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How to Link Mutual Funds With Aadhaar
As per recent amendments to Prevention of Money Laundering Act (PMLA) Rules, 2017, Financial Institutions like Mutual Funds are mandated to obtain Aadhaar Number from their customers and link the same to the respective accounts.
1. How do I link my Aadhaar number to my mutual fund investments?
To link your mutual fund investment to your Aadhaar, you need not go to each fund house in dividually , or do it with each fund house. You can complete the task at the registrar level. For the sake of convenience mutual fund registrars namely CAMS, Karvy , Franklin Templeton and Sundaram BNP Paribas are facilitating the process of linking your Aadhaar information in Mutual Funds serviced by them where you have investments. If you have investments in two or more fund houses which are serviced by the same registrar, you need to update your Aadhaar only once with the registrar. Similarly if your investments are serviced by more than two registrars, you will have to go to all the registrars and update it. To do it offline, go to registrar website and download the relevant form, fill it, provide your folio number, attach a self attested Aadhaar and submit it for linkage.
2. How can i link it online?
If your mobile is linked to your Aadhaar you link it to your mutual fund online. Visit the registrars website, feed in your PAN and Aadhaar, which will generate a one time password (OTP) on your mobile. Enter that and your Aadhaar will be linked.You will get a message e-mail from the registrar confirming the same.
3. What do you do if there are more than one holders in a mutual fund?
It is mandatory for all the holders in a mutual fund to link their Aadhaar. Hence the process has to be done for all holders.
4. What happens if Aadhaar is not linked to your mutual fund folio?
The government has directed fund houses to freeze MF folios not linked with Aadhaar post December 31, 2017.
5. How does an investor holding mutual fund units in demat mode link his Aadhaar?
If you are holding mutual fund units in demat form, you need to approach your depository participant and link your Aadhaar to link your demat account. In this case you do not have to approach the registrars or fund house.
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