Tuesday, April 30, 2013

Change of Tax Status - From Minor to Major





Procedure for change in status from minor to major (in mutual fund investment) 
 
When the units are held on behalf of the minor, a guardian can operate the account until the minor attains the age of majority. Prior to the minor attaining the age of majority, mutual funds send advance notice to the registered correspondence address advising the guardian and minor to submit an application form along with the prescribed documents to change the status of the account to “major”. At the time of changing the status to major, bank details of the major, along with the applicable documentary proof, should be submitted.

REQUIRED

1. A letter from the guardian requesting for the change in the  status from minor to major.
2. Bank details of the major - If there is change in bank account of unit holder i.e minor who turned major. 

3.  KYC complaint status of Major
 
4. Banker's Attestation (signature attestation of major by the banker)

 5) Age Proof — Birth certificate/PAN Card copy /driving license



Dear Sirs,

Sub: Change of minority status of Unit holder
Ref: Folio Number : __________________________
Name of scheme : __________________________
No. of units : __________________________
With reference to the above account, the same has been held by me (Mr. /Ms________________)
as guardian for the minor Mr./Ms. ____________________________ As the unit holder has attained the age of 18 years, I would request the fund to make the unit
holders(Mr./Ms. ______________________________) in their own capacity. I would also request the fund to ensure that all the correspondences are marked in the name of
Mr./Ms.________________________________
The required document proving the age of the unit holder is enclosed herewith i.e. birth
certificate/passport/school leaving certificate.
Thank you,
Yours sincerely,
______________________________
(Guardian)
Encl: Certified copy of the proof of age of Unit holder





Formats
1. Request form -
  
 2. Letter from the Guardian

 3. Banker's Attestation (for signature attestation of major by the banker)

To view original size of image click on the image, then right click and view the image and then enlarge the size of the image to original size.

Friday, April 26, 2013

How long i need to wait for Mutual Fund Dividend Or Redemption Amount? Where to Complain in case of non receipt??




Mutual fund is required to dispatch to the unitholders the dividend warrants within 30 days of the declaration of the dividend and the redemption or repurchase proceeds within 10 working days from the date of redemption or repurchase request made by the unitholder.

In case of failures to dispatch the redemption/repurchase proceeds within the stipulated time period, Asset Management Company is liable to pay interest as specified by SEBI from time to time (15% at present).​


In case you have not received dividend or Redemption Payment then you need to check the following:

1. First thing to check is your Mutual Fund Account Statement and in that check the mode of dividend or redemption payout.

2.   If mode of payout is ECS/Direct Credit (which is clearly mentioned in the account statement), check your bank account. If amount is not showing credited in your bank account  within the stipulated time period, then update your bank pass book or take the print out of bank account statement, visit the nearest Mutual Fund branch or registrar office like cams or karvy (where your mutual fund is registered for transaction)
Normally this situation arise in very rare case, but if you face this type of problem, (as after calling to customer care, they confirm that dividend/redemption payout is credited to your so and so bank and you have not received that) then visit mutual fund branch with all important documents (like updated bank account statement and covering letter, providing your name and address details, folio number, and redemption or dividend details)

3) If mode of payout is by cheque and if cheque is not received within the stipulated time period, then call the mutual fund customer care number and they will provide all the details as by which mode they had sent the cheque, normally cheque is sent by courier, they will provide you complete tracking details and courier customer care number, if cheque is returned then those details also gets updated in their system.

My experience  is very good as mutual fund houses OR Registrar understand and if any issuess, they make efforts to solve problem related to redemption and dividend payout. I never faced any such issue where i have to complain to higher authority like SEBI for this matter.

