MF Utility (MFU) is an innovative "Shared Services" initiative by the Mutual Fund industry under the aegis of Association of Mutual Funds in India (AMFI), which acts as a "Transaction Aggregation Portal" through which a Mutual Fund customer is enabled to transact in multiple schemes across Mutual Funds using a single transaction and consolidated payment.
Payment aggregators are service providers through which Mutual Funds process their payment transactions. Aggregators allow mutual funds to accept payment and bank transfers without having to set up a merchant account with a bank.
Payment Gateways are entities that provide technology infrastructure to route and facilitate processing of an online payment transaction without any involvement in handling of funds.
SEBI (MF) Regulations define a mutual fund as a fund established in the form of a trust to raise monies through the sale of units to the public or a section of the public under one or more schemes for investing in securities, money market instruments, gold or gold related instruments, real estate assets and instruments as may be specified by SEBI from time to time.
Any scheme of a Mutual Fund must have atleast 20 investors and contribution of a single investor should not exceed 25 percent of the AUM. This is referred to as the 20/25 rule. No scheme shall have AUM of less than Rs.20 crore. The minimum AUM has to be maintained on a continuous basis. 20/25 Rule is not applicable for Exchange Traded Funds (ETFs).
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