AMFI's MF Utility in process to tie up with more fund houses: CEO V Ramesh

Himadri BuchMoneycontrol News

MF Utility or MFU - an online platform - is in the process of joining hands with more fund houses, V Ramesh, Managing Director and Chief Executive Officer, MF Utility, told Moneycontrol.

Launched in 2015, MF Utility is fast gaining acceptance among distributors and investors. With over 3.50 lakh transactions being executed every month, close to 90 percent of these transactions are paperless.

Ramesh said MF Utility has tied up with 30 fund houses which handle almost 97 percent of the industry’s AUM.

Currently, 41-player mutual fund industry manages little over 24 lakh crore AUM.

According to mutual fund sources, AMFI has reportedly asked fund houses to cough up to Rs 5 crore to recapitalize MF Utility. It has recently communicated this to fund houses at the recently held AMFI board meeting.

Currently, the participating AMCs have to cough up Rs 2.50 lakh every month.