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  • MF News FAQs on linking Aadhaar with MF folios: Karvy Computershare

    FAQs on linking Aadhaar with MF folios: Karvy Computershare

    Ravikumar Somasi, General Manager Karvy Computershare answers the most frequently asked questions on Aadhaar linking.
    Team Cafemutual Nov 3, 2017

    How can I help my clients link Aadhaar to MF folios?

    At Karvy, we have made Aadhaar linking process very simple and seamless. Please visit www.karvymfs.com and click on ‘Aadhaar linking made easy’ to know the details about various modes to link your clients Aadhaar.

    Do my clients have to submit Aadhaar multiple times for each AMC?

    No. Based on the consent taken from you at the time of submission, we will update across all the fund houses served by us, against your clients PAN.

    Do my clients need to share a signed copy of Aadhaar Card?

    No. They need to fill in the form available on our website, which is having the consent to link Aadhaar. Copy of Aadhaar, if shared without consent, will be rejected.

    Is Aadhaar linking mandatory for the first holder only or for all holders?

    It is mandatory for all the holders.

    I have NRI clients and they do not have Aadhaar. What should I do?

    Currently, such clients are exempted from Aadhaar linking.

    How will you authenticate the Aadhaar details?

    As per the UIDAI guidelines, we will take up “Yes” / “No” authentication with UIDAI. Your clients need to have all their demographic details in MF folio matching with Aadhaar data.

    What happens if Aadhaar is not linked to my folios?

    The government has directed fund houses to freeze MF folios not linked with Aadhaar post December 31, 2017.

    Can my clients submit physical form?

    Yes. Your clients can submit the form at any of the Karvy or AMC branches. However, a plain copy of the Aadhaar without consent should not be submitted. You need to submit the form designed by us for this purpose, which contains the information along with your clients consent.

    Do my clients get acknowledgement on success or failure of Aadhaar linking status?

    Yes. We will communicate about the status i.e., “Success” or “Failure”

    What is the next step if Aadhaar authentication status is rejected?

    Please check the demographic details available in your Aadhaar records vis-à-vis your details in the mutual funds account. Your clients will have to make corrections in their MF account wherever applicable. After updating the details in folio(s), submit Aadhaar information once again.

    What if my clients have done Aadhaar based eKYC while creating my MF folio. Are they still required to link Aadhaar with MF folio?

    No. For eKYC, it is deemed as authenticated and linked.

    Are minors required to link Aadhaar?

    Aadhaar linking is optional for minors, but is mandatory for the guardian.

    My clients are holding units in a demat mode, do they need to link Aadhaar? If required, what is the process?

    If the units are held in a demat form, they need to link their Aadhaar with their DP account.

    What process is followed in case of folios with Power of Attorney (POA)?

    If the POA holder is an individual, then the Aadhaar of the POA holder has to be shared. If the POA holder is an institution, then Aadhaar numbers of the authorized signatories has to be shared for linking.

    What is the procedure for non-Individuals and HUFs?

    You need to submit the Aadhaar details of the authorized signatories as per the format given by us, along with a Board Resolution / Approval. This list will supersede all the previous lists provided.

    What happens if Aadhaar authentication of the authorized signatory(s) fail, in case of entity accounts?

    Folios will be put under freeze as per the extant rules.

    You can post any additional doubts in the comment section below that are not covered in this article. Karvy Computershare will respond by the end of the day, every day, for the next one week.

    Disclaimer: This article is intended to clarify the process as understood from Industry level guidance only.

    Have a query or a doubt?
    Need a clarification or more information on an issue?
    Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk@cafemutual.com

