31 thoughts on “What is the Common Account Number of Mutual Funds?”

  1. Hi Vipin,
    I already am registered with Mycams for mutual fund investment. I am now considering getting my parents registered as well on Mycams portal. Is it possible If i use the same mobile number and email ID for both my parents that I am already using for my account with mycams? Will this work or should I have a separate email and mobile numbers for my parents as well.

  2. Hi Vipin

    You mentioned in your article “If you are an existing investor, all your folios across mutual funds will be updated with the latest information that you provide in your CAN form except your address which will still reflect the KYC address.”

    However, I just checked my portfolios with different MF on MyCAM and it seems the phone/bank/email etc. information is still the same as before i.e. no effect of CAN. I was hoping that registering CAN would let me change my banking/email/phone etc. information across all MFs portfolios in one go but it doesn’t seem to be the case

    • Dear Varun

      It has been observed that the updation is taking time to happen from the AMCs end. The required information is being passed on to them by MFU though.

      How much time since you had a CAN?

      Thank you

  3. MFU is not covering all fund houses. It is only participating fund houses, just like MyCAMS. I wish there was an app covering all the mutual fund houses. ICICIDirect insta account does offer all the mutual funds, but they don’t allow direct plans.

    • That’s true Krupal. Not all fund houses are covered. The solace is that MFU still provides schemes from Sundaram, Franklin and lot many others which are otherwise not available on direct only platforms.
      It is mostly the foreign owned fund houses that are missing from MFU – Mirae, Invesco, BNP, etc.

  4. Meant whether I can access the Common Account through MFU /unovest,
    What is the process If I have to do transactions through MFU/unovest once I have CAN.

  5. Thank Vipin for such a quick reply, never expected…

    Yes, I am able to do that, for first 6 months it is free and they will charge later a fee of 99/month.

    Need advise whether it is safe to invest through an app and how I can access the CAN from other sources.

    Best Regards
    Satishwar Reddy

    • I don’t see a problem with an app per se.

      With that fee structure, you should see if you want those advice and services.

      If you are only going to transact, you can use MFU directly or Unovest, where there are no transaction charges at all.

      Not sure what you meant by “access the CAN from other sources.”

      Regards

  6. Hi Vipin,

    I have CAN # opened through wealth Trust app, I have Mutual Funds bought from ICICI direct, want to switch to direct from regular.

    If I am operating through Wealth Trust App and investing , is this advisable and OK, I am told that I can access 25 AMCs and invest/switch through app itself.

    Best Regards
    Satishwar Reddy

    • Hi Satishwar

      It appears that WealthTrust app also uses MFU at the back end, like Unovest (www.unovest.co) does.

      If you are able to switch from regular to direct, then that’s great.

      I am not really sure what else does the app do or are there charges for using it.

      Thanks.

  7. hello sir,
    i am new in mf industry and want to invest in mf through SIP with small amount in starting.i am trying to getting more and more knowledge about for same and i found direct plan,equity or open ended scheme are best.
    i have completed my kyc registration.but i little confused about some points (as per written below):-
    1) best platform to invest in india (amc,rta or registrar or direct to company website)
    2) how to know difference between direct plan and regular plan if we invest through online (self)
    3) pl suggest top mf funds for invest in for for 3-5 years period with direct plant (equity and open ended)

    pl suggest me best way.

    • Dear Jai

      Thanks for asking. To answer your questions:

      1) You can choose either of the platforms. If you are going to choose direct plans then MFU platform is one great option. Unovest (smart.unovest.co) also offers free transactions in direct plans only using the MFU backend infrastructure.

      2) All direct plans have “direct plan” in their name. That’s the way to identify them.

      3) What do you mean by the word top? Why only 3 to 5 years for equity funds? I hope you want to invest for longer 10 years plus.

      Hope this helps.

  8. Hi Vipin, your website seems highly informative. I am enjoying it.. Thank you so much..

    I got a question.. i am thinking of start investing in MF for me, my sister and my parents.. which is better? to have a separate CAN for each member? or single CAN for all members? Can you pls help me

    • Hi Anand, Thanks for your words.

      In my view, create separate CANs. Your parents could have a CAN based on anyone/survivor holding basis. Your sister and you can have separate CANs. This would be helpful in case where each will use their own money to make investments. Accounting towards taxes etc would also be easier.

      You can make nominees in each of the CANs.

      Hope this helps.

  9. I got CAN number but what next? I got through Karvy Pune. Can I invest in direct mutual fund through same office??

    • Shiv, you can use the CAN to invest via MFU. You can visit mfuindia.com to know more details.

      FYI, Unovest, our initiative also allows you to invest online using the CAN. You can create your account here smart.unovest.co.

      Hope this helps.

  10. Hello,
    what is CAN transaction CTF-SIP registration form & do i need to be fill that .One final thing as for KYC i have an option to complete it through E-KYC process as i am in saudi arabia right now, but for CAN and payezz do you have any suggestions please , how i can complete it through online or anyother way also for the same CTF if required.
    If possible can you please give me step by step after completing KYC.
    Highly appreciate your support.

    • Dear Mohammed, Thanks for the query. Once you have completed your KYC, you can login to Unovest and create your CAN application by filling it online. The system will generate a PDF For you which then, along with the necessary document proofs, has to be sent to the MFU office or to Unovest.
      With the CAN form, also include a PayEzz mandate form which will allow you to start your online SIPs. The link for the same is available on Unovest too.

      Unforunately, as of now the process is offline. Let me know if you have more queries. Thanks.

  11. Hello,

    I would be thankful if you can answer few queries regarding this CAN.

    1. I already have a CAN. Now, if I want to invest across multiple AMCs, I have to fill a CTF SIP registration form, attach a cancelled check, go to an MFU POS and physically submit them right? And if I want to redeem/switch I have to fill another CTF and repeat the process right?

    2. I don’t understand the convenience if I can NOT do all this online. Instead I can login to each AMC without going anywhere and do whatever I can.

    3. If I want to see all my funds at a place, there are websites already which provide that facility right -moneycontrol or valueresearch (No need to maintain excel sheets). How does CAN help in these matters?

    Thanks
    Aditya

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