Here’s How to generate Common Account Number (CAN):
Common Account Number (CAN) is the latest tool to track your mutual fund portfolio. You may view it as a single reference number for all your mutual fund investments.
CAN is issued by MF Utilities (MFU) only once as regards a number of investors, order of holding, mode of holding, social status, etc. MF Utilities (MFU) is a shared service platform of asset management companies.
You can transact across different mutual funds on MFU portal with the help of a CAN.
How to get a CAN?
Getting a CAN is very simple!
All you need to do is submit a duly filled the CAN Registration Form (CRF) along with supporting documents.
This form can be submitted to any Point of Service (POS) of MFU; or to a distributor/RIA that is signed-up with the MFU. You may submit the form even to a participating AMC branch.
Documents required to obtain CAN
You need to submit necessary documents as a proof along with the application form to get a CAN.
The list of documents required is listed below:
– Proof of PAN Card
– Proof of KYC compliance for all the applicants
– Proof of Date of Birth for all the applicants
– Bank Account details for Bank Mandate registered under the CAN
– Proof of Demat Account for Depository Accounts registered under the CAN
– Proof of Guardian relationship (in case of Minor applicants)
eCAN vs. CAN
eCAN is a facility offered by MFU to get a CAN created instantly. As opposed to a regular CAN, you can submit all the data required for opening an e-CAN electronically.
While applying for the regular CAN, you need to submit a duly filled application form and supporting documents physically to an MFU Point of Service or an intermediary associated with MFU.
In case of e-CAN, you may submit the data online either at MFU website or through an Intermediary associated with MFU. Along with that, you may upload the documents online on the link provided by MFU on your registered e-mail id.
How to apply for e-can using mymoneysage?
Mymoneysage is an online platform for buying and selling of mutual funds. Along with other value-added services about money management and MF investing, you can avail the facility of applying for e-CAN.
Please follow these simple steps to generate your e-CAN:
1. Signup with mymoneysage.in
2. Click on “Invest” tab and select “MF Invest” from the drop-down menu.
3. In the “MF Invest” window, click on “Go to eCAN”.
4. In the eCAN window, click on “Apply” to apply for eCAN.
5. Now you need to fill an online application form. This form is divided into four sections, i.e., Account type, Sole/Primary holder, bank Accounts and Nominees.
As you proceed to subsequent sections, the form fetches values from previous tabs for similar information.
Certain fields are such that you cannot edit information once you have saved the form.
6. After completely filling the form, you may click on “Save” or “Save & Submit.”
7. Initially, MFU would assign a primary CAN upon receiving your application form. It will mail a link to your registered e-mail id. You can upload your documents on this link.
8. After establishing the authenticity of your documents, MFU will assign a permanent CAN. You may begin investing in mutual funds afterward.
Benefits of CAN
Although mutual funds are amazing investment havens; these involve intensive documentation. Lack of organized documentation may render the investing process very difficult.
Previously, you were required to fill up an Account Opening Form each time you wanted to transact in a new Mutual Fund. You can imagine how cumbersome this process would have been.
Apart from administrative difficulties, it resulted in a lot of duplication of efforts.
Not only this, but you were also required to issue bank mandate separately to initiate every new SIP. Even after putting so many efforts, you couldn’t track your investment portfolio in an efficient manner.
CAN has made investing in mutual funds uncomplicated!
1. As soon as the CAN is generated, it will map itself with your existing mutual fund folios. These folios will be those which fulfill the CAN criteria, and relate to participating mutual funds.
After this happens, you will get a consolidated view of all the investments in the Mutual Fund industry. It helps to form an informed perspective on portfolio management.
2. With the help of CAN, it has become easier to hold information in a central database pertaining to the following:
– Name of Investor
– Status of KYC
– Details of Income
– Mode of Holding
– Details of Nomination
– Nationality of Investor
– 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.
In this way, you can update the changes in one place by using CAN to administer changes elsewhere.
3. Upon creation of CAN, you need not give separate bank mandate for every new SIP transaction. CAN will facilitate registration of one debit Bank Mandate for multiple SIP registrations
All you need is to fill a Common Transaction Form (CTF) and making a single consolidated payment for mutual fund purchases.
4. Once a CAN has been generated, you need not fill up an Account Opening Form every time for a new Mutual Fund transaction.
With the CAN, you can transact in multiple schemes across Mutual Funds participating in MFU.
Technological disruption is taking place in Mutual fund industry in India every moment. The introduction of the CAN is yet another step in this direction. The sooner you get one for yourself, the better is going to be your investing experience.