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    42 Comments
    Pawan Khurana · 6 years ago `
    My question is, Some seniors citizens, like my mother 3 times visited the AADHAR CENTRE for the process of AADHAAR. BUT her finger print are not scanning on the scanner, and all 3 AADHAAR CENTRE refused to make AADHAAR. At the age of 78 her finger print are not scanning. How it is possible to make AADHAAR and link it with bank, MF and other services.
    What is your opinion ?
    Ravikumar Somasi · 6 years ago
    I think there are certain exemptions for very Senior Citizens like your mother from biometric. Please get in touch with the Supervisor level offficial at your nearest Aadhaar enrolment Center, who can guide you on this.
    Ravikumar Somasi · 6 years ago
    You check about the process for very senior citizens and differently abled, who can’t go through Biometric process successfully. Any supervisor level official at Aadhaar enrolment Center can guide you.
    Reply
    Vivek · 6 years ago `
    We don’t have Aadhaar in Assam. How should I do this
    PIYUSH GANDHI · 6 years ago `
    Client who has done KYC under CKYC ( with aadhaar no as part of documentation) , Do they need to link it ?
    Ravi · 6 years ago
    If the Aadhaar is already given for CKYC and authenticated, need not give it again. However, in view of the consent requirement, it is prudent to submit again.
    Reply
    Vijay Gupta · 6 years ago `
    The address given by clients in most of the cases will not match exactly with that given in aadhaar. Further date of birth is not their in most of the folios as it is required only in case of minor. Moreover mobile and E-mail id in the Folio may also be different from aadhaar. How to proceed to avoid authentication failure.
    Ravi · 6 years ago
    Demographic details have to be same both in Aadhaar and MF folios. Please get the details modified and submit.
    Reply
    pVS JAGADEESH · 6 years ago `
    As per Govt Guidelines Aadhaar link to Mutual Fund Folios continues process after submitting the Aaadhar copy with self attested copy with proscribed format with Karvy Computershare, The Aadhaar No will reflect in Account statements ?? pls describe
    Ravi · 6 years ago
    We should not display Aadhaar numbers, etc in SoA. We will only display the seeding status as Yes or No.
    Reply
    Heera Singh Rawat · 6 years ago `
    If address and Date of Birth is different in Aadhar and Mutual Fund Folio what should I do
    Ravi · 6 years ago
    You need to get the details corrected in MF folios / Aadhaar, whichever is correct and then submit for linking. Else, it will get rejected.
    Reply
    PRAKASH RAO BAPAT A · 6 years ago `
    Freezing of the Account means, will it is be freezed at NAV of freezing date or it has no effect on Fund Management?
    Ravi · 6 years ago
    Frozen for transactions. Will not impact NAV.
    Reply
    Aarti Milan Thakrar · 6 years ago `
    Since inception we made aadhar number compulsory for our clients, so while doing KYC we have taken aadhar card from our clients. So do we need to link aadhaar number for those clients?
    Ravi · 6 years ago
    That was a voluntary collection, not for seeding . we need to specifically communicate and collect the same now for seeding.
    Reply
    Jayesh · 6 years ago `
    Pancard name her father after her name &in Aadhar card her husband name how I link pancard with aadharcard
    Ravi · 6 years ago
    That was a voluntary collection, not for seeding . we need to specifically communicate and collect the same now for seeding.
    Ravi · 6 years ago
    If the father name or husband name is not part of the name, that is last name or so, there is no issue. If part of the name, like last name, need get corrected and submitted.
    Reply
    Umesha · 6 years ago `
    Is it compulsory to give aadhar to both CAMS and KARVY?
    Ravi · 6 years ago
    Yes.
    Reply
    prateek · 6 years ago `
    IS IT POSSIBLE TO COMPLETE KYC NORMS AFTER LINKING TO AADHAR. ONE OF MY CLIENT'S KYC HAS NOT COMPLETED MANUALLY.. SO WITH THE LINKING OF AADHAR KYC GETS COMPLETED OR NOT..
    Ravi · 6 years ago
    Both are different processes.
    Reply
    vastupal doshi · 6 years ago `
    IN TODAY ALMOST MOST OF PAN CARD LINK WITH AADHAR CARD WHY AMFI OR CAMS/KARVY /FRANKLIN/SUNDARAM REGI. GET DATA AND AUTO UPDATE IN TODAY TECHNOLOGY YUG . IT IS VERY DIFFICULT FOR INVESTOR,DISTRIBUTOR AND AMC STAFF ALSO LINK TO AADHAR WE DO ONLY PAPER WORK FIRST CKYC THAN FATCA AND NOW AADHAR IN INDIA AFTER SUPREME COURT DECISION ALL BANK A/C AADHAR LINK IN COMING DAYS AND PAN CARD ALSO IN MY SENSE IT IS NOT REQUIRE TO UPDATE AADHAR CARD TO MY INVESTMENT BECAUSE OF BANK AND PAN BOTH LINK WITH AADHAR
    Ravi · 6 years ago
    This cannot be done for Aadhaar data, as per the extant rules.
    Reply
    Sheetal Dohale · 6 years ago `
    What is eKYC? While doing KYC, I have attached Aadhar card of the investor as address proof. Is it still required to link Aadhar?
    ravi · 6 years ago
    Yes please.
    Reply
    Jayesh · 6 years ago `
    A CKCY compliant need to under go Aadhaar related process?
    The CKYC card dose not contain Aadhaar No. though the same was submitted to the concern intermediary. Again an individual has no access to CKYC - CERSAI web site to access own data nor CKYC authority share personal profile containing all those data on their web site except small CKCY ID card, which do not contain Aadhaar No.
