General FAQs Mutual Funds

KYC (Know Your Customer) is a mandatory process to verify the identity and address of investors. It is governed by SEBI (Securities and Exchange Board of India) regulations and must be completed before investing in mutual funds.

You can complete KYC either online (e-KYC) or offline.

• Visit any mutual fund house’s website.
• Provide PAN, Aadhaar, and other details.
• Complete video-based verification via OTP.

• Fill out the KYC form.
• Submit it with self-attested copies of PAN, Newly downloaded masked Aadhaar card and a passport-size photo.
• Submit documents to any AMC or KRA (CAMS / KFINTECH).

• PAN card
• Newly downloaded masked Aadhaar card
• Recent passport-size photograph
• Bank account proof (cancelled cheque/latest detailed bank statement)
• For NRIs: Passport, overseas address proof, and foreign Tax ID

• PAN of HUF
• Deed of Declaration of HUF and list of Co-parceners
• Bank statement in the name of HUF
• Karta – PAN, Aadhaar and photograph

• Copy of Balance sheet for last two financial years
• Certificate of Registration
• Copy of Trust Deed
• List of Trustees certified by Managing Trustees
• Trustees – Photograph, PAN and Aadhaar card (of any 2 Trustees)
• Board Resolution for Investment in security markets

• Copy of Balance sheet for last two financial years
• Certificate of Registration
• Copy of Partnership Deed
• Authorised Signatories list
• Shareholding pattern
• Partners – Photograph, PAN and Aadhaar card (of any 2 partners)
• Board Resolution for Investment in security markets

• Copy of Balance sheet for last two financial years
• Certificate of Incorporation, Memorandum and Articles of Association copy
• Authorised Signatories list
• Shareholding pattern
• Directors – Photograph, PAN and Aadhaar card (of any 2 directors)
• Board Resolution for Investment in security markets

• "Verified": Can invest in any AMCs
• "On Hold"/"Rejected": Resubmit documents via KYC modification process
• "Under Process": Wait until approval

Go to one of the following KRA websites:

• CVL KRA: https://www.cvlkra.com/
• CAMS KRA: https://www.camskra.com/
• KFINTECH KRA: https://mfs.kfintech.com/investor/

Enter your PAN and check where your KYC is validated / registered / under process or rejected.

Yes. Common reasons include:

• Name or Date of Birth Mismatch
• Invalid PAN or Aadhaar
• Illegible signatures or photos
• Incomplete forms

• e-KYC (OTP-based): Few minutes
• Full KYC (with IPV): Within 3 working days after submission

Delays may occur due to documentation issues.

No. Once KYC is validated, it is valid across all mutual funds.

You need to re-submit the KYC via online or offline mode.

You may still need to do KYC via a SEBI-registered KRA for mutual fund investments. KYC for banks or insurance is not always accepted by mutual fund AMCs unless it's CKYC.

Yes, but KYC is required for:

• The minor (PAN and birth certificate)
• The guardian (full KYC compliance)
• The bank account should be in the name of Minor with the Guardian

FATCA (Foreign Account Tax Compliance Act) in India declaration is mandatory for all mutual fund investors. You must submit your Country of tax residency and Tax Identification Number (TIN).

Yes, SEBI has made it mandatory to either

• Nominate a person(s), or
• Opt-out of nomination by submitting a signed declaration

Failing to do either may result in restrictions on transactions, including freezing of folios for new investments.

• Online: Through the AMCs or RTAs (like CAMS or KFintech) portal using PAN + OTP authentication.
• Offline: Submit a Nomination Form (Form 3) to the AMC or RTA, signed by all unit holders.

Yes. You can nominate up to 3 individuals and specify the percentage share for each nominee (total must add up to 100%).

Yes, at any time. Submit a new nomination form to:

• Change nominees
• Modify allocation percentages
• Remove nomination and opt out

Note: The latest nomination form overrides previous ones.

• Online changes: Usually within 1–2 working days
• Offline submission: 3–5 working days after form receipt

You’ll get a confirmation via SMS/email once processed.

No. For joint accounts, all holders must sign the nomination change form. This applies even if you’re just adding or modifying a nominee.

