New guidelines come into effect for mutual fund investors. Have you updated your mobile number and mail id?
Premium- Mutual Fund houses communicate with their customers via e-mails and mobile text messages
Have you changed your mobile number and e-mail id? Aprt ffom informing your family and friends about the same, you must also inform your mutual fund house. Fund houses communicate with their customers via e-mails and mobile text messages.
Why do mutual funds need e-mail IDs and mobile numbers?
Your fund house sends out all communication related to your investment transactions over an e-mail. If you buy or sell units, the fund house sends you an SMS on your mobile phone to get a physical statement via post. That's why you always need to keep your contact details updated with your fund house. In addition to this, the depositories send a common account statement to your e-mail id.
"Pursuant to AMFI circular # 97/2021-22 dated 28th March 2022, Mutual fund (MF) investor’s own email id / mobile number should only be registered in their folios. Email IDs or mobile number of Distributors /RIA / RTA/ AMC should not be registered in a folio unless it is an own investment or is one of the holders in the folio or upon submission of declaration of family member, CAMS said in an email/mobile remediation circular.
Computer Age Management Services or CAMS, is a SEBI-registered R&T or registrar and transfer agency that provides state-of-the-art processing solutions to mutual fund companies. It is one of the leading financial infrastructure and services providers to mutual funds and other financial institutions in India for over two decades.
“Accordingly, on behalf of AMCs, CAMS has carried out a verification process to detect seeding of contact details of intermediaries (MFD, EUIN, RIA) or their employees in folios which do not belong to such persons/entities. Email IDs and mobile number of intermediaries wherever found were removed from investor’s folio(s) on or before 30th September 2022 and communication will be sent to respective unit holders," read CAMS circular.
How can the investor update a new email id/mobile belonging to self?
Digital Mode
-The communication sent to the alternate email/mobile number to the impacted investor will have the link for updating the new email or mobile number post authentication.
-Investor can also directly visit our website www.camsonline.com for updating the new contact details.
-If the email id or mobile that belongs to a family member needs to be registered, then "Family Declaration"** can be updated through camsonline portal.
-Family members permitted: Self, Spouse, Guardian, Dependent children, Dependent siblings and Dependent parents.
In addition, investors can choose to respective AMCs’ portal or MFCentral and carryout the change in their mobile or email ID
Physical mode
-Investors can download the relevant forms from www.camsonline.com for updating new contact details or family declaration and send to any of our offices directly or through your intermediary.
-Forms for updating the contact details or family declarations are readily available in all our front offices.
Meanwhile, the mutual fund industry saw total net outflows of ₹40,123.95 in September in open-ended schemes compared with net inflows of ₹63,843.47 crore seen in the previous month. In September, the debt segment saw outflows of ₹65,372 crore compared with net inflows of ₹49,165 crore in August.
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