MF News Update clients’ mobile number and email id before June 1: AMFI

Update clients’ mobile number and email id before June 1: AMFI

AMFI has asked AMCs, R&T agents and MF distributors to update the email id and mobile number of their clients and comply with the code of conduct.
Nishant Patnaik Apr 14, 2019

AMFI has asked AMCs and mutual fund distributors to update the email ids and mobile numbers of their clients to comply with its code of conduct. The trade body has asked its members and distributors to finish this task by June 1, 2019.

In a recent circular, AMFI said distributors must ensure that the addresses and contact details filled in the MF application form are of the investor and not of any third party. “Distributors should refrain from filling information of their own or of their employees as the investor’s contact details in the application form, even if requested to do so by investors.”

AMFI further said, “It has been brought to AMFI’s attention by one of the RTAs that despite such clear guidelines, several distributors have provided their own email id and mobile numbers instead of their clients’ contact details. This is not only in violation of the AMFI guidelines, but also deprives the clients from receiving important communication sent by the AMCs. Also, the AMCs will not be able to contact the investors directly, in case of any urgent requirements.”

Here are the guidelines to be followed to update email ids and mobile numbers of clients.

For new clients

  • AMCs and R&T agents will have to capture the email ids and mobile numbers from KYC data. In case of joint holders, they will have to capture credentials of the primary account holder.
  • If such details are missing in KYC, AMCs or KRAs will have to send a letter to such investors requesting them to update their details through KYC change request form
  • AMCs and RTAs will have to make continuous efforts to obtain email ids and mobile numbers of such clients
  • If AMCs and R&Ts find incorrect email id and phone number of investors, they will have to send a letter to such investors with a request to provide the correct details
  • Investors can use the same email id and mobile number for investments made on behalf of family members – spouse, kids and dependent parents.
  • Account statements issued to investors without email id and phone number should carry a remark ‘NOT PROVIDED’ explicitly
  • AMCs will have to clearly specify in SID, KIM and application form that investors should provide email id and mobile number to prevent fraudulent transactions

For existing customers

  • AMCs will have to check if the email id is valid
  • Also, check to see that the email ID and phone number of an investor do not match with those of another investor
  • If they match, check to see if they belong to family members
  • If it is found prima facie that the email id and mobile number in the application form are incorrect, AMCs will have to check from KYC if these match with the primary holder’s details. Else, delete the existing email id
  • If the email id and phone number are not available in KYC or application form, AMCs or KRAs will have to send a letter to the investors concerned requesting them to update their details through KYC change request form
  • Request such investors and their distributors to update the information
  • AMCs will have to send a reminder annually requesting investors to update the email id and phone number


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K v raghupathi · 6 days ago
Dear AMFI and AMC,

Are you both considering not having an email is a sin and disqualification to participate in mutual fund by investors. If so, you can please reject the investment application instead of making others like RTAs and advisors accountable for its non-availability. Please walk on the street to understand India is not just Mumbai and come out of ignoranance that of abundance of investable wealth available in remote India where technology is yet to reach.

Like this advice, what holds AMFI to advice AMCs to get GST registration for every state so that every advisor earning below Rs 50.00 lakhs can to opt for composition which saves something out of their earned brokerage at lesser rate of GST.
anil · 6 days ago
Dear AMfi my Maid doesn't have email account pls help
Amit · 6 days ago
One of my clients is a household cook. She doesn't understand what an email I'd is. Seems GODs do not want poor lowly educated people should invest in mutual funds.
EVARIST PEREIRA · 6 days ago
The password are so complicated that investors have stopped giving their email id make it simple has mother name or father name as password.
Every AMC has a different version.
Nanikram Lalwani · 6 days ago
I thing that AMFI is living in dream land. Do AMFI have the statistics of education background of small investors and investors from small villages. Does AMFI know the fact that even highly educated and retired persons do not use email Id's. even if they have ; they do not see their email regularly. Do AMFI have the statistics of Indian population having Computer Knowledge. So it is better to rethink about making email as compulsory.
TEJAL patel · 6 days ago
Many of our client don't know any thing about email please provide guidance for same and phone no update and all this updation process requires some extra incentive or renumeration so consider for this also
anil · 6 days ago
Tejal Bhai abi Advisor should take basic computer course in present brokerage to make client aware of email this is what AMFI wants
Rajesh jain · 6 days ago
How can we know that e mail id provided by investor is of his own or family or of any friend ? How can we judge that e mail id given is not punched in other brother/sister's folio ?
As for distributor's own e mail id I agree that if AMFI thinks it correct, it should not be there on any other investor application apart from his own family.
So Village people (farmers) not having an email ID Eligible for Mutual Funds?

Mutual Funds investment is subject to the availability of email ID. Please learn technology carefully before investing
Prashant · 5 days ago
This move is to help AMC get to the customers directly without going through distributors and it is a step towards direct schemes only. The thing is distributors will still sleep over this malicious campaign. Shame shame shame. Jaago distributors jaago
XYZ · 5 days ago
AMFI is the most idiotic body ever created...... doesn’t know and understand business at all. Boss we can’t do this at this cost better u go on your own and get it done.

Bullshit people......
Debabrata · 5 days ago
Phone number is must, it's ok. Almost every one is using mobile phone. But how is the email I'd become compulsory requirement to have MF? I think AMFI is an Indian organization and they do know well that India has to go further more where everyone shall have an email I'd. I do request AMFI to rethink on the decision regarding Email. It is better if the investors have email I'd but practically is it possible?? What do you think?
SAMIRAN BISHNU · 5 days ago
s murali subramanian · 5 days ago
Amfi should direct all AMC to get register for GST in all states. Every thing is is unilateral. Why amfi act like this?
Kailash Thakkar · 5 days ago
If investor /Clients do not have E-mail Id can he/she invest in Mutual Fund or not
Ashoke Kumar Basu · 5 days ago
Phone number is fine but why email address be mandatory country like India & How an advisor understands whatever the email id is being provided by the investor, that is as per the AMFI norms or not??? Dear AMFI try to be into reality please & try to get mutual fund penetration atleast 10% of total population of the country within this FY itself...
Suresh · 4 days ago
If they are very particular about email , simply they can set a cut off date, and REDEEM ALL UNITS and send payment to the investors...... Did any AMC or AMFI ready for this....OR this practice available in any other developed countries.....
Binoy Paul · 3 days ago
Dear AMFI, There are people who are not having an email ID. How can they invest?
I think SEBI want to destroy the Distributor's livelihood by sending email, to invest directly.
AMIT KUMAR · 3 days ago
Dear amfi my customers are not mobile and email and my customers don't know what is email id so please help
Michael · 3 days ago
One of the reasons that distrionutors give their numbers is that client get calls from ND's who get hold of this data from AMCs or RTAs. How is AMFI proposing to safeguard the cell numbers and email addresses provided to the AMCs in the folios do not fall into such hands?
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