But if after following all procedure, you feel you are not getting heard, then you can contact SEBI for your complaints related to mutual fund
 
Investors would find the name of contact person in the offer document of the mutual fund scheme whom they may approach in case of any query, complaints or grievances. Trustees of a mutual fund monitor the activities of the mutual fund. The names of the directors of asset management company and trustees are also given in the offer documents. Investors can also approach SEBI for redressal of their complaints. On receipt of complaints, SEBI takes up the matter with the concerned mutual fund and follows up with them till the matter is resolved. Investors may send their complaints to:
  
Securities and Exchange Board of India,
SEBI Bhavan, G Block,
Near Bank of India,
Bandra Kurla Complex,
Bandra (East), Mumbai 400 051.

 ​http://investor.sebi.gov.in/


Tuesday, April 23, 2013

How to get dully filled Redemption Slip Online!


In order to generate Transaction slip you need to visit Karvymfs website, fill the details like, mutual fund where you have invested, folio number, pan number and bank details.
You can generate Transaction Slip for Purchase, Redemption and Switch.

https://www.karvymfs.com/karvy/InvestorServices/General/transactiondetails.aspx






Thursday, April 4, 2013

While filling the Form 15H - asking Area code and Ao code, How to get that??

Query of blog reader:
While filling the form 15H - asking area code and ao code, How to get that??


Please refer this link
https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourPanLink.html
After visiting above link, add complete details that is date of birth, Surname, complete middle and first name to get Ao code.

Another way, refer your tax retrun which you have submitted last year, you will get information under"Designation of Ao(ward/circle)," even the stamp we get on our tax return, if you check that stamp, you will get your pan ao code in that stamp.

Also refer:
 Know Your Pan Card AO Code
 Submission of Form 15G or Form 15H



How to create online access for SBI Mutual Fund Investments?

 
Creating online access to your investment in SBI Mutual Fund is really very easy and quick thing to do, it takes only 5-6 minutes to complete the online registration process.

In order to get registered for online access, your email address, Pan and KYC details must be updated in that folio, else you can't able to create online access, if any of above information is missing then you can't go ahead, so first thing to do is to update your email address and Pan details in your all SBI mutual fund folios



 
FORM TO UPDATE ACCOUNT STATUS

Dear Sir/Madam,

I / We request you to update the following details in your records.

Name:  

Folio No                                                          Tele No.  (Res)
Mobile No:                                                      Email ID      
                                                                                                                                                                                                                                                                                                                                     
                                          
Update Pan and Know Your Client (KYC) details
                                                                 
Know Your Client (KYC) is mandatory with effect from 1st January, 2011 for all investments in Mutual Funds.   I / We am / are herewith enclosing the copy of the KYC acknowledgement issued by CDSL Ventures Limited for updation of records.
Please update my pan and kyc details.

Folio number
1st Holder
PAN & KYC Status
2nd Holder
PAN & KYC Status
3rd Holder
PAN & KYC Status







Receipt of communications through E-Mail (E-mail address is mandatory)

I / We wish to OPT / DO NOT OPT ($$) to receive Statement of Accounts, Annual Reports, News Letters and other mandatory communications sent by SBI Mutual Fund in electronic format via e-mail to my registered e-mail ID / e-mail ID furnished above / registered in your records.

Signature/s (as per Mode of Holding in Folio):
                             
 

__________________________         _________________________        ________________________

1st Applicant / Guardian /                               2nd Applicant                                    3rd Applicant
Authorised Signatory                  







Step by Step Process


1. Visit SBI mutual fund website- 

2. Click on Register now (option available on left hand side)


3. Generate instant FPIN online
  If you have 4-5 folio's in SBI Mutual Fund then you need to generate FPIN of all folio's, but create only one user id and add all other folio's by using manage/add other folio's.
As this results in having all information under one user id and one password of all your investment in SBI mutual Fund.

How to Generate Instant FPIN Online 
 Activating your SBI MF account is simple and convenient.
  Follow three simple steps of:

Step 1:Please enter your folio number and email address registered in the folio below.

Step 2: Online Verification of account details.

Step 3: Use the FPIN to activate the account. 

