms. Moushumi Barve - Company Secretary & Head - Compliance & Legal
- Mr. Deevakar Shetty - Sr. Manager - Operations
- Mr. Ralph Gonsalves - Manager - Operatons
- Mr. Ashok Khopkar - Manager - Operations
Location
The MFU office is located at a Business Park in Thane.
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