Your legal heirs will need to:

• Submit a succession certificate, legal heir certificate, or probate of will
• Provide KYC and bank documents

Yes. However, if the nominee is a minor, you must also provide:

• Name and details of a guardian
• Guardian’s relationship with the nominee

The guardian will receive the units on behalf of the minor until they reach majority.

Transmission is the process of transferring mutual fund units from a deceased investor to their nominee(s) or legal heir(s). It is not treated as a new purchase and does not attract capital gains tax at the time of transmission.

The registered nominee(s). If no nominee is registered – the legal heir(s) of the deceased investor (with supporting legal documents).

Yes, the claimant/nominee/surviving holder must be KYC compliant before transmission can be processed.

• Transmission Request Form (TRF)
• Death Certificate (original or attested copy)
• KYC documents of claimant(s)
• Bank account proof of claimant(s)
• Indemnity Bond (if no nomination is registered)
• Legal documents like succession certificate or probate of will

Generally, AMCs do not charge any fee for transmission.

If it is joint holding with ‘Anyone or Survivor’ mode, the surviving holder(s) continue to hold the units. If all holders pass away, units are transmitted to the nominee(s) or legal heir(s).

Yes, if multiple nominees are registered, the units are transmitted in the proportion mentioned at the time of nomination.

All SIP/STP/SWP instructions are cancelled upon death of the investor. The nominee or legal heir may start a fresh SIP/STP/SWP after transmission.

Typically, 10–15 working days after submission of complete.

No, transmission is not taxable. However, if the nominee/legal heir redeems the units later, capital gains tax will apply based on the original date and cost of investment.

It is important because:

• All redemptions and dividends are credited to the registered bank account.
• Incorrect or outdated bank details may lead to failed transactions or money will be on hold until the new bank is registered.

You can update your bank account through any of the following:

• Online: Via the AMC or RTA (CAMS/KFintech) portal.
• Offline: By submitting a Change of Bank Mandate form along with necessary documents to the AMC or RTA.

• Cancelled cheque of the new bank account with your name pre-printed
• Cancelled cheque or bank statement/passbook copy of the old (currently registered) account (usually required for verification)
• Change of Bank Mandate form duly filled and signed

The bank change request usually takes 7 to 10 working days to process. You’ll receive an SMS/email confirmation once it's updated.

No. Most AMCs and RTAs do not allow simultaneous bank change and redemption. You must first:

• Successfully change the bank account
• Then place a redemption request

Yes. You are allow to register multiple bank accounts (upto 5). However, one account will be marked as the default for all payouts.

If the old account is closed:

• Provide a letter from the bank confirming account closure
• Submit a cancelled cheque or proof of the new bank account
• You may be asked to complete additional verification by the AMC/RTA

Yes. Most AMCs and both CAMS & KFintech portals allow online change of bank details, but your mobile/email must be registered.

If you have multiple folios or invest through different AMCs, you need to update bank details separately for each. OR use consolidated services via CAMS or KFintech to update across multiple AMCs (if the AUM in the fund houses is less than Rs 10 lakhs).

Yes. The process is similar but requires:

• Board Resolution/Trust Letter authorizing the change
• Authorized Signatory List (ASL)
• Cancelled cheque of new bank account in entity’s name
• Registered bank proof (bank statement of the old bank)

No. Nominee consent is not required to update bank details. Only the registered investor or authorized signatory can initiate this change.

Keeping your contact details updated ensures that you:

• Receive important alerts for transactions, redemptions, dividends, etc.
• Get account statements and OTPs for online transactions
• Maintain KYC compliance

You can update:

• Mobile number
• Email ID
• Communication address

You can update them through:

• Online: AMC portal, CAMS or KFintech portal.
• Offline: Submit the KYC Details Change Form (Individual/Non-Individual) at any AMC or RTA office.

Typically, no physical documents are needed for mobile/email update if:

• You submit it online with OTP authentication
• Or provide self-attested KYC form offline

• Usually 2 to 5 working days
• You’ll get an SMS/email confirmation upon successful update

Yes. To change your address, submit:

• KYC Details Change Form
• Self-attested proof of new address (e.g. Aadhaar, Passport, Utility Bill not older than 3 months)
• Self-attested PAN copy

Yes. One can update the contact details via RTA (like CAMS or KFintech), to change the details all folios linked to your PAN within that RTA.