After this you get email with FPIN and FOLIO No.
 

4. Create USER ID and PASSWORD

 After creating FPIN - next step is creating user id, click the link, follow the process and create user id and password

This information is also available here


5. How to track all folio's under one login

In order to manage all folio's under one user id, first thing is generate fpin of all folio's

You need to click the option manage Accounts and first generate FPIN
 
 
IF FPIN is already generated then 
click on to map the folio 



And this way you can map your folio's in one single id

 Important point-  If kyc is not updated in your sbi mutual fund folio

You can see complete details after in one user id. But, if your kyc status is not updated in that folio then you can use only  Redeem and SWP options for transactions, but you can't able to purchase, switch or do STP in that folio, below image will give you clear idea as kyc is failed in one folio, that result in limited access to transact in that folio.
 


Monday, April 1, 2013

Declaration of Self Certification For Mutual Fund Distributors For FY 2012-13


In compliance with SEBI/ Amfi guidelines, Amfi registered distributors / IFAs need to submit a Declaration of Self Certification (SDC) for every financial year in the following April.

In case Self Declaration not submitted before June 30, 2013 for FY 2012-13 to AMC that is before the end of the financial year, or within 3 months from the start of next financial year then his brokerage will be suspended thereafter till submission and brokerage can be paid only if this Self Declaration Certificate is submitted and updated in our IFA / Distributor master towards the Payment Year 2013-14.



Revised Self Declaration form for FY 2012-13(in word document)
Self Declaration Form C for Individuals in word document 

How you can Save this file
First click the link to open this link and then download this word document.



Form No. A



Format for Declaration of Self Certification for Corporate ARMFA who does not have sub-brokers


                                             On appropriate letterhead of corporate body
                                            
                                                                                                         Date:       ________________

               AMFI Registration Number (ARN): _______     From:   ________________
                                                                                                                        ________________
                                                                                                                        ________________
                                                                                          ________________    
                                                                                                                                                                                                                                                * Landline:
                                                                                          * Mobile:
                                                                                                                        * Email:
               The Registrar and Transfer Agent of Mutual Funds
(Please tick as applicable)

               CAMS                                                                Franklin Templeton                                         

Karvy CPL                                                         Deutsche ISPL                   


 
               Escorts                                                               Sundaram BNP Paribas FSL    
                                            

               Sub: Declaration of Self-Certification (DSC): Period_______ / Financial Year ______


"This is to certify that, in the course of my/our business in the distribution of mutual fund products during the period / financial year ended March 31,_____ I/we have adhered to the Code of Conduct contained in SEBI circular no. SEBI/IMD/CIR No. 8/174648/2009 dated August 27, 2009 and to the requirements as prescribed in SEBI’s circular no. MFD/CIR/20/23230/2002 dated November 28, 2002 and the AMFI circular no: CIR/ARN-09/08-09 dated July 18, 2008 in this regard."

In compliance with SEBI Circular no. SEBI/ IMD/CIR/No.4/168230/09 dated June 30, 2009, I/ we have disclosed to investors all the commissions (in the form of trail commission or any other mode) payable to me /us for the different competing schemes of various mutual funds from amongst which the scheme was recommended to our investors.

We also certify that we have complied with the Know Your Distributor (KYD) requirements as per AMFI Guidelines.

We further certify that we have adhered to the SEBI and AMFI Guidelines issued from time to time.

Kindly update this DSC on your records and with all the Fund Houses where we are empanelled. 


