Updating your mutual fund folios

Investors often have to interact with mutual funds to maintain their folios and change personal details or even the mode of operation of the account. Some frequently asked queries and the procedural requirement to make such changes are discussed below.

We have invested in a fund and chosen to keep it a joint account. We wish to change to the mode of operation to ‘either or survivor’ for convenience. Is it possible?

Yes, a change in mode of operation is possible. Investors may send a written request to the fund, duly signed by all the holders mentioning clearly the folio number and asking for the change 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 fund concerned regarding this requirement.

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

The procedure is different for investors who are KYC-compliant and those who have not yet completed these formalities. The former may fill a change request form and submit to the KYC Registration Agency. This form contains details of the documents required to be submitted, that is, proof of the new address. Once this has been updated in the records of the Agency, the new address will automatically get updated in all folios across funds where your KYC status has been updated.

Investors who have not yet completed KYC formalities 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 as proof of identity. For address proof, investors may submit a copy of their ration card, the latest utility bill or bank statement, or their passport. Separate requests would have to be submitted for each fund.

A few funds may require the copies of these to be attested by the bank manager, notarised or verified over the counter at the service centre.

Investors will do well to become KYC-compliant and register their status with the funds to facilitate a single-point change in future.

Can mutual funds update my personal contact details such as e-mail id through an e-mail instruction?

As a general rule, funds do not update any personal details through instructions received over e-mail due to security reasons. 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 only after due verification of the signature(s).

Financial information, statements and transaction confirmations are sent to the e-mail id registered in the investor’s folio. In addition to being confirmations for transactions, these e-mails also serve to alert investors of a recent transaction that has taken place in the folio. It is imperative, therefore, in the interest of security of investor data that personal details are recorded/changed with due care. Hence, investors are asked to submit written requests. Some funds may allow update of some contact details through their own toll-free numbers. The officers updating these e-mail/telephone numbers will do so after a process of verification.

(Contributed by CAMS Viveka, an investor-education initiative from CAMS. The views expressed herein are general practices in the mutual fund industry and may vary according to the case.)

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