Simplify Your Finances: Demystifying Mutual Fund Folio Numbers and Unified Tracking Solutions
Most high net worth individuals (HNIs) invest through an advisor. These advisors provide services like portfolio reports and portfolio analysis to their clients. Investors do not need to maintain specific logs to track their mutual fund transactions. Moreover, if the investor needs some information, the advisor is just a call away. But for retail investors, the most common issue is to maintain their mutual fund portfolio in one place. MF Utility (MFU) offers a solution.
MF utility was formally launched in January 2015 but most new retail investors are not aware of it. MFU is an innovative 'Shared Services' initiative by the mutual fund industry under the umbrella of AMFI, which acts as a "Transaction Aggregation Portal". MFU Mutual Fund allows the customer to transact through a common transaction form. It enables a single payment for multiple scheme investments in different mutual funds.
It shows the list of schemes, number of units held, current value of each fund, scheme folio number and current total value of your mutual fund investments in participating AMCs.
However, MFU does not count the returns generated by your mutual fund investments. It does not show the purchase price of your investments. However, so far, this is a great way to see all your mutual fund transactions at one place, with no chance of missing any transaction.
As of today, MFU has 39 mutual fund houses under its purview. MF Utility is equally owned by participating AMCs.
The MF utility allows commercial transactions such as purchases, redemptions and switches. It also allows registration of systematic transactions like Systematic Investments (SIP) using PayEezz Mandate, Systematic Withdrawal (SWP) and Systematic Transfer (STP). It also facilitates non-commercial transactions like change of bank account, change of address facility through KRAs etc. Based on duly signed written requests of investors. Investors can access MFU on their desktop or through their mobile app on their mobile phone.