As the deadline to link Aadhaar with mutual fund folios approaches closer, you do not want a situation where you try to link Aadhaar details of your clients with their MF folios on the registrar and transfer agent’s system but you do not succeed.
Earlier, the government had instructed R&T agents to link Aadhaar with mutual fund folios only if the details as appearing on Pan, Aadhaar and mutual fund folio match completely (100%). Earlier, R&T agents were allowed to link Aaddhaar details with mutual fund folios if the details of all three documents match to some extent i.e. 65%, confirmed two R&T officials.
Here are the few tips that Karvy Computershare has shared with Cafemutual to ensure that you are successful in the very first attempt in client’s Aadhaar linking process
- Ask your clients to update their mobile number and email id with Aadhaar database.
- The R&T agent has experienced that the name mismatch is the single largest contributor for rejections from UIDAI. This happens due to absence of middle name in Pan or MF folio, surname extension in Aadhaar, position difference in first / middle / last name, extra spaces between first / middle / last names and use of special characters, for example in D’Souza.
- Make sure that you key in the exact name of your clients as appearing on Aadhaar card
- Give spaces exactly as in Aadhaar card and include special characters, if any
- Make sure that mobile number and email id your clients matches MF folio and Aadhaar. If it does not matches currently, your clients will have to undergo central KYC to make changes to the mutual fund folios.
You can help your clients link their Aadhaar number with mutual fund folios through R&T agents such as CAMS, Karvy, Sundaram BNP Paribas Fund Services and Franklin Templeton.
You can verify if their clients have linked Aadhaar details with the mutual fund folios. Both CAMS and Karvy have introduced a facility through which investors and distributors can check if the Aadhaar is linked to the mutual fund folios.
You can visit this link for CAMS, or click here for Karvy serviced fund houses. Distributors will require to key in the name of the fund house, PAN of investor and ARN to check Aadhaar status on CAMS. Similarly, investors or distributors will have to submit PAN and OTP, sent to the registered mobile number of PAN card holder, on Karvy.
