Latest news with #MFCentral
Economic Times
4 days ago
- Business
- Economic Times
This mutual fund investment platform to shut down from June 30, 2025: What happens to your active SIPs, existing investments?
Getty Images Piggy platform closure Piggy, a popular mutual fund investment platform, will cease operations in June. The company has recently notified all its customers through emails about this matter. Several users express concerns regarding the future of their ongoing investments, SIP (Systematic Investment Plan) mandates, and access to tax and transaction records.'After much reflection, we've decided to discontinue further development and support for the Piggy app and web portal. The platform will go offline 30 days from today,' the company announced in an email on May 30, company has clarified various topics through mail to guide customers on managing their SIPs, pending redemptions, and dividend payouts. Can I transfer my SIP to other MF platforms? It's important to note that SIP mandates cannot be transferred to another platform. You need to set up new SIPs on MF Central, individual AMC websites, or any other investment platform you choose. What happens to my active Piggy SIPs, can they be transferred? All SIP mandates set up through Piggy will be automatically cancelled between June 15 and 20, 2025, according to the company's email. If you prefer to stop them earlier, you can do so manually through the Piggy app. Alternatively, you can contact your bank to cancel any standing instructions issued in the name of BSE Star or are the FAQs from the Piggy platform, which customers should note:Do I need to withdraw my money before Piggy shuts down? No. Your mutual fund units live with the fund houses and their RTAs (CAMS or KFintech). Piggy is just a viewing/transacting layer. Even after our app goes dark, you can:Log in at individual AMC/RTA portals, or their mobile a Consolidated Account Statement (CAS) from CAMS or MF Central any time you need a snapshot of all holdings. Bank holidays in June 2025: Check full list of state-wise bank holidays What happens to my active SIPs? Can they be moved? Automatic stop: Every SIP mandate set up through Piggy will be cancelled between 15 and 20 June it sooner: Open the Piggy app, tap your profile (top-left), go to upcoming events, click on 'Stop SIP.'Bank route: You can also tell your bank to cancel any standing instructions in the name of BSE Star / ICCL. Transfer? Sadly, SIP mandates cannot be ported. You'll need to start fresh SIPs on MF Central, AMC sites, or another platform of your choice. Can I buy or sell from other platforms? Absolutely. Because these are 'physical' (RTA-held) units, any service that supports importing external folios can handle them. Popular options:MF Central (industry-wide)Fund house or RTA portals/appsThird-party investment apps that let you link existing folios (check with their support teams). What about pending redemptions or dividend payouts? Redemption orders placed before Piggy shuts down will be processed normally. Dividends will keep flowing straight to your registered bank account. Piggy's closure doesn't affect AMC payouts. How do I get tax statements after Piggy is gone? Capital gains reports: MF Central and CAMS both offer period-wise capital gains statements. Is my personal data still safe? Yes. We're following standard data-retention rules and will wipe or anonymise what's no longer required by law.
Time of India
4 days ago
- Business
- Time of India
This mutual fund investment platform to shut down from June 30, 2025: What happens to your active SIPs, existing investments?
