The key personal details that you should update in MF folio

PAN Details and KYC:

There are investors who have invested several years ago when PAN was not mandatory and whose PAN has not been updated in their folios. Many Mutual Funds have sent a communication to investors to update the same but there may be investors whose PAN and KYC status is not registered in their folios. To avoid any inconvenience in transactions, it is imperative that investors check older folios, become KYC compliant, and update the PAN and KYC status in their folios. It is extremely important to have the PAN updated as Mutual Funds now send a consolidated account statement for transactions with folios consolidated based on the investor PAN.

A change in name:

Investors may change their name due to marriage or otherwise and there is a laid out procedure for recording the same with Mutual Funds. Funds / Registrars will be able to provide details on the process and the documentation required for the same.

Current Bank Details and IFSC Code:

You may have closed a bank account or simply use another account for convenience. It is imperative that you register the new account with the Mutual Fund. Investors can add additional bank accounts to their folios or delete an existing bank account. The request may be submitted with the required documentation to the Registrar who will process the same and send a confirmation.  Receiving payouts of dividend and redemption through electronic credit is a faster, convenient, and safer way.  Update your IFSC code and request for electronic credit to make payout receipt management hassle free.

Change of Tax status:

Any change in status of an investor should be recorded with the Fund. For e.g. if a minor investor has attained the age of majority, the investor would have to approach the Fund with a request and the required documents to effect the change in status. The folio would be locked for transactions once the investor attains the age of majority till such a change in status is duly effected in the folio. Similarly, if you have become a Resident Indian from NRI or vice versa, the same should be registered with the Mutual Fund.

Address:

KYC compliant investors would have to record a change in address with CDSL Ventures Ltd (CVL). Once CVL records the same it will automatically be updated in all folios of the investor where KYC status is updated.

Registration of Nominee:

Registering a nominee is often ignored and in the event of an unfortunate event, the procedures get complex to unlock the investment.  Investors who have not registered a nominee at the time of filling in the application form can do so by downloading the relevant form from the Registrar website and submitting the same duly filled.

Contact details - email and mobile:

Mutual Funds and Registrars offer several online facilities to investors. To have access to many of the facilities investors should have their current email ids registered in their folios. Many Funds send SMS alerts to investors when a transaction has been processed or when an SIP installment is due and registering the current mobile number would be beneficial. Updating these contact details entitles you to access a host of services.

Contributed by CAMS Viveka, an Investor Education Initiative from CAMS. The views expressed are general practices in the Mutual fund industry.