    There is lot duplication of compliance process. Why individual do not get benefit of system. Since PAN based KYC is compliant and Since PAN and Aadhaar are linked, authorities can easily update relevant information say Aadhaar No. through system.
    Especially when CKYC process is already going on, no other compliance should be compelled. In fact by involvement number of agencies for similar process chances of compromising security aspects as well privacy are far far more. A very very high risky environment has been created that to under threat to genuine investors who have always remained compliant to so far promulgated KYC requirement.
    Satish Minocha · 6 years ago `
    My querry , some girls change their name after marriage, still they have their deposits and bank accounts in their parents house, in this way they have two accounts , how they will link aadhar card?
    Ravi · 6 years ago
    Demographic details need to be corrected as per Aadhaar and linked.
    Reply
    Anil Kumar agrawal · 6 years ago `
    Sur Name (Last Name) on Adhar changed after marriage of one of my client from Agrawal to Goyal. Now, client living alone due to some conflict the marriage relationship and want to use name as it was before marriage means with Surname Agrawal. The investment / folio is also in the name with surname Agrawal and PAN card is also with surname Agrawal. whether in such cases adhar linkage with folio will be accepted or rejected. It is already accepted in IT dept. & banks.
    Ravi · 6 years ago
    These details have to be legally corrected in Aadhaar database. Till such time, the name and other details as per aadhaar will be final.
    Reply
    Ravi Verenkar · 6 years ago `
    My question is: what if mobile no of the investor is not linked to Aadhaar card, that means if mobile no of the client is not given at the time of doing Aadhaar card, will it have to be actually entered by the investor by visiting the local Aadhaar office. Or the Aadhaar card will be accepted as it is. Because if not, then it becomes a tedious process for the client as well as the advisor. Please clarify.
    Santosh Bajaj · 6 years ago `
    As per instructions given by Supreme Court it is not Compulsory/Mandatory to provide Aadhar or link Aadhar to your Investments viz. MF, Direct Equity, then why MFs are asking compulsorily to link Aadhar..?? Pls reply.
    George Alex · 6 years ago `
    I have been trying to link my mutual fund investments with Aadhar on Karvy Website for the last 10 days, each time the website mentions an OTP is being sent, but nothing is being received. Very frustrated with your website!
    George Alex · 6 years ago `
    I have been trying to link my mutual fund investments with Aadhar on Karvy Website for the last 10 days, each time the website mentions an OTP is being sent, but nothing is being received. Very frustrated with your website!
    Ganesh · 6 years ago `
    I have one client who is NRI but he has given a POA to his father, does the POA holder has to submit his Aadhar?
    Baldev Singh Raisinghaney · 6 years ago `
    I am holding Mutual Fund jointly with Madhu Raisinghaney. Mobile no registered is mine that is 9324810787. I have Linked My Adhar card successfully. But could not link her Adhar card.You pl let me know how to link joint holders Adhar card having same Mob no
    narain jethanand bahrunani · 6 years ago `
    i have linked my aadhaar with my mutual fund folios.my pan no is ADCPB1309E. I want to know details off all folio nos which are linked to my aadhaar no so that i can verify from my end.kindly send me details in my email
    sathyam · 6 years ago `
    Harassing the advisors and investors by threatening accounts will be seized. Hard earned money by blocking, is not Justic. At the time of taking money, such rules are not there. Every thing is should be prospective, why for old investments. Advisors are facing very much difficulties . More over number of complaints are there by updating aadhar on web sites/links authentications are failing in majority cases. No reason why authenticating failing. No aadhar centre able to give answer nor AMCs why rejecting.
    some investors wants to withdraw the money befor march, by facing all these difficulties. They dont like their money to be seized. Pray the government/sebi/AMCs other concerned authorities, details guidelines published in all leading news papers what is the createra will be taken to link aadhar such as surname, date of birth, address, surname initial, those who are stay at other countries for longer period, mobile nos. not matching, sims blocked/changed, if they not in our country before March, without finger print no changes are allowing aadhar centres. all questions??? who will answer. with draw the money or locking or roaming to all aadhar centres, AMCS etc.,under stand the problems facing by investors.
    Viral Shah · 6 years ago `
    Hi,

    My wife has done the investments under her maiden name and maiden name was printed on PAN card. However, on Aadhaar card, middle name and last name are different. Please advise how I can link her aadhaar card to the MFs.
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