Piggy, a popular mutual fund investment platform, will cease operations in June. The company has recently notified all its customers through emails about this matter. Several users express concerns regarding the future of their ongoing investments, SIP (Systematic Investment Plan) mandates, and access to tax and transaction records. 'After much reflection, we've decided to discontinue further development and support for the Piggy app and web portal. The platform will go offline 30 days from today,' the company announced in an email on May 30, 2025. The company has clarified various topics through mail to guide customers on managing their SIPs, pending redemptions, and dividend payouts. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Can I transfer my SIP to other MF platforms? It's important to note that SIP mandates cannot be transferred to another platform. You need to set up new SIPs on MF Central, individual AMC websites, or any other investment platform you choose. Live Events What happens to my active Piggy SIPs , can they be transferred? All SIP mandates set up through Piggy will be automatically cancelled between June 15 and 20, 2025, according to the company's email. If you prefer to stop them earlier, you can do so manually through the Piggy app. Alternatively, you can contact your bank to cancel any standing instructions issued in the name of BSE Star or ICCL. Here are the FAQs from the Piggy platform, which customers should note: Do I need to withdraw my money before Piggy shuts down? No. Your mutual fund units live with the fund houses and their RTAs ( CAMS or KFintech). Piggy is just a viewing/transacting layer. Even after our app goes dark, you can: Log in at individual AMC/RTA portals, or their mobile apps. Request a Consolidated Account Statement (CAS) from CAMS or MF Central any time you need a snapshot of all holdings. Bank holidays in June 2025: Check full list of state-wise bank holidays What happens to my active SIPs? Can they be moved? Automatic stop: Every SIP mandate set up through Piggy will be cancelled between 15 and 20 June 2025. Stop it sooner: Open the Piggy app, tap your profile (top-left), go to upcoming events, click on 'Stop SIP.' Bank route: You can also tell your bank to cancel any standing instructions in the name of BSE Star / ICCL. Transfer? Sadly, SIP mandates cannot be ported. You'll need to start fresh SIPs on MF Central, AMC sites, or another platform of your choice. Can I buy or sell from other platforms? Absolutely. Because these are 'physical' (RTA-held) units, any service that supports importing external folios can handle them. Popular options: MF Central (industry-wide) Fund house or RTA portals/apps Third-party investment apps that let you link existing folios (check with their support teams). What about pending redemptions or dividend payouts? Redemption orders placed before Piggy shuts down will be processed normally. Dividends will keep flowing straight to your registered bank account. Piggy's closure doesn't affect AMC payouts. How do I get tax statements after Piggy is gone? Capital gains reports: MF Central and CAMS both offer period-wise capital gains statements. Is my personal data still safe? Yes. We're following standard data-retention rules and will wipe or anonymise what's no longer required by law.
Mint
29-04-2025
- Business
- Mint
MF Central by CAMS and KFintech: Consolidate, update and transfer mutual funds easily
MF Central is a unified digital platform designed to simplify mutual fund management for investors in India. It was launched in 2021 as a collaboration between CAMS and KFintech, following directions from SEBI. While updating nominee details is one of its most widely used features, it is important to recognise that MF Central offers several other services aimed at enhancing investor convenience and comfort. All these services are delivered in compliance with regulatory rules, regulations, and standards. Let us now explore three key features of MF Central beyond nominee detail updates. Several investors hold multiple portfolios across various Asset Management Companies (AMCs) such as SBI Fund Management, HDFC AMC, and ICICI Prudential AMC. This can lead to fragmentation and make it difficult to manage all portfolios efficiently. MF Central plays a crucial role in such situations. This platform allows users to consolidate these portfolios and their holdings, provided they share the same Permanent Account Number (PAN), mode of holding along with other key details. Therefore, this consolidation simplifies the tracking and management of individual portfolios. Thus making investing a pleasant experience for individual retail investors. To ensure seamless mutual fund transactions, it is essential to keep contact and bank details up to date. The MF Central platform allows investors to update their email address, residential address, phone number, and bank account details across all mutual fund holdings through a single request by submitting a simple form. This feature ensures that all communications and transactions are properly directed, significantly reducing the risk of digital fraud, scams, failed transactions, or missed updates. In unfortunate circumstances such as the demise of the investor, transferring mutual fund units to the rightful heir can be a long, drawn-out, complex process. MF Central helps immensely simplify this process by providing applicants with an online facility to transfer units. Legal heirs and all rightful owners can initiate the transfer of shares by submitting the necessary documents digitally, streamlining what was previously cumbersome. Therefore, as the Indian mutual fund ecosystem continues to grow and evolve, digital platforms such as MF Central are becoming increasingly crucial by fostering financial inclusion along with empowering investors. Beyond just updating nominee details, MF Central's key role in reducing paperwork and focusing on compliance helps save time. The platform's capabilities around folio consolidation, contact and bank detail updation, and unit transmission play an extremely important role in making investing easier in the country. Hence, irrespective of you being a new investor or a seasoned one, using MF Central can help you effectively manage your investments with clarity, greater transparency, efficiency and peace of mind. Making mutual fund investments truly digital first and investor-friendly. Further, for more details and clarifications on the platform, refer to its official website at: Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers are encouraged to consult their financial advisor or visit the official MF Central website for the most accurate and updated information. First Published: 29 Apr 2025, 04:41 PM IST
