Keep in touch with your mutual fund

A look at ways you could get out of touch with your MF investments and how to get in touch with them again.

Losing Touch
  • Scheme/fund house changes name: Names of MF schemes change when either their fund house is acquired by another fund house or when two or more schemes are merged.
  • Whenever such a change happens, your fund house would send you a letter offering a grace period, usually a month's time, to exit the fund house without paying an exit load, if any, if you do not subscribe to the change.
  • Make sure you keep a track of such letters. If you choose to stay invested.
  • All your future new account statements will reflect the changed name.
  • If you come across your old investment certificates or account statements and can't trace the name of the scheme, hit the Internet. More often than not, you should get some information about it.
  • If you don't find success, get in touch with large-sized registrar and transfer agents (R&Ts) such as Computer Age Management Services (Cams), Karvy Computershare, Sundaram and BNP Paribas Fund Services. Instead of approaching 45 fund houses, it's better approaching a few R&Ts.
  • If you know an MF agent, request him to do some digging around.

Not updating address: Usually when we change cities or jobs, our investments don't follow us as we fail to inform our fund houses. As a result, our account statements keep reaching our old address.

What you should do? If you are compliant with know-your-client (KYC) norms, it's convenient to get your address changed. All you need is to update your KYC records. From January 1, 2011, KYC has been made compulsory, irrespective of the amount you invest in an MF.

Not saving your a/c statements: Saving account statements is important as it helps you track your investments. The problem gets heightened in cases of investors who buy MFs only to save taxes and invest in equity-linked saving schemes (ELSS) once a year.

ELSS are equity-diversified schemes that offer tax benefits under section 80C and come with a three-year lockin. “Due to the lock-in, people don't bother to check their investments in the interim,“ said Dhakan.

KEEP IN TOUCH Register your email address: One of the best ways to keep in touch with your MF investments is to register your email address with your fund house. Fund houses can send you account statements over email.
How to register your email? The key is to register your email at the time of investing and filling the application form.If you haven't done already, there is a way out. R&Ts provide a form with a request to update email addresses.Once you submit this form to the R&Ts, it will update all your folios (carrying your PAN as the first account holder) with your email address.

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Income Tax India: Keep in touch with your mutual fund
Keep in touch with your mutual fund
Income Tax India
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