It’s Mandatory to link Aadhaar to Mutual funds. Here’s how to do it online?

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link aadhaar to mutual funds

Linking of Aadhaar to mutual funds investments is now mandatory, as per the recent amendments made by Ministry of Finance in the Prevention of Money laundering ( maintenance of Records)rules 2005, through notification G.S.R 538(E), Dt. 1st June 2017.

The last date to comply with the new rules is 31st December 2017, failing which the mutual fund folios will be frozen.

You may be thinking that when PAN numbers have been linked with Aadhaar, and without PAN you are not allowed to invest in Mutual funds, then why this new hassle now. Can’t government take all the data from MF companies itself?

Well, this may be due to the reason that not all Mutual fund investments require PAN numbers, and also not all MF investors have PAN numbers. The Investments up to Rs 50000 can be done without PAN  and even KYC can be done without PAN for them. So the intention could be by linking Aadhaar, the government may be able to clearly identify the investor and collate the other data of Income, to prevent the money laundering and also catch hold of tax evaders.

Your PAN numbers, Bank accounts, Demat accounts and Now Mutual funds all will be linked to Aadhar number by 31st December 2017. and also soon your mobile numbers and Driving licenes also.I believe this government in its mission to curb the black money wants to connect all investments be it Financial or Real with Aadhaar for easy tracking and identifying the owner. So very soon you may find your real estate investment and even your Gold Investments  to be under Aadhaar linkage(My guess :))

The purpose of this article is to help you with the process on how to link Aadhaar to mutual funds folios. The process is easier if you are net savvy, and even if not you may submit a signed form with the required documents with the Registrar and transfer agents.

Please note that Aadhaar linking is not mandatory for NRIs, Non-Individuals, and HUF  

How to Link Aadhaar to Mutual funds investments

You need not visit each and every office or website of Mutual fund house to update your Aadhaar with them. This can be done on the RTAs website.

There are 4 RTAs under which all the Mutual fund companies operate

  1. CAMS – (Click to get the List of mutual funds under CAMS)
  2. KARVY – (Click to get the List of mutual funds under KARVY)
  3. Franklin Templeton
  4. Sundaram

If you do not know what mutual fund holdings you have then you may generate the Mutual fund consolidated account statement online. Click to know how.

CAMS and KARVY, take care of the maximum mutual fund companies and have laid down the process to link Aadhaar with Mutual fund investments. Franklin and Sundaram till date have not yet come with any process.

How to link Aadhaar with mutual fund folios in CAMS?

Follow the below mentioned steps to link your Aaadhaar with your Mutual fund investments

Step 1 – Visit http://www.camsonline.com/, and click on Investor Services

linking aadhaar to mutual funds

Step 2 – IN the left sidebar, click on the Link your Aadhaar option

link aadhaar to mutual funds

Step 3 – The next screen will prompt you to fill up your Email ID, Pan Number, Aadhaar number and Mobile Number. You need to fill the same email and mobile which have been registered in your Mutual fund folios. Since you will get OTP on these.

link aadhaar to mutual funds Step 4 – Once you submit these details, the next screen will show you the name of the Mutual funds’ houses where you have ever invested or are currently Invested in.

link Mutual funds with aadhaar

If you or anyone in the family is not net savvy or does not have registered email Id, then do not worry. You can download the form and submit the same physically at nearby cams office or send it via post. Do not forget to attach self-attested Pan card copy and Aadhaar card copy along with the form.

Coming back to online process. Once you submit the details as mentioned in step no.4 above, you will receive OTP on your registered mobile number, which you need to put in to confirm.

link aadhaar with mutual funds Give your consent by checking the box, and submit the form to get the acknowledgmentlink aadhaar with Mutual funds.

How to link Aadhaar to mutual fund folios in KARVY?

If you have some folios in Karvy serviced funds, then along with CAMS you have to get the Aaadhaar number updated in Karvy too. Below is the process to link Aadhaar to Mutual funds in Karvy.

Step 1 – Visit www.karvymfs.com and click on “Aadhaar linking made easy” button on the right sidebar

link aadhaar to mutual funds

Step 2 – Start with checking the consent box. Punch in your Pan number and generate OTP, which you will receive on your registered mobile number. Put in the OTP to Validate the request.

link aadhaar with mutual funds

Karvy has other methods to link Aadhaar with Cams. You may also send SMS through your Registered Mobile Number to register. One may also submit the physical signed form with self-attested documents at the nearby Karvy office.

Step 3 – After Validating the OTP, you will be shown with the list of fund houses where you have ever invested or are currently invested in. Now you are asked to put in your Aadhaar number.

link aadhaar with mutual fundsOnce you submit, you will get the acknowledgment.

link mutual funds with aadhaar

The process is simple and faster and for net savvy people its just 10 minutes work. You are supposed to get an email after completion of the process, but sometimes email system does not work, so better to save the screenshot of the acknowledgment.

Do update your Aadhaar number in your mutual fund folios before 31st December 2017. Do not wait for the dates to be extended :), as your folios might get frozen after the deadline.

Hope you find this article useful.

 

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He’s MBA ( Finance) gold medalist, a CERTIFIED FINANCIAL PLANNER and SEBI Registered Investment adviser. An ex banker , having a decade long experience in financial services industry he manages clients across the globe. He is a regular contributor to various leading Media and publication houses. He keeps on writing for Moneycontrol, Dainik bhaskar, Business standard etc. He also delivers training on Various personal finance topics to various corporate houses. You may get in touch with him at [email protected]

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