Linking Aadhaar Is Mandatory from January 2018, for MF Investments - Says AMFI
If you haven’t yet linked your Aadhaar with your mutual fund investment folio, then it’s time to do it before your folio gets freeze. The Association of Mutual Funds in India (AMFI) has passed an addendum recently which says Aadhaar number will be a mandatory detail for making any investments in mutual funds. It further says that the addendum will be effective from January 1, 2018, onward.
AMFI has also directed all the asset management companies (AMCs) to ensure the linking the Aadhaar with the existing investments before December 31, 2017. And w.e.f. January 2018, no fund house should accept any investments without the accomplishment of Aadhaar details of the investors.
Therefore, it becomes mandatory to be Aadhaar compliant in order to invest in mutual funds. The AMFI also ask the fund houses to freeze all the non-Aadhaar complaint portfolios for any fresh investments in mutual funds from January 2018 onward.
In an e-mail communication, on October 23, 2017, AMFI has directed that no new mutual fund investments will be entertained if the investor will not present the Aadhaar details to the respective investment management company, or if the investor is a non-Aadhaar compliant w.e.f January 2018.
However, the asset management companies can allow the investors to invest in mutual funds without furnishing the details of the respective Aadhaar Card at their own care, but they have to update the details before December 31, 2017. Moreover, the Ministry of Finance has also directed the fund houses to get the Aadhaar details linked with all the respective investment folios of the investors before December 31, 2017.
Henceforth, all you need to do is link your Aadhaar details with your mutual funds in order to experience a hassle-free journey of your investments without any hindrances. You might be looking for an answer to the question that how will you link the necessary details as required. So, here’s the process through which you can do the same efficiently:
You can link your Aadhaar number with your mutual fund investment portfolio through the R&T agents like CAMS and Karvy. Below are some of the details that can be proved helpful to you in linking your Aadhaar details with your mutual fund investments:
For CAMS :
- Visit CAMS Website: On the website of the CAMS, you will get the facility of linking your Aadhaar details under the investor services tab - click on ‘Link Your Aadhaar.’
- Fill in the Required Details: After clicking on the ‘Link Your Aadhaar,' you will be redirected to a page where you will need to fill in all the necessary details such as email id, PAN number, Aadhaar number, etc. Once you enter the details, the screen will refresh automatically and show you a list of mutual fund companies in which accounts have been opened. You need to check (tick) the one with which you want to link your Aadhaar details. You can also make multiple selections. After that, click on the ‘Submit’ button.
- Authenticate the Details: Once you are done with the process mentioned above, a One Time Password (OTP) will be generated and sent to the registered mobile number. Make sure the mobile number you’ve entered is the one which is registered. Enter the OTP into the box provided on the screen and give your acceptance to the CAMS by selecting the checkbox. Now, click on the ‘Submit’ button and you will receive a success message mentioning that your Aadhaar has been successfully linked to your mutual fund folio.
For Karvy :
- Visit Karvy Website: On the website of the Karvy, you will get the facility of linking your Aadhaar details on the right-hand side of the home page - click on ‘Aadhaar Linking Made Easy.’
- Generate OTP: This facility is available only for the investors who have registered their email id or mobile number with Karvy serviced mutual funds.
- Link Aadhaar Online: Once you generate the OTP, you will need to enter the same in the box provided. Now, you can easily fill in the required details in the respective boxes and submit them for the authentication.
Do it as soon as you can so as to avoid any difficulty in your mutual fund investments in the future. All online facilities are available for your ease. Similarly, we, at MySIPonline, are leaving no stone unturned in providing assistance in the online mutual fund investment process. We are serving thousands of happy and satisfied clients, and we will be obliged to serve you too.
LTCG Tax Is Not As Negative As it Seems; Here’s Why?48844 min read Jan 01, 1970
Sensex Plunges Over 1000 Points; Should You Buy or Hold Your Investments for Correction?47603 min read Jan 01, 1970
Sensex Dives Nearly 840 Points: Things to Consider and Experts’ Take48453 min read Jan 01, 1970
Budget 2018: Frequently Asked Questions(FAQs) Concerning LTCG Tax Proposal51155 min read Jan 01, 1970