Topic 2: Linking Aadhaar With Mutual Funds
After your bank accounts and phone numbers, it is time to link your mutual fund folios to your Aadhaar number. If you are a new investor, just about starting with mutual funds, this may be simpler as the information can be taken during your Know Your Customer (KYC) documentation.
For existing investors who are already invested in several folios across schemes and fund houses, you have a few options on how to go about it.
1. Get in touch with the AMC: You can directly approach the asset management company (AMC) of your mutual funds. This can be done online through their website. While some have a link on the home page itself, guiding you to the page for updating Aadhaar details, others may have the link under the customer or investor services tab. Once you are there, have your folio number and Permanent Account Number (PAN) handy. Along with this information, you may also need to enter your name, date of birth, email ID and phone number linked to Aadhaar. If there is no option online, you can call your AMC directly and request to link Aadhaar, for which you may need to fill and submit a form with all the relevant details.
2. On the RTA website: Mutual fund registrar and transfer agents (RTAs) can also facilitate this update. For example, Computer Age Management Services Pvt. Ltd (Cams), an RTA, has an online link on its home page to help you connect all the folios for fund houses serviced by it. You can access it entering your PAN, name and email ID or phone number or date of birth. Next, as on an AMC's website, an OTP will get sent to your Aadhaar registered phone number. Once all details are provided, the RTA will share the same with the AMCs and you would receive confirmation from the fund house about this. Other RTAs such as Karvy Computershare Pvt Ltd, Franklin Templeton AMIL and Sundaram BFS will also be able to facilitate for the fund houses serviced by them.
3. Distributors: Modalities of the process to be followed by a distributor, to update your 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. Ideally, you should be able to update your Aadhaar and link it to your folio number through any point of transaction including distributors. If you don't want to go about doing this work yourself, just wait till the process is ironed out for the distributors to take it on.
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.
Source:valueresearchonline.com
For existing investors who are already invested in several folios across schemes and fund houses, you have a few options on how to go about it.
1. Get in touch with the AMC: You can directly approach the asset management company (AMC) of your mutual funds. This can be done online through their website. While some have a link on the home page itself, guiding you to the page for updating Aadhaar details, others may have the link under the customer or investor services tab. Once you are there, have your folio number and Permanent Account Number (PAN) handy. Along with this information, you may also need to enter your name, date of birth, email ID and phone number linked to Aadhaar. If there is no option online, you can call your AMC directly and request to link Aadhaar, for which you may need to fill and submit a form with all the relevant details.
2. On the RTA website: Mutual fund registrar and transfer agents (RTAs) can also facilitate this update. For example, Computer Age Management Services Pvt. Ltd (Cams), an RTA, has an online link on its home page to help you connect all the folios for fund houses serviced by it. You can access it entering your PAN, name and email ID or phone number or date of birth. Next, as on an AMC's website, an OTP will get sent to your Aadhaar registered phone number. Once all details are provided, the RTA will share the same with the AMCs and you would receive confirmation from the fund house about this. Other RTAs such as Karvy Computershare Pvt Ltd, Franklin Templeton AMIL and Sundaram BFS will also be able to facilitate for the fund houses serviced by them.
3. Distributors: Modalities of the process to be followed by a distributor, to update your 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. Ideally, you should be able to update your Aadhaar and link it to your folio number through any point of transaction including distributors. If you don't want to go about doing this work yourself, just wait till the process is ironed out for the distributors to take it on.
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.
Source:valueresearchonline.com