MF Utilities announces suspension of new investments into Quant MF schemes
1 min read . Updated: 25 Jan 2023, 10:45 PM IST
Premium- The mutual funds platform will not be allowing new investments into Quant MF’s schemes with effect from February 1
Mutual Fund Utilities (MFU) has announced the suspension of new investments into Quant Mutual Fund schemes via its platform. As per a communication sent out by MFU today, the mutual funds platform will not be allowing new investments into Quant MF’s schemes with effect from February 1. “Both CAN (common account number) and folio-based transactions, that is, subscription and SIPs (systematic investment plans) will be restricted. eCAN registration through Quant MF website will continue," as per the communication.
MFU is a platform that investors, distributors and other intermediaries can use for mutual fund transactions. According to sources, pending dues from Quant MF triggered the decision by MFU.
Existing Quant MF investors can however, rest easy. As per the communication, there will be no impact on active SIPs, STPs (systematic transfer plan), and SWPs (systematic withdrawal plan) registered on or before February 1. There will also be no impact on Quant MF folio mapping and its holdings in the MFU dashboard. For further details, one can contact MFU on its centralised compliance module (CenCoM) or on 022-6134 4316 between Monday to Saturday.
Mint will update the story once Quant MF responds to the query sent.