I am a new investor and wish to know the procedures of switch transaction.
The request of Switch will only be processed if both the schemes have a Business Day on the date of receipt of such switch request. Otherwise it will be processed on the next Business Day on which both the schemes have a Business Day. If the switch / change are within two plans of the same scheme having the same portfolio, the switch would happen on the date of receipt of the switch request irrespective of any amount.
I want to make my mutual fund scheme payment by cheque issued by one of my friend in favor of scheme. Does the mutual fund accept that payment?
The AMFI guidelines clearly notified that the Fund shall not accept applications for subscription of units accompanied with Third Party Payments except certain exceptions such as Payment made by employer on behalf of employee under SIP scheme, Parents or Guardians on behalf of minors and custodian on behalf of FII or a Client.
What refers to Transaction through Stock Exchange?
This facility enables transactions (purchase/redemption) of Mutual Fund Scheme units through Bombay Stock Exchange Platform for Allotment and Redemption of Mutual Funds (BSE STAR MF) with BSE and Mutual Fund Services System (MFSS) with NSE. The AMFI certified persons having proper ARN number are only authorized to execute the order of their clients and such transaction processes is executed by MFSS (Mutual Fund Service System) module with an option of physical/demat investment form.
What is DEMAT Transaction?
The conversion of units from physical to electronic form by filling a Demat request Form along with the physical certificate is called dematerializing of securities and the vice versa is called Rematerialisation. Investor nee to contact Depository Participant (DP) for the above said process. Depository Participant (DP) is a financial organization like a bank, broker, financial institution or custodian acting as an agent of the depository to make its services available to the investors. Each DP is assigned a unique identification number known as DP-ID.
I am a mutual fund investor and completed my KYC. Can I change my address?
Yes, you can change your address by providing KYC Detail Change form, Proof of new address (POA) to the KYC Registration Agency. The KYC Registration Agency may specify other document as per the prevailing norms.
Define the Web based platform of investment for a new investor.
The web based platform is a facility to make the investment procedure simple and easy. A new investor need to follow some simple steps :
- Open the web page
- Fill the investor personal information including Pan
- Select the fund in which want to invest
- Fill the nominee details
- Enter the bank detail of investor
- Create user name and password
- Select the payment option
- Submit the transaction.
Who can avail the web based platform facility of investment?
An investor who falls in category of Resident Individual (mode of holding Single or Anyone or Survivor), Minor, HUF (Hindu undivided family), Sole Proprietor and Non Resident Indian (NRI) can avail the Web based platform facility of investment.
What is call based platform for existing customers?
The call based platform is a facility by which an existing customer can perform purchase, redemption and switch transaction by making a call on specified telephone numbers after providing certain information.
What is the procedure of Call and Transact facility?
Call and Transact facility procedure refers to making a call on the specified number and conducts the purchase, redemption and switch transaction by providing one time mandate registration (OTM) and Folio number along with other required information to the concerned authority.
What is Mobile based platform of investment for a new investor.
The Mobile based platform is a mobile application facility to make the investment procedure simple and easy. A new investor need to download this app on their mobile and set the user name & password. By using this app an investor can comply with eKYC and invest upto Rs 50000 per scheme per financial year. Investor also can go for, Lumpsum purchase, redemption, SIP, STP and rollover.
What is Mobile based platform of investment for a Existing investors.
Login through mobile app by using the user ID and password , verify the one time password (OTP) and conduct the Lumpsum purchase, redemption, SIP, STP and rollover activity.
What is the procedure to make any change in the name of investor?
In case of any change in name of investor, fallowing documents need to be provided –
- Properly filled and signed standalone form from the investor
- Affidavit for change in name on prescribed format
- New and Old Pan card
- Bank account details with the new name as per change of bank mandate format
- Copy of advertisement given for name change in 2 newspaper in which one in a national daily or a notified copy of Notification in Official Gazette of India
- Any official/legal document reflecting the name change and having registered address
What is the procedure to Change the name in consequent of marriage?
If the change in name is required due to marriage, documents need to be provided are properly filled and signed standalone form from the investor along with a notarized copy of marriage certificate and a declaration certificate.
What is the procedure to Change the name in consequent of divorce?
If the change in name is required due to marriage, documents need to be provided are properly filled and signed standalone form from the investor along with a notarized copy of divorce certificate and a declaration certificate.
What is the procedure to correct the minor spelling mistake/ correction in the name of investor?
If spelling in the name is not correct and it appears to be a genuine case , the correction shall be considered for name after doing a KYC. Such investors need to provide completely filled and signed standalone form along with self attested copy of PAN card. Apart from this they need to provide Any Document with new /revised name having registered address eg. KYC acknowledgement letter with address, Passport copy, Election card copy, Aadhar card copy, Utility bills copy, Driving license copy, Registered bank statement copy (All documents to attested in original)
What is the procedure to do the major correction in the name of investor?
