Mutual Funds

How to make changes in mutual fund folios

| Updated on March 10, 2018

Investors may change their name due to marriage or other reasons. This change needs to be recorded in their MF folios. Similarly, the name in the application form may, inadvertently, have been filled incorrectly and the investor would need to get the same rectified.

The requirements in this regard are given below. These may vary slightly from fund to fund.

change in name

Investors who have changed their name and recorded the same in the Gazette should submit the following documents to the mutual fund:

A request letter duly signed. The signature of the investor should be attested by the Bank Manager in case of a change in signature.

A copy of the Gazette notification duly attested by a Notary Public.

A copy of the PAN Card reflecting the new name. This would mean that the investor has got the name change effected in the records of Income Tax before submitting the request to the mutual fund.

Some mutual funds ask for an Indemnity Bond on stamp paper. The format of the Bond would be available with the mutual fund and available to investors on request.

Investors should get the name change effected with the KYC Registration Agency.

Change request forms are available at the KRA Web sites and investors should fill in the section of the form — New Identity Details — specifying the change in name and submit the required documents.

Proof of KYC verification should be submitted along with the request to the mutual fund to change the name.

Some funds may also request a proof of change in name in the bank account. Investors should submit an original cancelled cheque leaf in which the unit holder’s name is printed or a copy of the bank statement, passbook, duly attested by the Bank Manager. The name should match with the name in the request.

Investors may check with individual funds for fund-specific requirements.

After marriage

If an investor seeks a change in name citing marriage as reason, the following need to be submitted:

A written request duly signed (with both old and new signature and the new signature attested by the existing banker on record)

Notarised copy of marriage certificate

In the absence of a marriage certificate, an affidavit on a stamp paper as specified by the fund. The format of this affidavit can be obtained from the mutual fund.

A copy of the PAN. The PAN number should be the same as before and the name change should be reflected in the PAN.

Investor should have applied for and registered the change of name with the KYC Registration Agency and submit proof for the same. Proof of KYC verification should be submitted along with the request.

Incorrect details

Sometimes the investor may require a minor correction due to the application form being filled incorrectly.

In such cases, he/she may send a request letter, duly signed, along with a copy of the PAN.

The PAN number should be the same as the one already registered in the folio.

The KYC should be in the correct name as requested by the investor with proof of KYC verified status submitted. Some mutual funds may ask for an Indemnity Bond or an affidavit from the investor. In case of major corrections, investors may contact the fund for details.

Minor changes

When it comes to minor changes such as adding a middle name, expansion of initials, this is what is required to be done:

Investors who desire to include middle name/expansion of initial may do so by sending a request letter duly signed and submit a certificate from the Banker, being the Banker on record in the folio, confirming the account holder’s full name.

A reference will be made to the copy of the PAN to verify the full name. Some funds may ask for an affidavit duly notarised in original on Rs 100/non-judicial stamp paper stating the old and new names of the person and also clearly specifying that both the names refer to one and the same person.

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

Published on May 18, 2013

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