The Association of Mutual Funds in India has launched a portal (MF Utility India) that will allow investors to buy schemes of fund houses using a single application and paying money through a single payment.

Investors have to open a common account number (CAN) which will function as the unique ID number for all MF investments. Transaction facility would be open from March 4, 2015.

Distributors would also benefit from 24*7 transaction submissions sitting in their office, single point for submission of documents, consolidated view of client investments across fund houses and single point information on all schemes. Value-adds such as alerts, triggers and reminders would enable investors to manage investments.