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MF News Does the Aadhaar linking extension apply to MFs?

Does the Aadhaar linking extension apply to MFs?

Top MF industry officials believe that the extension granted to banks will apply to mutual funds as well.
Nishant Patnaik Dec 13, 2017

Your clients may have three more months to link their Aadhaar details with MF folios.

Government has extended the deadline to link Aadhaar with bank accounts from December 31, 2017 to March 31, 2018.

The CEO of an emerging fund house has told Cafemutual that this extension should logically apply to mutual fund folios.

However, till the time of writing this report there was no explicit instruction from the government regarding extension of Aadhaar linkage deadline to mutual funds.

In a circular, the government has said, “After considering various representations received and inputs received from banks, it has been decided to notify March 31, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number and Permanent Account Number or Form 60 by the clients to the reporting entity.”

Investors can link their Aadhaar number with mutual fund folios through R&T agents such as CAMS, Karvy, Sundaram BNP Paribas Fund Services and Franklin Templeton.

Here is how you can help your clients to link Aadhaar with MF folios.

  • The RTAs have enabled online submission of Aadhaar and PAN details by investors on their websites for collection and authentication of Aadhaar number. You may advise your clients to provide such details at any of the RTA's websites.
  • Physical forms is available at all the investor service centres (ISCs) of the AMCs and RTAs.
  • Send emails to investors with a weblink to update Aadhaar.
  • Investors can send SMS from registered mobile number to link Aadhaar.
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5 Comments
kaushik kauhsal · 8 months ago
i want to know add aadhar in every RTA or ANY ONE.
Balakrishnan · 8 months ago
Every RTA (karvy,CAMS) and franklin
Reply
andrew · 8 months ago
All are concerned about GDP and economy. But surprisingly no authorities are seriously concerned about loss of man hours for linking aadhaar. A simple one system should have been designed for all RTA. All 4 RTA s have different way of updating! But who cares for loss of man hours. May be all will wake up when our economy go into stagnation state. We have to waste hours even to get a clear information if extension is given to aadhaar linking to MF.
Rao · 8 months ago
PAN is already linked to Aadhar which is already compulsory for filing IT returns. Govt can authorise RTA's to get the data and link it. Only when Aadhar no is not available RTA's has to insist
Kersi Gandhi · 8 months ago
My concern is that before PAN wasmade compulsary, investors used to invest in mutual funds. Where they are still continuing with their folios, what will happen where neither PAN OR Aadhar are not provided.
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