ALLOTMENT OF CAN,IINNo. of comments:4 ANAND KUMAR BHARADWAJ, INDORE, 22923 On 20-May-2015
At present all the Mutual Funds are allotting Folio/Account No to Investor separately which are very difficult to remember, keep records and to do transactions. On account of this Investors of same mode of holdings are having plenty of Folio nos within the same Mutual Fund or across the Mutual Fund.
In Oder to put all the investment of Mutual Funds under one umbrella SEBI has issued instructions that there should be only one unique account number which is easy to remember and all the investment held by Investor of same mode of holding across the Mutual Funds can be viewed at one place and investor can do transactions with the unique identification number.
To resolve this issue several Company/Stock Exchanges came into the existence like MFU India, NSE NMF II, BSE Star etc. MFU India is allotting CAN (Common Account Number), NSE NMF II is allotting IIN (Investor Identification Number) etc. to Investors.
Again Investor will have CAN No, INN Number etc etc apart from Folio No which is simple duplication of work and basic purpose to consolidate Folio Nos will be defeated. It can be avoided if Unique Identification Number is allotted by AMFI with a help of RTA.