Mobile management of mutual funds

New mobile-based facilities have been rolled out for easy management of mutual fund investments.

Some mutual funds allow investors to conduct transactions over their mobile phones by sending a simple SMS. While the exact procedure may vary, the general practice requires the investor to register for the service by filling out a registration-cum-debit mandate form. The form contains details of the mobile phone number that is linked to a folio and from which transactions can be carried out.

Once filled out and signed, the form authorises direct debit of transaction amounts from the investor’s bank account for payment to the mutual fund. With the formalities out of the way, investors may purchase or redeem units in these schemes by sending an SMS to a specified number. Upon receipt of such SMSes by the registrar’s server, the request will be electronically time-stamped and units issued or redeemed as per the applicable NAV.

AMCs may specify only certain schemes for which transactions can be done through SMS. Check with your fund if the facility is available to you.

Mutual fund registrars have also created mobile apps that allow customers to manage and access information related to their portfolios. Upon downloading the application, an investor is required to provide login credentials, namely their email id and password, to complete registration. Registration authentication is done on the basis of the email ID registered against individual portfolios. One such example is myCAMS, which gives users access to an array of information and services related to their mutual fund investments.

Portfolio valuation: The application provides an overview of the market value and cost value of holdings. Consolidated value, fund-wise value, scheme-wise value and disaggregated folio-wise value are handy features. Pictorial charts enable an instant analysis of holdings across funds. For evaluation of more than one folio, investors need to ensure that the same email ID is registered against each investment. To do so, submit a written request to the AMC/registrar.

Detailed account information: This section provides information on the name, PAN number, tax status, KYC status, nomination details and bank details of an investor at the folio-level.

Transactions: A detailed summary of all transactions over the last three transacted days, for quick reference.

Service requests: Investors can use the application to order statements or send queries and complaints via the customer care section.

Contributed by CAMS Viveka, an Investor Education Initiative from CAMS.