Here’s how to update your MF folios

Investors often interact with mutual funds or their registrars to make changes in personal details or even in the mode of operation of the account. Some frequently asked queries are responded to here.

We have invested in a fund and chosen ‘Joint’ as the mode of operating the account. We wish to change to ‘Either or Survivor’ for convenience. Is it possible?

Yes. Investors must send a written request to the fund, duly signed by all the holders mentioning clearly the folio number and asking for the change in mode of operation of the folio to ‘Either or Survivor’.

Is it possible to add a joint holder in an existing folio?

Most funds do not allow the addition of a joint holder in a folio. However, you may check with the concerned fund regarding this requirement.

Do I have to submit proof of identity/address to change address in my folios?

Investors who are KYC-compliant need to fill a ‘Change Request’ form and submit it to the KYC Registration Agency (KRA). This form contains details of the documents required to be submitted i.e. proof of the new address. Once this has been updated in the records of the KRA, the new address will automatically get updated in all folios across funds where your KYC status has been updated.

Please note that in folios where the KYC status is updated, mutual funds will not directly update any change of address. It has to be done through a KYC ‘Change Request’.

Investors, who have not yet completed KYC formalities and wish to update details immediately, need to submit documents along with a written request duly signed by the holder(s) according to the mode of holding, separately to each fund.

A self-attested proof of identity and proof of address would have to be submitted along with the request letter. Most funds ask for a copy of the PAN to be submitted as proof of identity. For address proof, investors may submit a copy of ration card, latest utility bill, bank statement or passport. Separate requests would have to be submitted for each fund.

It may be noted that funds may require the copies of these to be verified with the originals/duly attested copies at the AMC/Registrar Service Centre. Investors are advised to become KYC compliant and register their KYC status with mutual funds to facilitate a single-point change of address in future.

Can mutual funds update my personal contact details, such as email ID, through an instruction over email?

Please note that for security reasons, most funds do not update any personal details through instructions received over email. To prevent unauthorised changes in personal details, investors are requested to submit a written request duly signed according to the mode of holding. Any change in the folios is made after due verification of the signature(s).

Financial information, statements and transaction confirmations are sent to the email ID registered in the investor’s folio.

It is imperative, therefore, in the interest of security of investor data that personal details are recorded/changed with due care and therefore a duly signed written request is asked for.

Some funds may allow updation of certain contact details through their own toll-free numbers. The officers updating these email/telephone numbers will do so after a process of verification.

(Contributed by CAMS Viveka, an Investor Education Initiative from CAMS. Views expressed are general practices in the MF industry and may vary from case to case.)

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