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MF News What to do if Aadhaar does not link successfully

What to do if Aadhaar does not link successfully

Your clients will have to ensure that the details appeared on Pan, Aadhaar and mutual fund folios match each other.
Nishant Patnaik Jan 8, 2018

You may have experienced a situation where you have tried to link Aadhaar details of your clients with their mutual fund folios but it does not happen successfully on the system of registrar and transfer agents (R&T agents).

This is because the government has 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.

“Now our system does not carry out the Aadhaar linking process with the mutual fund folios if there is a mismatch in the documents. Hence, advisors will have to first ensure that all three documents of their clients match,” said one of the R&T officials referred above.

While your clients can update Pan and Aadhaar online, they 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.

Earlier, the government has instructed fund houses to ensure linking of Aadhaar details with existing folios before March 31, 2018. Following this, AMFI has asked fund houses to freeze non-Aadhaar compliant accounts with effect from April 2018. This means, non-Aadhaar compliant investors cannot execute fresh mutual fund transactions.

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3 Comments
PVSHAH · 9 months ago
every year new pain for IFA i.e match aadhah card & pan card
M n mahajan · 9 months ago
As regards linking of aadhar with investors folio,I want to suggest that in most of the cases I have obtained aadhar card for kyc
Why the AMCs are not taking data from Kyc
Like wise most of investors have linked their aadhar with pan.amc can also verify data from I.t.depp. We are facing embrassment while approaching our clients n ask for aadhar card again.you are requested to take up the matter with AMFI n bring out the facts to their notice.everybody is fade with govt.instructions to link aadhar no with all financial institutions n telecom companies.wait for supreme court decision in the matter on 17.01.2018 which will against linking of aadhar everywhere.
.
Mukesh · 9 months ago
Why such exercise is being populates as Sebi had all pan no customer contact no ,his adhar is link with PAN
Just making fool & disturbing every body!
Let allows people's to comitt mistake
Get penalties.
Only IFA is free ?? rest or making FARMAN FOR HUMMMALI KARO
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