Yes. NRIs can update:

• Overseas address
• Indian mobile number (if applicable)
• International mobile/email, though some AMCs may restrict certain services if an Indian mobile number is not provided

You should update contact details before initiating important transactions to avoid:

• OTP delivery failure
• Mismatch errors

Yes. They must submit:

• KYC change form for non-individuals
• Authorization letter/board resolution
• Proof of address (if updating address)
• Signatory list

You’ll receive an SMS and/or email confirmation. You can also check via the AMC portal, CAMS/KFintech login, or your latest account statement.

• You’ll receive an SMS and/or email confirmation
• You can also check via:
  • AMC portal
  • CAMS/KFintech login
  • Latest account statement

Changing the broker (also called distributor or ARN holder) means transferring your mutual fund folio from:

• One distributor/agent to another, or
• From a regular plan (with broker) to a direct plan (without broker)

Yes, but this is done via a switch transaction, not just a broker change:

• Submit a switch request from regular to direct plan of the same scheme
• It may trigger capital gains tax as it is treated as a redemption + new investment

To change broker (ARN) for a folio:

1. Fill and sign a 'Broker Change Request Form' (available with AMCs or RTAs like CAMS/KFintech)
2. Submit to the AMC or RTA
3. The new distributor must have a valid ARN (AMFI Registration Number)

Note: Not all AMCs allow broker change — especially if the folio was opened as direct originally.

No. Changing the broker:

• Does not affect your existing units
• Only impacts the trail commission on future investments
• Will reflect in your folio servicing details

If you're:

• Switching to a new distributor: Future SIPs can be routed via the new broker after the change
• Switching to direct plan: You’ll need to cancel the existing SIP and register a new SIP under the direct plan

No. The investor has full right to:

• Switch to a new distributor, or
• Move to direct plans
  The old broker cannot legally object or block this request.

No. Your investments stay safe with the AMC. You can:

• Continue to access your folios via the AMC or RTA portal
• Transact directly without any intermediary

Usually 5–10 working days, depending on the AMC and documentation. You’ll get a confirmation once the update is done.

There is:

• No cost for changing broker
• No entry load/penalty for switching to direct plans
  However, exit load may apply if you switch within the applicable holding period, and capital gains tax may be triggered.

Yes, but they must submit:

• Broker Change Request on letterhead
• Authorized Signatory List (ASL)
• Board Resolution (if required by AMC)

You will:

• Receive a confirmation email/SMS from AMC or RTA
• See the updated broker/ARN details in your account statement
• Be able to transact via the new broker or directly with AMC

A Power of Attorney (POA) is a legal document that allows someone (the POA holder) to act on behalf of the mutual fund investor (the grantor) for financial transactions such as:

• Buying/selling mutual funds
• Redeeming units
• Making changes to folio details

Yes. To enable the POA holder to transact, you must:

• Register the POA with the AMC or RTA (like CAMS/KFintech)
• Submit the original or notarized true copy of the POA document

You’ll need to submit:

• Original/Notarized POA document (signed by both investor and POA holder)
• KYC of the POA holder
• Signatures of POA holder and investor (as per MF records)
• AMC-specific POA registration form (if applicable)

Some AMCs may also require:

• PAN card copies of both parties
• ID/address proof of POA holder

Currently, POA registration is mostly offline. You must:

• Submit the POA document physically to the AMC or RTA
  However, once registered, some AMCs allow the POA holder to transact online.

You’ll receive:

• An acknowledgment from the AMC/RTA
• POA details will appear in your folio/account statement
• You may also get a confirmation email/SMS

Yes. You can revoke the POA by:

• Submitting a written request to the AMC/RTA
• Attaching a copy of the original POA (for reference)
• Clearly stating the revocation and date of effect

Once revoked, the POA holder will no longer be authorized.

The POA automatically becomes invalid upon the death of the investor. After that:

• Only the legal heirs or nominee can claim the investment
• POA holder has no authority post-death unless they are also the nominee or legal heir

Yes, but:

• All joint holders must consent to the POA
• The POA must be signed by all holders
• POA holder can act only if authorized by all investors jointly

Yes. Many NRIs appoint a resident Indian as POA to manage their investments. The process is the same, but:

• POA must be attested by Indian Embassy/Consulate if issued abroad
• KYC of POA holder is mandatory