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News From Press Why do mutual fund houses check citizenship when you visit their websites?

Why do mutual fund houses check citizenship when you visit their websites?

Source: Mint Jul 11, 2018

Ever noticed that pesky question that pops up every time you visit a mutual fund house’s website? It asks you whether you are a US resident/person or not. What is the logic of that question? It is not just us—who reside in India and are Indian citizens—who can invest in mutual funds here. There could be a non-resident Indian (NRI) residing in the US or an American citizen who would want to invest in India. However, according to US capital market regulator Securities and Exchange Commission (SEC), only US registered and regulated schemes can solicit money from US investors.

Fund houses in India came to the conclusion that if their websites carry mutual fund scheme-related information and application forms and if US-based people could invest in them online, it may be interpreted as solicitation. So the question is asked upfront. This rule pertains to everyone who resides in the US—US citizens or NRIs or green card holders.

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