For _____________________ (firm name)





Authorised Signatory (ies)




* Information of principal contact desirable for all  important communication to be disseminated efficiently



Form No. A1


Format for Declaration of Self Certification for Corporate ARMFA who has sub-brokers

                                             On appropriate letterhead of corporate body
                                            
                                                                                                         Date:       ________________

                                                                                                         From:     ________________
                                                                                                                        ________________
               AMFI Registration Number (ARN): _______                  ________________
                                                                                          ________________    
                                                                                                                                                                                                                                                * Landline:
                                                                                          * Mobile:
                                                                                                                        * Email:
               The Registrar and Transfer Agent of Mutual Funds
(Please tick as applicable)

               CAMS                                                                Franklin Templeton                                         

Karvy CPL                                                         Deutsche ISPL                   


 
               Escorts                                                               Sundaram BNP Paribas FSL    
                                            


               Sub: Declaration of Self-Certification (DSC): Period_____ / Financial Year ______


"This is to certify that, in the course of my/our business in the distribution of mutual fund products during the period / financial year ended March 31,_____. I/we have adhered to the Code of Conduct contained in SEBI circular no. SEBI/IMD/CIR No. 8/174648/2009 dated August 27, 2009 and to the requirements as prescribed in SEBI’s circular no. MFD/CIR/20/23230/2002 dated November 28, 2002 and the AMFI circular no: CIR/ARN-09/08-09 dated July 18, 2008 in this regard.

We further certify that we have AMFI certified ARMFA empanelled with us acting as sub-brokers for distribution of mutual funds and that they have in turn met all certification requirements in terms of the above mentioned circulars from SEBI. We confirm that the necessary DSC for the financial year as above has been submitted by them to us”

In compliance with SEBI Circular no. SEBI/ IMD/CIR/No.4/168230/09 dated June 30, 2009,  I/ we have disclosed to investors all the commissions (in the form of trail commission or any other mode) payable to me /us for the different competing schemes of various mutual funds from amongst which the scheme was recommended to our investors.

We also certify that we have complied with the Know Your Distributor (KYD) requirements as per AMFI Guidelines. We further certify that all the sub-brokers empanelled with us have complied with KYD requirements.

We further certify that we have adhered to the SEBI and AMFI Guidelines issued from time to time.

Kindly update this DSC on your records and with all the Fund Houses where we are empanelled.


For _____________________ (firm name)




Authorised Signatory (ies)

* Information of principal contact desirable for all important communication to be disseminated efficiently


Form No. B


Format for Declaration of Self Certification by the ARMFA who is sub-broker to be submitted to  principal ARMFA


On appropriate letterhead (if available) by sub broker to be addressed to principal

ARMFA

                                            
                                                                                                         Date:       ________________

               AMFI Registration Number (ARN): _______     From:   ________________
                                                                                                                        ________________
                                                                                                                        ________________
                                                                                          ________________    
                                                                                                                                                                                                                                                * Landline:
                                                                                          * Mobile:
                                                                                                                        * Email:

               _______________ (Principal ARMFA name)
               Address 1
               Address 2
               Address 3
               Pin

               Sub: Declaration of Self-Certification (DSC): Period____ / Financial Year ______


“I/we as sub-brokers to yourselves for the purpose of distribution of mutual funds hereby declare that all provisions made under the prescribed code of conduct under SEBI circular no. SEBI/IMD/CIR No. 8/174648/2009 dated August 27, 2009  and those prescribed under SEBI’s circular no. MFD/CIR/20/23230/2002 dated November 28, 2002 and the AMFI circular no: CIR/ARN-09/08-09 dated July 18, 2008 have been adhered to.”

In compliance with SEBI Circular no. SEBI/ IMD/CIR/No.4/168230/09 dated June 30, 2009,  I/ we have disclosed to investors all the commissions (in the form of trail commission or any other mode) payable to me /us for the different competing schemes of various mutual funds from amongst which the scheme was recommended to our investors.

I also certify that I have complied with the Know Your Distributor (KYD) requirements as per AMFI Guidelines.

I further certify that I have adhered to the SEBI and AMFI Guidelines issued from time to time.

