This post was originally published on Unovest.
If you are familiar with online investments in mutual funds, you would know about Common Account Number or CAN and how it gets you a single point access to transact online in direct plans of several mutual funds. The CAN is issued by MFU, a mutual fund industry initiative.
In fact, Unovest too uses MFU’s infrastructure at the backend to process online transactions in direct plans.
However, the creation of CAN was a paper based process till now.
The good news is that CAN has now gone electronic. It means that you can now apply and get your CAN online, completely paperless.
Let’s now quickly dive in and create an e-CAN.