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.
