You are a proud citizen of India and boldly display your identity. Your identity is the Aadhaar, a 12-digit unique identification number, issued by the Government of India. Now, the Government is using the Aadhaar as a weapon against black money. An amendment has been made in the Prevention of Money Laundering Act (PMLA) Rules, 2017.
It is now compulsory for Mutual Fund houses to get your (customer's) Aadhaar number and link it to your Mutual Fund folio. Do pay heed to this deadline. A deadline of December 31st has been set for mutual funds to link yours and all other customer's Aadhaar to respective accounts.
CAMS (Computer Age Management Services), a Registrar and transfer agent, has launched an online facility, so that you can link your mutual fund investments to Aadhaar. Using this facility you can link multiple mutual fund folios with Aadhaar at a single go. You don't have the hassle of linking Aadhaar separately with each mutual fund folio.
Want to know more on Mutual Funds? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
The deadline of December 31st 2017 fast approaches. You better link mutual funds with Aadhaar. The only question...How will you link Mutual Funds with Aadhaar? As of now only CAMS offers this service.
Soon Karvy and other transfer agents would offer the facility to link Mutual funds with Aadhaar. Here's how to link your mutual fund investments to your Aadhaar on CAMS:
The list of 15 mutual funds supported by CAMS are given below:
Birla Sun life Mutual Fund
DSP Black Rock Mutual Fund
HDFC Mutual Fund
ICICI Prudential Mutual Fund
HSBC Global Asset Management
IDFC Mutual Fund
IIFL Mutual Fund
Kotak Mutual Fund
L&T Mutual Fund
Mahindra Mutual Fund
SBI Mutual Fund
PPFAS Mutual Fund
Tata Mutual Fund
Union Mutual Fund
Shriram Mutual Fund
Yes, you have to remember to link Aadhaar with Mutual Funds before December 31st 2017. You can easily link Aadhaar with Mutual Fund schemes which are serviced by CAMS. Other R&T agents are soon expected to launch online facilities for seeding of schemes with Aadhaar. Be Wise, Get Rich.
Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.