As per recent government notification under Prevention of Money-laundering it is mandatory to link your Aadhar in all your Mutual Fund folios before 31st December 2017 failing which your folios will be made inoperative.
So I thought I will compile for everyone’s convenience various options to update your Mutual Fund records.
There are few things to remember:
- Updation of Adhaar has to be done with the individual registrar and transfer agents ( RTAs)
- Updation can be done both online and offline. Online updation is fairly simple and quick. All you need is your PAN No, mobile number registered with Aadhar and of course the Aadhar No
- For investor convenience, RTAs are facilitating single mode submission based on PAN and it will get updated/linked across all Mutual Funds serviced by an RTA. So you don’t need to individually update all folios across various Mutual funds
- Currently, Aadhaar updation has to be done by the investor themselves. Mutual Fund distributors cannot update the same on investors behalf. Modalities of the process to be followed by a distributor, to update investor Aadhaar via an AMC, are still being put in place. It is likely that you will be able to do this for online and physical distributors soon. However, there is no process in place yet.
Link Aadhar Online:
Here are the links to the different RTA’s to update your folios:
For Individuals-_ https://www.karvymfs.com/karvy/Aadhaarlinking.aspx
For Non-Individuals –
Link Aadhar Offline
Download specified forms from RTA/AMC Website, fill and submit to the nearest RTA/AMC Branch
What you need to watch out for
There could be some glitches. First, the name on your folio should match the name in your Aadhaar; else there is a chance of the request getting rejected. The Aadhaar updation is linked to each PAN holder attached to a folio. If you are a joint holder, you too may be required to furnish Aadhaar details. However, in the online process, there is no separate mention of joint holders. As of now, the updation is happening via investor approval, which means an OTP-based verification rather than a biometric one.
If your mobile number has changed and is different from your registered mobile number in Aadhar you will have to go for the offline route.
Whichever channel you choose to undertake for this, ensure that the link has been made by 31 December 2017. If not, there is a chance that you may not be allowed to transact on your folios.
#AspirePFS # MutalFunds #Aadhaar