Thursday, April 26, 2012

How to rectify or change your name in mutual fund records in India?


Case 1:  When name is wrongly mentioned in Account Statement, but Investor mentioned correctly in Common Application Form

If you found mistake in your name in mutual fund statement and you have copy of acknowledgment (common application) where you mentioned your name correctly, in such case you can request them to rectify by writing email or even calling customer care or writing letter with a request to make changes by enclosing scan copy of common application form which you submitted at the time of purchase.


 Case 2: When name is wrongly written by the investor himself in common application form


If you found mistake in your name in mutual funds statement,  in order to rectify, you need to send a request letter, duly signed along with a copy of the PAN. The PAN number should match with the one already registered in the folio. 





The KYC document 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 on plain paper. 

Format in PNG Image




  Case 3: Investor want to make other changes in name(like want to add middle name)


Investors who need to include middle name / expand the 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 a Rs100 non-judicial stamp paper, stating the old and new names of the person, and also clearly specifying that both the names refer to one person. 

Case 4: Investor Who have Change their name and Recorded that in Gazatte

 Link of Indemnity bond
 
Investors who have changed their name and recorded it 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;
  • A copy of the Gazette notification attested by a notary public;
  • A copy of the PAN card reflecting the new name.

This would mean that the investor has to get 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 a 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, i.e., CDSL Ventures Ltd (CVL). Change request forms are available at the CVL website, and investors should fill in the form, specifying the change in name, and submit the required documents to CVL. Proof of KYC verification should be submitted along with the request.

Some funds may also request for 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 form. 


Case 5: Change of name post Marriage
Refer this for change of name post marriage

 Procedure for name change in mutual funds investment - post marriage!

Source:  Cams Investor Education Initiative

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