For major correction in name, every investor need to fill the required form who’s signature must tally with the signature of investor on the I D proof. A printed cancelled cheque along with bank account details including the correct name of investor should be submitted with the request form. If the investor has multiple folios in his name and the mode of holding is ‘Either or Survivor’, and the investor is not the primary holder in all the folios, then the investor can submit a single indemnity bond for all the folios for correction of name. The same applies to joint holders in the folio. However, the investor will have to descriptively mention his folio, his name and the order of holding (1st /2nd /3rd holder)
I wish to update my signature. Kindly explain me the procedure.
You can update your new signature by filling the Standalone form / request letter along with attested signature of folio registered bank mandate which include (in original) the account number, name of Signatory, employee code, Designation (Branch Manager & above), Bank Full seal and Signature) and attested copy of ID proof.
If you are not able to provide folio registered bank mandate due to any valid reasons, you have to submit signature attestation from your new bank (in original) which must include account number, name of Signatory, employee code, Designation (Branch Manager & above), Bank Full seal and Signature) OR Affidavit on Rs 100/- stamp paper requesting for new signature with notary attestation. Apart from this you will have to submit Copy of photo identification (id) proof, folio registered address proof e.g. PAN, Passport, Aadhaar card, driving license etc. and registered mobile/landline bill copy.
What is the procedure for Multiple Bank Mandate Registration?
Multiple Bank Mandate Registration can be done by filling the registration form mentioning the multiple bank details along with submitting supporting documents such as a printed (name & account number) cancelled cheque of each bank. If the name & account number on cheque is hand written, a certified account detail with last three month bank statement of each bank is required. Individuals/HuF can register maximum 5 different bank accounts and Non-individuals can register maximum 10 different bank accounts for a folio.
How can I change /update my contact detail?
You can change / update your contact details by submitting an online request to add email id/ mobile number in your folio or vice versa. You can submit a written request at any of the customer service point also.
What is the procedure of LIEN Registration?
LIEN Registration can be done by making a Request letter from Investor clearly specifying the folio number, scheme, units and the person/ institution in whose favor the lien has to be marked. A clearly mention consent letter is also needed which must include whether the accretion dividend (if any) will be paid to the investor (normal lien) or will be paid to the person/bank/institution in whose favor the lien is marked (dynamic lien).
What is the procedure of cancelation of LIEN Registration?
Cancelation of LIEN Registration can be done by making a Request from Investor clearly specifying the folio number, scheme, units and the person/institution in whose favour the lien has to be removed. A letter of consent from the person/institution in whose favour the lien has to be removed along with ASL of constitution is also to be submitted along with such request letter.
What is the procedure of change of guardian in case of a minor investor?
The new guardian need to submit a completely filled and signed standalone form, no objection certificate (NoC) or Consent Letter from existing guardian or Court Order for new guardian, in case the existing guardian is alive, notarized copy or attested copy(attested by bank manager, magistrate, AMC authorized person) of the Death Certificate of the deceased guardian, documentary evidence of the relationship with minor, Bank attested signature of new guardian, KYC of the new guardian, FATCA Form and Aadhaar Updation Form.
How an investor can modify or update the status of nominee?
An investor can modify or update the status of nominee by filling the nomination Form duly signed by all the unit holder(s) irrespective of mode of holding.
Define me the procedure of Aadhaar updation?
Aadhar can be updated by on line mode/ physical mode/ Electronic mode. For on line mode, investor needs to go through AMC and CAMS website. For physical mode, investors need to fill the required form and submit it to the nearest CAMS/ AMC branches. For electronic mode, investor need to send the scanned images through authorized Email address.
What is the procedure to make change in mode of holding?
All the holders of a folio need to fill, sign and submit the standalone form for change the mode of holding but this facility is not applicable to single mode of holding folios.
How can I change my Broker?
You can change your broker by submitting a Duly filled and signed standalone form from.
Is it mandatory to submit my Aadhaar number for investment in mutual funds?
Yes, as per the Rules of central government (PREVENTION OF MONEY-LAUNDERING) it is mandatory for every investor to submit Aadhaar number issued by the Unique Identification Authority of India (UIDAI) for mutual fund investments.
I have submitted my Aadhaar number through any one of the modes specified, shall it get linked to my Folio(s) instantly?
Your Aadhaar Number will be linked only after the authentication done by RTA/AMC with UIDAI database with the data as per MF records.
If the given Aadhaar does not match with the data base of mutual funds and authentication fails, what will happen to my Folio(s)?
In case of failure of Aadhaar authentication, Folio(s) may be made inoperative and further transaction(s) may be liable for rejection.
I have completed my CKYC process and obtained KIN (KYC Identification Number) earlier, am I required getting it done again?
During CKYC process, if you have provided your Aadhaar information as Proof of Identity or Proof of Address while completing your CKYC, there is no need to submit it again. But if you have not provided Aadhaar information at that time, you need to submit it for authentication purpose.
I am having Aadhaar number but do not have PAN. Up to what amount I can invest in mutual fund schemes?
You can investment upto INR. 50,000/- per year per Mutual Fund without submitted your PAN card number.