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ALLOTMENT OF CAN,IIN
No. of Comments: 4
By 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.


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Comments
Posted by S GOURISHANKAR on 23-Apr-2017 ARN NO :26066 City :Bangalore
The best identification no is the pan no. Aadhar no could be an alternative.

Posted by e m sivasankaran on 22-May-2015 ARN NO :56234 City :manjeri
a welcome suggestion.

Posted by VIJAY KUMAR AGRAWAL on 20-May-2015 ARN NO :2912 City :INDORE
I agree with Bharadwajji, matter of unique no. should be resolved. MFU, NSE and AMFI should meet and resolved it properly.

Posted by CHETAN DOSHI on 20-May-2015 ARN NO :0605 City :Indore
As far as Unique Identification no is concerned aforesaid statement seems to be correct and should be resolved by SEBI / AMFI. But now one more scene is that if one client routs his investements with two IFA one i.e A) is connected with MFU and B) is connected with NSE Platform and that client has been allotted both the numbers i.e CAN NO. & INN NO. In that case what will be the position that client. He has been allotted Folio Nos by MF 2) he has also been allotted CAN no. 3) He has also been allotted INN no. Pl give comments on this issue also. Chetan Doshi

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