Pursuant to the PMLA (Prevention of Money Laundering Act) notification dated 1st June, 2017 issued by the Ministry of Finance, all investors (new and existing) will be required to mandatorily provide / update their Aadhaar numbers for all holders in any folio, before 31st December, 2017. Failing this, the folio would be locked as a “Non-Operative Account” for any further transactions.
Physically: Submit this form, duly filled and signed by the investor to the nearest Karvy / CAMS Investor Service Centre (Locate).
Note: Please use separate forms for each holder.
Post submission of your Aadhaar information through any of the above specified modes, your Aadhaar number will be linked in the respective Mutual Funds database after due verification & authentication as per PMLA requirements. You will receive a separate confirmation after linking.
More Points To Know:
- Aadhaar is not required for investors residing in Jammu & Kashmir, Assam and Meghalaya. They can submit any of the Officially Valid Document (OVD) along with a latest photograph.
- Aadhaar information is required for all holders (First Holder, Joint Holders, Guardian (in case of Minors), and Power of Attorney (POA) Holders. Nominees’ Aadhaar information is not required to produce.
- This new rule is not applicable for NRIs as they are not mandated to enroll for Aadhaar. However, if they have already have Aadhaar Number, they can link their Aadhaar with their mutual fund folios.
- If Aadhaar authentication is unsuccessful, Folio(s) will be made inoperative and further transaction(s) will be liable for rejection.
Thus, linking of Aadhaar number with mutual fund investments is mandatory, for all the holders, failing which, the folios will be frozen by 31/12/2017. In case Aadhaar information is not provided, Folio(s) will be made inoperative w.e.f January 1st 2018. Investors will not able to transact (including redemptions) in folios which has not been linked to Aadhaar. Follow all the mandates to avoid discrepancies. Do the right things and get your finances in order.