Linking Aadhaar to mutual fund folios
, ET Bureau|
Mar 01, 2018, 10.29 AM IST
The deadline of Mar 31, 2018, has been set for AMCs to link all of their customers’ Aadhaar numbers.
Mutual Funds are mandated to obtain Aadhaar number from their customers and link it to the respective accounts. The deadline of Mar 31, 2018, has been set for AMCs to link all of their customers’ Aadhaar numbers. This is in line with recent amendments to Prevention of Money Laundering Act (PMLA) Rules, 2017.
1. How do I link my Aadhaar number to my mutual fund investments?
For the sake of convenience mutual fund investors their registrars namely CAMS, Karvy, Franklin Templeton and Sundaram BNP Paribas are facilitating the process of linking your Aadhaar information in mutual funds serviced by them where you have investments. To link your mutual fund investment to your Aadhaar, you need not go to each fund house. You can complete the task at the registrar level. If you have investments in two or more fund houses which are serviced by the same registrar, you need to update your Aadhaar only once with the registrar. Similarly, if your investments are serviced by more than two registrars, you will have to go to all the registrars and update it.
2. Should I use the offline mode or online mode to link my Aadhaar?
You can use the mode which you are comfortable with. To do it offline, go to registrar website and download the relevant form, fill it, provide your folio number, attach a self attested Aadhaar and submit it for linkage. If your mobile is linked to your Aadhaar you link it to your mutual fund online. Visit the registrars website, feed in your PAN and Aadhaar, which will generate a one time password (OTP) on your mobile. Enter that and your Aadhaar will be linked. You will get a message /e-mail from the registrar confirming the same.
3. What should I do if I hold mutual fund units in demat mode?
If you are holding mutual fund units in demat form, you need to approach your depository participant and link your Aadhaar to link your demat account. In this case you do not have to approach the registrars or fund house.
4. Do all unit holders have to link their Aadhaar?
Yes it is mandatory for all the holders in a mutual fund to link their Aadhaar. If there are more than one holders in a mutual fund, all of them have to follow the same process.
5. What needs to be done for fund investments in the names of minors?
In the case of a minor, Aadhaar linking is optional. However, it is mandatory for the guardian.
6. What happens if Aadhaar is not linked to your mutual fund folio?
Fund houses can freeze MF folios not linked with Aadhaar post March 31, 2018 asper government directives.
1. How do I link my Aadhaar number to my mutual fund investments?
For the sake of convenience mutual fund investors their registrars namely CAMS, Karvy, Franklin Templeton and Sundaram BNP Paribas are facilitating the process of linking your Aadhaar information in mutual funds serviced by them where you have investments. To link your mutual fund investment to your Aadhaar, you need not go to each fund house. You can complete the task at the registrar level. If you have investments in two or more fund houses which are serviced by the same registrar, you need to update your Aadhaar only once with the registrar. Similarly, if your investments are serviced by more than two registrars, you will have to go to all the registrars and update it.
2. Should I use the offline mode or online mode to link my Aadhaar?
You can use the mode which you are comfortable with. To do it offline, go to registrar website and download the relevant form, fill it, provide your folio number, attach a self attested Aadhaar and submit it for linkage. If your mobile is linked to your Aadhaar you link it to your mutual fund online. Visit the registrars website, feed in your PAN and Aadhaar, which will generate a one time password (OTP) on your mobile. Enter that and your Aadhaar will be linked. You will get a message /e-mail from the registrar confirming the same.
3. What should I do if I hold mutual fund units in demat mode?
If you are holding mutual fund units in demat form, you need to approach your depository participant and link your Aadhaar to link your demat account. In this case you do not have to approach the registrars or fund house.
4. Do all unit holders have to link their Aadhaar?
Yes it is mandatory for all the holders in a mutual fund to link their Aadhaar. If there are more than one holders in a mutual fund, all of them have to follow the same process.
5. What needs to be done for fund investments in the names of minors?
In the case of a minor, Aadhaar linking is optional. However, it is mandatory for the guardian.
6. What happens if Aadhaar is not linked to your mutual fund folio?
Fund houses can freeze MF folios not linked with Aadhaar post March 31, 2018 asper government directives.
