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Association of Mutual Funds in India Entrusts Polaris with

Chennai, Tamil Nadu, India, Monday, June 17, 2013 -- (Business Wire India) 
Comprehensive first-of-its-kind National Financial Infrastructure for investors,
distributors and brokers 
Polaris Financial Technology Ltd, a leader in products, solutions and services
that enable unprecedented operational productivity for the global Financial
Services industry, today announced that Association of Mutual Funds in India
(AMFI) has entrusted Polaris with implementing MF Utility, a Centralized Mutual
Fund distribution platform, in India. This platform will improve retail
penetration through geographic reach, enhance customer convenience and
operations & service efficiency, while enabling significant reductions in cost
for the Mutual Funds industry. 
Polaris was awarded the project because of deep domain knowledge and experience
in developing and maintaining a high performance OLTP platform for the Chicago
Mercantile Exchange, as well as solutions for the RBI and NABARD. AMFI is a not
for profit industry association dedicated to developing the Indian Mutual Fund
Industry by establishing and maintaining standards to protect and promote the
interests of mutual funds and their unit holders. 
Speaking on the occasion, K Srinivasan, EVP, Indian Subcontinent, Middle East
and Africa (IMEA) Markets, Polaris Financial Technology Limited said, “It is
noteworthy that we have been chosen to partner AMFI on this initiative that is
of significant national importance and represents a key part of our National
Financial Infrastructure. The MF Utility application will be implemented in nine
months and will serve as a testament to Polaris' solution development
capability.” 
The MF Utility web application will benefit all segments of investors,
distributors and brokers by catering to their individual interests, reducing
cost and risk and offering better service and transparency. This web enabled
front-end application, functioning as an ‘Order Routing' tool, will also
benefit all Asset Management Companies (AMCs), the Registrar and Transfer Agents
(RTAs), investor brokerage companies and regulators. 
The MF Utility platform, with web based access, offers investors benefits such
as a single login ID to access or transact within the entire Mutual Fund
industry, single cheque payments for multiple transactions, generation of Common
Account Statements, generation of Cap Gain Statement, and a complaints and
feedback module. It also offers independent financial analysts and distributors
benefits such as bulk upload of all transactions, ability to get industry MIS,
one view customer portfolio, brokerage statements, client level alerts, cost
saving and better transaction efficiencies. 
Polaris' implementation will provide AMFI order routing and payment mechanisms
with connectivity to RTAs, AMCs, Stock Exchanges, depositories, banks and
centralized KYC repository. The first year of the implementation is expected to
see 20,000 concurrent connections across the 25,000 distributors, 50,000
Investors, 45 Mutual Funds, 5 RTAs, 2 Depositories, 3 Banks and the 2 Stock
Exchanges. 
About Association of Mutual Funds in India (AMFI) 
AMFI is a trade body of all the mutual funds in India. It was incorporated in
August 1995 as a non-profit organisation to promote and protect the interests of
mutual funds and their unitholders, define and maintain high ethical and
professional standards and enhance public awareness of mutual funds. All mutual
funds in India are members of the association. AMFI works through committees and
working groups. AMFI has worked closely with SEBI in establishing standards that
match the best in the world. It has played a significant role in introducing
best practices to reinforce the growth of the industry on healthy lines and
protect the interests of the investors. AMFI compiles and publishes data on a
monthly and quarterly basis. For more information, please visit
http://www.amfiindia.com 
About Polaris Financial Technology Ltd 
Polaris Financial Technology Limited is a global leader in Financial Technology
for Banking, Insurance and other Financial Services. With over 25 years of
expertise in building a comprehensive portfolio of products, smart legacy
modernization services and consulting, Polaris owns the largest set of
Intellectual Properties for a comprehensive product suite, Intellect® Global
Universal Banking (GUB) M180. Intellect® is the world's first pure play Service
Oriented Architecture (SOA) based application suite for Retail, Corporate,
Investment banking and Insurance. Its acclaimed products, solutions and services
enable unprecedented operational productivity for the global Financial Services
Industry by Building, Maintaining, Expanding and Extending highly complex and
Integrated Financial Technology Infrastructure.  
This makes Polaris the chosen partner for 9 of the top 10 global banks and 7 of
the top 10 global insurance companies. The company has a global presence through
its 40 relationship offices across 30 countries, 6 international development
centers and 8 fully owned Business Solution centers. Polaris has a talent
strength of over 13,000 solution architects, domain and technology experts. For
more information, please visit http://www.polarisFT.com/ 
Media contact details 
Minal Sahani, For Media related info,
Polaris Financial Technology Ltd.,
+91 9176626468,
minal.sahani@polarisFT.com 
G. Sunanthy Devi, For Investor related info,
Polaris Financial Technology Ltd,
+91 8939933564,
sunanthy.g@polarisFT.com 
Contributed via: Bloomberg Publisher WEB Service 
Provider ID: d76750f04a7a48f687e7b8e02ba74522 
-0- Jun/17/2013 12:58 GMT
 
 
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