For _____________________ (firm name / individual name)




Authorised Signatory (ies) / Signature of sub-broker




* Information of principal contact / sub-broker desirable for all important communication to be disseminated efficiently



Note: This declaration has to be stored by the principal ARMFA for a period of at least 8 years




Form No. C




Format for Declaration of Self Certification for the ARMFA who is an individual/karta of HUF


                                             On appropriate letterhead (if available)
                                            
                                                                                                         Date:       ________________

               AMFI Registration Number (ARN): _______     From:   ________________
                                                                                                                        ________________
                                                                                                                        ________________
                                                                                          ________________    
                                                                                                                                                                                                                                                * Landline:          
                                                                                          * Mobile:
                                                                                                                        * Email:
               The Registrar and Transfer Agent of Mutual Funds
(Please tick as applicable)

               CAMS                                                                Franklin Templeton                                         

Karvy CPL                                                         Deutsche ISPL                   


 
               Escorts                                                               Sundaram BNP Paribas FSL    
                                            
              

               Sub: Declaration of Self-Certification (DSC): Period / Financial Year ______


"This is to certify that, in the course of my/our business in the distribution of mutual fund products during the period / financial year ended March 31____. I/we have adhered to the Code of Conduct contained in SEBI circular no. SEBI/IMD/CIR No. 8/174648/2009 dated August 27, 2009  and to the requirements as prescribed in SEBI’s circular no. MFD/CIR/20/23230/2002 dated November 28, 2002 and the AMFI circular no. CIR/ARN-09/08-09 dated July 18, 2008 has been adhered to.”

In compliance with SEBI Circular no. SEBI/ IMD/CIR/No.4/168230/09 dated June 30, 2009,  I/ we have disclosed to investors all the commissions (in the form of trail commission or any other mode) payable to me /us for the different competing schemes of various mutual funds from amongst which the scheme was recommended to our investors.

I/ We also certify that I/ we have complied with the Know Your Distributor (KYD) requirements as per AMFI Guidelines.

I/ We further certify that I/ we  have adhered to the SEBI and AMFI Guidelines issued from time to time.

Kindly update this DSC on your records and with all the Fund Houses where we are empanelled.


For _____________________ (firm name)



Authorised Signatory (ies)



* Information is desirable for all  important communication to be disseminated efficiently





ADDRESS





Your Name
AMFI Registered Mutual Fund Advisor
Your ARN code



Date:     

Form No. C

Format for Declaration of Self Certification for the ARMFA who is an individual

AMFI Registration Number (ARN): Your ARN Code

The Registrar and Transfer Agent of Mutual Funds
(Please tick as applicable)

               CAMS (ING MF)                                                                            Franklin Templeton                                         

Karvy CPL                                                                             Deutsche ISPL                             


 
               Escorts                                                                      Sundaram BNP Paribas FSL    
                                            
              

               Sub: Declaration of Self-Certification (DSC): Period / Financial Year 2012-13


"This is to certify that, in the course of my business in the distribution of mutual fund products during the period / financial year ended March 31 2013. I have adhered to the Code of Conduct contained in SEBI circular no. SEBI/IMD/CIR No. 8/174648/2009 dated August 27, 2009  and to the requirements as prescribed in SEBI’s circular no. MFD/CIR/20/23230/2002 dated November 28, 2002 and the AMFI circular no. CIR/ARN-09/08-09 dated July 18, 2008 has been adhered to.”

In compliance with SEBI Circular no. SEBI/ IMD/CIR/No.4/168230/09 dated June 30, 2009, I have disclosed to investors all the commissions (in the form of trail commission or any other mode) payable to me for the different competing schemes of various mutual funds from amongst which the scheme was recommended to our investors.

I also certify that I have complied with the Know Your Distributor (KYD) requirements as per AMFI Guidelines.

I further certify that I  have adhered to the SEBI and AMFI Guidelines issued from time to time.

Kindly update this DSC on your records and with all the Fund Houses where we are empanelled.


             For _____________________ (Your  name)





Authorised Signatory
Place:
Date




Popular Posts (all time)

My Blog List